Revocation of a Licence - Eleuthera Insurance Limited (2017-03-31)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing that it revoked the insurance licence of Eleuthera Insurance Limited. The action was taken under the Commission's statutory revocation powers due to the company's breaches of insurance and fee regulations.

• Basis for revocation: Issued under sections 37(2)(a) and 38(1)(a) of the Financial Services Commission Act, 2001
• Contraventions found: Breach of sections 33 and 57(1) of the Insurance Act, 2008, and of regulation 2A(ii) of the Financial Services Commission (Fees) Regulations, 2010
• Matter reference: Matter ID BF101113/399

The notice is specific to Eleuthera Insurance Limited and does not impose new ongoing requirements on other licensees; it serves as a public record of the enforcement action and the licence's revocation.

Applies to

insurance companies, insurance licensees