Revocation of Licenses/Certificate - Catal Insurance Company Limited (2012-06-13)

Summary

This is a public enforcement notice from the BVI Financial Services Commission announcing the revocation of the insurance licence held by Catal Insurance Company Limited, a Class Insurance Captive licensee. It records the regulatory breaches that led to the revocation rather than creating any new ongoing requirement for other entities.

• Share transfer breach: Failed on three separate occasions to seek the Commission's prior written approval for the transfer of shares, contravening section 21(1) of the Insurance Act, 2008.
• Director resignation breach: Failed to notify the Commission of the resignation of a director, contravening section 19(3) of the Insurance Act, 2008.
• Director appointment breach: Failed to seek the Commission's prior written approval for the appointment of a director, contravening section 19(1) of the Insurance Act, 2008.

The notice serves as a public record of enforcement action and a reminder to insurance licensees of the prior-approval and notification duties under the Insurance Act, 2008 regarding share transfers and changes in directors. It does not impose new obligations on the wider industry beyond restating these existing statutory duties.

Key obligations

• Insurance licensees must obtain the Commission's prior written approval before any transfer of shares (Insurance Act, 2008, section 21(1)).
• Insurance licensees must notify the Commission of the resignation of a director (Insurance Act, 2008, section 19(3)).
• Insurance licensees must obtain the Commission's prior written approval before appointing a director (Insurance Act, 2008, section 19(1)).

Applies to

Insurance Captive licensees, Insurance companies