Revocation of Licence - Patriarch Insurance Company Limited (2014-10-17)

Summary

This is a public enforcement notice from the BVI Financial Services Commission announcing the revocation of the insurance licence held by Patriarch Insurance Company Limited. The notice sets out the specific statutory breaches that led to the revocation and is purely informational, recording an action already taken rather than imposing new ongoing requirements on the wider industry.

• Insurance manager breach: Failed to appoint and at all times have an insurance manager, contrary to sections 23(1) and 23(5) of the Insurance Act, 2008.
• Financial statements breach: Failed to prepare and submit audited financial statements and the director's certificate for the financial years ended 31 December 2012 and 2013, missing the extended deadline of 30 September 2013 and the statutory deadline of 30 June 2014, contrary to section 57(1) of the Insurance Act, 2008.
• Fee payment breach: Failed to submit payment of the required annual licence fee for 2014, contrary to section 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010.

The matter is referenced by the Commission as Matter ID BF101113/225. The notice serves as a public record of the licence revocation and does not create continuing compliance obligations for other licensees, though it illustrates the consequences of failing to meet insurance manager, financial reporting, and licence fee requirements under the Insurance Act, 2008.

Applies to

insurance companies, insurance licensees

Deadlines

• 30 September 2013: Extended deadline for Patriarch Insurance Company Limited to submit audited financial statements and director's certificate for financial year ended 31 December 2012.
• 30 June 2014: Statutory deadline for Patriarch Insurance Company Limited to submit audited financial statements and director's certificate for financial year ended 31 December 2013.