Revocation of Licence - Armatura Insurance Company Limited (2015-02-28)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing the revocation of the insurance licence held by Armatura Insurance Company Limited. It sets out the specific contraventions of the Insurance Act, 2008 and related fee regulations that led to the revocation.

• Insurance manager failures: Failed to appoint and continuously maintain an insurance manager, and failed to notify the Commission when its insurance manager resigned, contrary to sections 23(1) and 23(5) of the Insurance Act, 2008 (an offence under section 23(7)).
• Financial reporting failures: Failed to prepare and submit audited financial statements and a director's certificate to the Commission within six months of its financial years ended 31 December 2012 and 2013, contrary to sections 56(1) and 57(1) of the Insurance Act, 2008 (an offence under section 57(3)).
• Unpaid fees: Failed to pay the required annual licence fees for 2013 and 2014, contrary to section 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010.

The notice is purely informational, confirming the Commission's action against this specific company (Matter ID: BF101113/254); it does not impose any new ongoing obligations on other licensees.

Applies to

insurance companies, insurance licensees