Stafford Insurance Ltd. - Public Statement No. 7 of 2012 (2012-07-05)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) warning the public that Stafford Insurance Limited is no longer licensed or regulated and remains subject to outstanding enforcement action. It is informational and does not create ongoing obligations for the industry at large, but it does record unresolved regulatory action against the named company.

• Background: Stafford Insurance Limited was formerly licensed by the FSC to conduct insurance business in the BVI.
• Penalties imposed: In June 2011 the FSC imposed two administrative penalties ($5,000 and $3,000) on the Company for contravening section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements within the prescribed period for two consecutive years.
• Non payment: These administrative penalties were not paid.
• Struck off: The Company was struck off the BVI company register on 1 November, 2011 due to non-payment of fees.
• Licence revoked: The Company's insurance licence was revoked on 12 June, 2012, and it is no longer licensed or regulated by the FSC.
• Legal basis: The statement was issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001.

The FSC states it will provide updates on any further developments in this matter. The statement serves as a public warning rather than imposing new compliance duties on other regulated entities.

Applies to

insurance companies