Public Statement No. 8 of 2010 (21 December, 2010)

Summary

This is a public statement issued by the BVI Financial Services Commission to warn the public that Marylebone Property & Casualty Insurance Corporation is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action. It is purely informational and imposes no ongoing obligations on regulated entities generally.

• Background: Marylebone was licensed to conduct general insurance business from within the Territory from 28 December, 2000.
• Penalty imposed: In December 2009 the FSC imposed a $4,000.00 administrative penalty on Marylebone 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.
• Licence status: Marylebone'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 FSC states it will provide updates on any further developments concerning Marylebone. This document does not create new compliance requirements for other licensees; it serves as a public warning about a specific company.

Applies to

Marylebone Property & Casualty Insurance Corporation, general public, customers and creditors of Marylebone