Revocation of Licenses/Certificate - State Mutual Insurance Co. Ltd (2012-12-06)

Summary

This is a public enforcement notice issued by the BVI Financial Services Commission announcing the revocation of the insurance licence held by State Mutual Insurance Co. Ltd. It is a factual record of a completed regulatory action rather than a document imposing new ongoing requirements on the wider industry.

• Entity: State Mutual Insurance Co. Ltd, holder of an Insurance Captive licence.
• 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: The company subsequently failed to comply with the enforcement action the Commission had imposed to address the original contravention.
• Reference: Matter ID ENF0511/070.

The notice does not set out any new compliance obligations, transition period, or deadline for other licensees; it simply records that this particular company's licence has been revoked.

Applies to

insurance companies, insurance captives