Public Statement No. 5 of 2010 (21 December, 2010)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) under Section 37A(4) of the Financial Services Commission Act, 2001, to warn the public that Summit Casualty Corp ("Summit"), a formerly licensed general insurer, is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action.

• Background: Summit was licensed on 31 December 2004 to conduct general insurance business from within the Territory.
• 2008 penalty: FSC imposed a $5,000 administrative penalty in December 2008 for contravening section 22(1)(b) of the Insurance Act, 1994 by failing to submit audited financial statements within three months of the 2006 financial year end; this remains unpaid.
• 2009 late payment penalty: FSC imposed a further $3,000 late payment penalty in June 2009 after Summit was 102 days late paying the original $5,000 penalty; this also remains unpaid.
• Second 2009 penalty: A further $5,000 administrative penalty was imposed in December 2009 for a similar failure to submit audited financial statements for the 2007 financial year end; this remains unpaid.
• Licence expiry and strike-off: Summit's licence expired on 31 December 2009, and the company was struck off the Register of Corporate Affairs on 1 May 2010 for non-payment of registration fees.

The statement is purely informational, alerting customers, creditors and the general public to Summit's unlicensed status and unresolved penalties; the FSC states it will provide updates on any further developments but imposes no new ongoing regulatory obligations.

Applies to

general insurance licensees, customers and creditors of Summit Casualty Corp