Universal Highland Assurance Company Limited - Public Statement No. 2 of 2013 (2013-04-05)

Summary

This is a public statement from the British Virgin Islands Financial Services Commission (FSC) notifying the public that Universal Highland Assurance Company Limited had its insurance licence revoked and is no longer licensed or regulated by the FSC. It is issued to protect the interests of the company's customers and creditors.

• Licence history: The company was granted a perpetual licence on 1 April 2010 to carry on general insurance business in the classes of Liability and Property Insurance.
• Revocation date: The FSC revoked the company's insurance licence on 14 March 2013 under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds for revocation: Failure to appoint a new insurance manager after the previous manager resigned (Insurance Act 2008, s.23(1)); failure to submit audited financial statements and a director's certificate within six months of financial years ended 2010 and 2011 (Insurance Act 2008, s.57(1)); and failure to pay required annual licence fees for 2011 and 2012 (Financial Services Fees (Amendment) Regulations 2010, s.2A(ii)).
• Current status: The company is now unlicensed and unregulated by the FSC; the FSC states it will provide updates on further developments.

Applies to

insurance companies, insurance licensees