Revocation of Licence - Beverly Insurance Company Limited (2013-12-09)

Summary

This is a notice from the British Virgin Islands Financial Services Commission announcing the revocation of the insurance licence held by Beverly Insurance Company Limited. It sets out the specific statutory contraventions that led to the revocation rather than imposing any new ongoing requirement on other licensees.

• Failure to appoint insurance manager: Contravened section 23(1) of the Insurance Act, 2008 by failing to appoint a new insurance manager after its previous manager resigned.
• Failure to submit financial statements: Contravened section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements and Director's certificates for the financial years ending 2010 and 2011.
• Failure to pay licence fees: Contravened section 2A(ii) of the Financial Services Fees (Amendment) Regulations, 2010 by failing to submit its licence fees to the Commission for 2011 and 2012.

The licence type affected was Domestic Insurance, and the matter is recorded under Matter ID INS082313/136. The notice is retrospective and informational, confirming action already taken by the Commission; it does not create any continuing compliance duty for third parties.

Applies to

Domestic Insurance licensees, insurance companies