Revocation of a Licence - Dearborn National Life Insurance Company (2017-03-17)

Summary

This is a public enforcement notice issued by the British Virgin Islands Financial Services Commission announcing that it revoked the insurance licence of Dearborn National Life Insurance Company. The action was taken under sections 38(1)(a) and 38(4) of the Financial Services Commission Act, 2001.

• Grounds for revocation: Failure to fully comply with the requirements of a Directive issued by the Commission on 23 February 2016.
• Additional ground: Contravention of the Financial Services Commission (Fees) Regulations, 2010 by failing to pay annual licence fees for 2016 and 2017.
• Matter reference: The Commission's file reference for this action is BF101113/398.

The notice is purely informational, recording a completed regulatory action against a named entity rather than setting out new rules or ongoing compliance requirements for the wider industry.

Applies to

insurance companies, insurance licensees