Notice
Revocation of Licenses/Certificate - Great Oak Insurance Company Limited (2012-12-06)
Issued 2012-12-06View on FSC's website Source document
Summary
This is an enforcement action notice from the BVI Financial Services Commission announcing the revocation of the insurance licence held by Great Oak Insurance Company Limited. The action was taken because the company contravened section 57(1) of the Insurance Act, 2008 by failing to submit its audited financial statements to the Commission within the prescribed or approved period, and then failed to comply with a subsequent enforcement action intended to remedy that contravention.
- Entity: Great Oak Insurance Company Limited, holder of an Insurance Captive licence
- Breach: Failure to submit audited financial statements within the prescribed or approved period, contrary to section 57(1) of the Insurance Act, 2008
- Aggravating factor: Subsequent failure to comply with an enforcement action imposed to address the original contravention
- Outcome: Revocation of the company's insurance licence/certificate
- Reference: Matter ID ENF0511/070
This notice is informational and specific to Great Oak Insurance Company Limited; it does not itself impose new continuing obligations on other regulated entities, but serves as a public record of enforcement action and a reminder of the requirement to file audited financial statements on time and to comply with regulatory enforcement directions.
Applies to
insurance companies, insurance captives