Revocation of Licence - Alta Insurance Management Limited (2015-02-28)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing the revocation of the insurance manager's licence held by Alta Insurance Management Limited. The notice sets out the specific statutory contraventions that led to the revocation rather than creating any new ongoing requirement for other licensees.

• Failure to file audited accounts: Alta failed to prepare and submit its audited financial statements and director's certificate for the financial years ended 31 December 2012 and 2013, contravening sections 56(1) and 57(1) of the Insurance Act, 2008.
• No designated representative: Alta failed to appoint and at all times maintain a designated representative, contravening sections 47(1) and 47(2) of the Insurance Act, 2008.
• Unpaid licence fee: Alta failed to pay its required annual licence fee to the Commission by the due date, contravening regulation 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010.

As a result of these contraventions, the Commission issued a notice revoking Alta Insurance Management Limited's licence. The notice is purely informational as to this specific enforcement action and does not itself impose new compliance obligations on other regulated entities, though it illustrates the statutory filing and fee deadlines applicable to insurance managers.

Applies to

insurance managers, insurers licensed under the Insurance Act, 2008

Deadlines

• 30th June, 2013: Statutory deadline for submission of audited financial statements and director's certificate for the financial year ended 31 December 2012
• 30th June, 2014: Statutory deadline for submission of audited financial statements and director's certificate for the financial year ended 31 December 2013
• 30th April, 2014: Due date for payment of the required annual licence fee to the Commission