Revocation of Licence - Castlegate Insurance Company Ltd. (2014-09-16)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing the revocation of the insurance licence held by Castlegate Insurance Company Ltd. It sets out the specific statutory contraventions that led to the revocation but does not create new ongoing obligations for other regulated entities.

• Share transfer breach: Castlegate transferred shares without first obtaining the Commission's prior written approval, contrary to section 21(3) of the Insurance Act, 2008.
• Insurance manager breach: Castlegate failed to appoint and at all times maintain an insurance manager, contrary to sections 23(1) and 23(6) of the Insurance Act, 2008.
• Discontinuation breach: Castlegate failed to undergo the process of discontinuation from the Virgin Islands as required by section 184 of the BVI Business Companies Act, 2004.

The notice records Matter ID BF101113/205 and serves as a public record of the enforcement action taken; it does not impose any continuing compliance requirement on other insurers or licensees.

Applies to

insurance companies licensed under the Insurance Act, 2008