Public Statement - Western Preferred Life Assurance Limited (2012-06-08)

Summary

This is Public Statement No. 5 of 2012 issued by the BVI Financial Services Commission concerning Western Preferred Life Assurance Limited, also trading as Western Preferred Life Insurance Limited, an Insurance Captive licensee (Matter ID ENF0511/074).

The statement is purely informational: it notifies the public that the Company is no longer licensed or regulated by the Commission and that enforcement action against it remains outstanding. It is intended to protect the public interest and the interests of the Company's customers and creditors by making them aware of its unlicensed status.

• Status change: Western Preferred Life Assurance Limited (also known as Western Preferred Life Insurance Limited) is confirmed to no longer hold an insurance licence with the BVI FSC.
• Outstanding matter: Enforcement action against the Company (Matter ID ENF0511/074) remains outstanding and unresolved as of the date of the statement.
• Purpose: The public statement serves to warn customers, creditors and the general public rather than to impose new regulatory requirements.

Applies to

insurance companies, insurance captive licensees