Revocation of License - Moorgate Insurance Company Limited (2013-10-04)

Summary

This is a BVI Financial Services Commission enforcement notice announcing the revocation of the insurance licence held by Moorgate Insurance Company Limited, a captive insurer. It lists the specific statutory breaches that led to revocation rather than imposing any new rule or requirement on other entities.

• Insurance manager failure: Breach of sections 23(1) and 23(5) of the Insurance Act, 2008 for failing to appoint a new insurance manager after the previous manager resigned, and for failing to notify the Commission of that resignation.
• Financial statements failure: Breach of section 57(1) of the Insurance Act, 2008 for failing to prepare and submit audited financial statements and a director's certificate to the Commission within the required timeframe.
• Fee non-payment: Breach of section 2A(ii) of the Financial Services Fees (Amendment) Regulations, 2010 for failing to pay the required annual licence fee to the Commission.

The notice is specific to Moorgate Insurance Company Limited (Matter ID INS040213/037) and does not create ongoing obligations for other licensees, though it illustrates the Commission's enforcement approach to insurance manager, reporting and fee compliance failures.

Applies to

insurance companies, captive insurance licensees, insurance managers