Salvo Insurance Company Limited - Public Statement No. 1 of 2015 (11 February 2015)

Summary

This is a public statement issued by the BVI Financial Services Commission announcing that Salvo Insurance Company Limited's general insurance licence has been revoked and that the company is no longer licensed or regulated by the FSC. It is a notice to protect the public and the company's customers and creditors, not a document imposing new industry-wide rules.

• Background: Salvo was licensed on 8 February 2005 to carry on general insurance business in the classes of Liability and Financial Loss Insurance, with its last licence issued 1 April 2010.
• Revocation date: The FSC revoked the insurance licence on 27 September 2014 under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds for revocation: Failure to appoint and maintain an insurance manager (Insurance Act 2008, ss 23(1) and 23(5)); failure to submit audited financial statements and director's certificate for the years ended 31 December 2012 and 2013 by the extended and statutory deadlines; and failure to pay the required 2014 annual licence fee (Financial Services Commission (Fees) (Amendment) Regulations 2010, s 2A(ii)).
• Legal basis for statement: Issued pursuant to section 37A(1) of the Financial Services Commission Act, 2001.

The statement confirms Salvo is no longer licensed and states the FSC will provide updates on further developments, but it does not impose any continuing compliance obligations on other regulated entities.

Applies to

Salvo Insurance Company Limited (revoked licensee), customers and creditors of Salvo Insurance Company Limited