State Mutual Insurance Co. Ltd - Public Statement No. 6 of 2012 (2012-07-05)

Summary

This is a public statement issued by the BVI Financial Services Commission to alert the public that State Mutual Insurance Co. Ltd. is no longer licensed or regulated by the FSC and remains subject to unresolved enforcement action. It is informational only, intended to protect customers and creditors of the company by clarifying its regulatory status.

• Background: The Company was formerly licensed by the FSC to conduct insurance business in the BVI.
• Unpaid penalty: In June 2011 the FSC imposed a $4,000.00 administrative penalty on the Company for contravening section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements within the required period; this penalty was never paid.
• Struck off register: The Company was struck off the BVI company register on 1 November 2008 for non-payment of fees.
• Licence revoked: The Company's licence was revoked on 12 June 2012, and it is no longer licensed or regulated by the FSC.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. The notice does not impose any ongoing compliance obligations on the public or other regulated entities.