Public Statement No. 9 of 2010 (2010-12-21)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) under section 37A(4) of the Financial Services Commission Act, 2001, to warn the public that PoolRe Insurance Corp ('PoolRe') is no longer licensed or regulated by the FSC and remains subject to unresolved enforcement action.

• Background: PoolRe was licensed by the FSC on 24 December 2001 to conduct general insurance business from within the BVI.
• Penalties: In December 2008 the FSC imposed a $5,000 administrative penalty on PoolRe for failing to submit audited financial statements within three months of its 2006 financial year end, contrary to section 22(1)(b) of the Insurance Act, 1994; this penalty remains unpaid.
• Late payment penalty: In June 2009 the FSC imposed a further $3,000 late payment penalty because PoolRe was 102 days late paying the original $5,000 penalty; this also remains unpaid.
• Licence status: PoolRe's licence expired on 31 December 2009 and it is no longer licensed or regulated by the FSC.
• Company status: PoolRe was struck off the company register on 1 May 2010 for non-payment of registration fees.

The statement is purely informational and notifies customers, creditors and the public of PoolRe's status; the FSC indicates it will provide updates on further developments but the document itself imposes no ongoing compliance obligations on regulated entities generally.

Applies to

general insurance business licensees