Public Statement No. 6 of 2010 (21 December, 2010)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) to warn the public that Consolidated Casualty Corp, a formerly licensed general insurer, is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action. It is purely informational and does not create ongoing compliance obligations for other regulated entities.

• Background: Consolidated Casualty Corp was licensed to conduct general insurance business from 26 January, 2005.
• 2008 penalty: FSC imposed a $5,000 administrative penalty 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 for being 102 days late in paying the original penalty; this also remains unpaid.
• Licence status: Consolidated's licence expired on 31 December, 2009, and it is no longer licensed or regulated by the FSC.
• Company strike-off: Consolidated was struck off the company register on 1 May, 2010 for non-payment of registration fees.

The FSC states it will provide updates on further developments. The statement is issued under Section 37A(4) of the Financial Services Commission Act, 2001, and is intended to alert the public and any customers or creditors of Consolidated, not to impose new requirements on regulated firms generally.

Applies to

general insurance business (Consolidated Casualty Corp), public/customers and creditors of Consolidated Casualty Corp