Public Statement No. 17 of 2012 - Gulf Insurance Limited (2012-09-17)

Summary

This is a public statement issued by the BVI Financial Services Commission concerning Gulf Insurance Limited, a domestic insurer. It is intended to protect the public interest and the interests of policyholders and creditors by disclosing that the Commission has issued a directive against the company.

• Directive issued: The Commission directed Gulf Insurance Limited to cease and desist from taking on any new or renewal insurance business in the Virgin Islands.
• Payment restriction: Gulf Insurance Limited was also directed not to accept transfers, remittances or payments of any kind from its intermediaries in the Virgin Islands.
• Conditions for lifting the directive: The directive is expected to remain in place until the Commission is satisfied that (i) Gulf Insurance Limited has submitted satisfactory evidence of its reinsurance arrangements for BVI business, and (ii) the company is maintaining a financially sound condition, including sufficient admissible assets and adequate provisioning for liabilities.

The statement is informational in nature, alerting the public and industry to the regulatory action taken against this specific insurer; it does not create ongoing obligations for other regulated entities.

Key obligations

• Gulf Insurance Limited must cease and desist from taking on new or renewal insurance business in the Virgin Islands until the directive is lifted
• Gulf Insurance Limited must not accept transfers, remittances or payments of any kind from its Virgin Islands intermediaries while the directive is in effect
• Gulf Insurance Limited must submit satisfactory evidence of its reinsurance arrangements for Virgin Islands business to the Commission
• Gulf Insurance Limited must maintain its business in a financially sound condition, including sufficient admissible assets and adequate provision for liabilities, to have the directive reconsidered

Applies to

domestic insurance company (Gulf Insurance Limited)