Revocation of Licenses/Certificate - Stafford Insurance Ltd (2012-12-06)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing the revocation of the insurance licence of Stafford Insurance Ltd, a BVI-licensed insurance captive. The action was taken due to breaches of the Insurance Act, 2008.

• Contravention: Stafford Insurance Ltd failed to submit audited financial statements to the Commission within the prescribed or approved period, in breach of section 57(1) of the Insurance Act, 2008.
• Escalation: The company subsequently failed to comply with enforcement actions imposed by the Commission to address the contraventions.
• Outcome: The Commission revoked the company's insurance licence (Licence Type: Insurance Captive; Matter ID: ENF0511/070).

This notice is purely informational, recording a completed enforcement action against a specific named entity; it does not create ongoing obligations for other regulated entities, though it signals the Commission's expectations around timely filing of audited financial statements.

Applies to

insurance companies, insurance captives