Settlement Casualty Corp - Public Statement No. 3 of 2012 (5 June, 2012)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) to warn the public that Settlement Casualty Corp is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action. It is purely informational and does not create ongoing obligations for regulated entities generally, but serves as a public warning regarding this specific company.

• Former licence: The Company was formerly licensed by the FSC to conduct insurance business from within the Territory.
• Unpaid penalty: In November 2010 the FSC imposed a $5,000.00 administrative penalty on the Company for contravening section 22(1)(b) of the Insurance Act, 1994 by failing to submit audited financial statements within the prescribed period; the penalty remains unpaid.
• Struck off register: The Company was struck off the BVI company register on 1 May, 2009 for non-payment of fees.
• Licence expired: The Company's licence expired on 31 December, 2009, and it is no longer licensed or regulated by the FSC.
• Legal basis: The statement is issued pursuant to section 37A(1) of the Financial Services Commission Act, 2001.

The FSC states it will provide updates on any further developments regarding this matter. No filing or compliance action is required of the public or industry as a result of this notice.

Applies to

insurance companies