Revocation of Licence - Salvo Insurance Company Limited (2014-10-27)

Summary

This is a notice from the British Virgin Islands Financial Services Commission announcing the revocation of the insurance licence of Salvo Insurance Company Limited. The revocation was based on multiple contraventions of the Insurance Act, 2008 and related fee regulations, identified under Matter ID BF101113/226.

• Insurance manager failure: Contravened section 23(1) and 23(5) of the Insurance Act, 2008 by failing to appoint and at all times maintain an insurance manager.
• Financial statements failure: Contravened section 57(1) of the Insurance Act, 2008 by failing to prepare and submit audited financial statements and a 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 respectively.
• Unpaid licence fee: Contravened section 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010 by failing to pay the required annual licence fee for 2014.

The notice serves as a public record of the enforcement action taken against this specific licensee; it does not impose new ongoing obligations on other regulated entities, though it illustrates the compliance standards insurers must meet under the Insurance Act, 2008.

Applies to

insurance companies, insurance licensees