Revocation of Licenses/Certificate - IAI Underwriting Ltd (2012-12-06)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission announcing the revocation of the insurance licence held by IAI Underwriting Ltd, a licensed insurance captive. The action was taken because the company contravened section 57(1) of the Insurance Act, 2008.

• Grounds for revocation: Failure to submit audited financial statements to the Commission within the prescribed or approved period
• Aggravating factor: Subsequent failure to comply with enforcement actions the Commission had already imposed to address the original contravention
• Outcome: The Commission revoked IAI Underwriting Ltd's insurance captive licence (Matter ID ENF0511/070)

The notice is purely informational, recording a completed enforcement action against a named entity rather than imposing new ongoing requirements on the wider industry.

Applies to

insurance captives, insurance licensees