Public Statement No. 7 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, customers and creditors that Electrolux Casualty Corp, a formerly licensed insurance company, is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action.

• Licensing history: Electrolux was licensed by the FSC on 28 December, 2006 to conduct insurance business in or from within the BVI.
• Penalty imposed: In December 2009 the FSC imposed a $4,000.00 administrative penalty on Electrolux for contravening section 22(1)(b) of the Insurance Act, 1994, by failing to submit audited financial statements within three months of the 2007 financial year end; this penalty remains unpaid.
• Current status: Electrolux's licence expired on 30 November, 2010, and it is no longer licensed or regulated by the FSC.
• Legal basis: The statement is issued pursuant to Section 37A(4) of the Financial Services Commission Act, 2001.

The statement is purely informational and warns the public of Electrolux's unregulated status and unpaid penalty; the FSC notes it will provide updates on further developments but the document itself imposes no new ongoing compliance obligations on regulated entities generally.

Applies to

insurance companies, customers and creditors of Electrolux Casualty Corp