Revocation of Licenses/Certificate - AMCA Insurance & Reinsurance Company Ltd (2012-12-06)

Summary

This is a BVI Financial Services Commission enforcement notice recording the revocation of the insurance licence of AMCA Insurance & Reinsurance Company Ltd, an insurance captive licensee. The action was taken because the company contravened section 22(1)(b) of the Insurance Act, 1994 and the Insurance Regulations, 1995 by failing to submit audited financial statements to the Commission within the prescribed or approved period, and then failing to comply with a prior enforcement action requiring it to remedy that contravention.

• Entity affected: AMCA Insurance & Reinsurance Company Ltd (Licence Type: Insurance Captive)
• Grounds for revocation: Failure to submit audited financial statements within the prescribed or approved period, and subsequent failure to comply with the imposed enforcement action addressing that breach
• Legal basis: Section 22(1)(b) of the Insurance Act, 1994 and the Insurance Regulations, 1995
• Reference: Matter ID ENF0511/070

The notice is a public record of a completed enforcement action against a specific company and does not itself impose new ongoing requirements on other licensees, though it illustrates the Commission's willingness to revoke licences for failure to file audited financial statements on time and to comply with follow-up enforcement directives.

Key obligations

• Insurers, including insurance captives, must submit audited financial statements to the Commission within the prescribed or approved period as required by section 22(1)(b) of the Insurance Act, 1994 and the Insurance Regulations, 1995
• Licensees must comply with enforcement actions imposed by the Commission to remedy identified contraventions

Applies to

insurance companies, insurance captives