Revocation of Licenses/Certificate - Western Preferred Life Assurance Limited (2012-06-07)

Summary

This is an enforcement notice from the British Virgin Islands Financial Services Commission announcing the revocation of the insurance licence (Insurance Captive licence) held by Western Preferred Life Assurance Limited, also operating as Western Preferred Life Insurance Limited. It is a one off enforcement action record, not a rule of general application, but it signals the grounds on which the Commission will revoke an insurer's licence.

• Basis for revocation: Contravention of section 22(1)(b) of the Insurance Act, 1994 and the Insurance Regulations, 1995 by failing to submit audited financial statements to the Commission within the prescribed or approved period.
• Aggravating factor: Subsequent failure to comply with various enforcement actions the Commission had imposed to address the original contravention.
• Outcome: The Commission revoked the company's insurance licence/certificate (Matter ID ENF0511/074).

The notice does not create ongoing obligations for other licensees; it serves as a public record of the specific action taken against this named entity and as an illustration of the Commission's willingness to revoke licences for failure to file audited financial statements and for non compliance with enforcement directions.

Applies to

insurance companies, insurance captives, licensed insurers in the British Virgin Islands