Revocation of License - Universal Highland Assurance Company Limited (2013-02-28)

Summary

This is an enforcement notice from the British Virgin Islands Financial Services Commission announcing the revocation of the insurance licence held by Universal Highland Assurance Company Limited, a captive insurer. It is a historical record of a completed regulatory action rather than a document imposing new ongoing requirements on other entities.

• Failure to appoint insurance manager: Contravened section 23(1) of the Insurance Act, 2008 by not appointing a new insurance manager after its previous manager resigned.
• Failure to file audited financials: Contravened section 57(1) of the Insurance Act, 2008 by failing to prepare and submit audited financial statements and a Director's certificate to the Commission within six months of its financial years ended 2010 and 2011.
• Failure to pay licence fees: Contravened section 2A(ii) of the Financial Services Fees (Amendment) Regulations, 2010 by failing to pay the required annual licence fee to the Commission for 2011 and 2012.

As a result of these contraventions, the Commission revoked the company's Insurance Captive licence (Matter ID INS022213/021). The notice serves only to publicly record this enforcement outcome and does not itself create obligations for other licensees.

Applies to

insurance companies, insurance captive licensees