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

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing the revocation of the licence held by Bayswater Insurance Management Limited. The revocation followed specific breaches of insurance regulatory requirements and non-payment of fees.

• Insurance Act breaches: Contravened sections 23(1) and 23(5) of the Insurance Act, 2008 by failing to appoint and at all times maintain an insurance manager, and by failing to notify the Commission of the insurance manager's resignation, an offence under section 23(7).
• Fees breach: Contravened section 2A(ii) of the Financial Services Commission Fees (Amendment) Regulations, 2010 by failing to pay the required annual licence fee for 2014.
• Outcome: The Commission issued a notice of revocation of the entity's licence, recorded under Matter ID BF101113/255.

This is a historical enforcement record rather than a rule of general application; it does not itself impose ongoing obligations on other licensees, but illustrates the Commission's expectations around insurance manager appointment, notification duties, and fee payment.

Applies to

insurance managers, insurance licensees