Revocation of Licenses/Certificate - Crouch Services Ltd (2012-12-06)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission announcing that it has revoked the insurance licence (Insurance Captive licence) held by Crouch Services Ltd. It is a public alert documenting a completed regulatory action, not a rule that imposes ongoing obligations on other entities.

• Entity: Crouch Services Ltd, an Insurance Captive licensee (Matter ID: ENF0511/070).
• Grounds for revocation: Contravention of section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements to the Commission within the prescribed or approved period.
• Aggravating factor: Subsequent failure to comply with the enforcement action the Commission had already imposed to address the contravention.
• Outcome: The Commission issued a notice of revocation of the company's licence/certificate.

The notice is informational and confirms a specific enforcement outcome against one named entity; it does not create new compliance requirements for the wider insurance industry beyond the pre-existing statutory duty under section 57(1) of the Insurance Act, 2008 to file audited financial statements on time.

Key obligations

• Insurance licensees must submit audited financial statements to the Commission within the prescribed or approved period, as required by section 57(1) of the Insurance Act, 2008.

Applies to

Insurance Captive licensees, Insurance companies