Vessia Insurance Company Limited - Public Statement No. 4 of 2012 (2012-06-05)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) to alert the public that Vessia Insurance Company Limited is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action. It is a one off notice about a specific former insurance licensee, not a rule or policy change.

• Licence status: The Company's insurance licence expired on 31 December 2009 and it is no longer licensed or regulated by the FSC.
• Unpaid penalty (2009): A US$4,000 administrative penalty imposed in December 2009 for contravening section 22(1)(b) of the Insurance Act, 1994 (failure to submit audited financial statements on time) remains unpaid.
• Unpaid penalty (2011): A US$6,000 administrative penalty imposed in June 2011 for contravening section 57(1) of the Insurance Act, 2008 (same type of failure) remains unpaid.
• Strike off: The Company was struck off the BVI company register on 1 May 2010 for non payment of fees.
• Legal basis: The statement is issued under section 37A(1) of the Financial Services Commission Act, 2001 to protect the public, customers and creditors of the Company.

The FSC states it will provide updates on any further developments concerning the Company. The notice creates no ongoing compliance obligations for other regulated entities; it is informational, warning the public and creditors about this specific company's status.

Applies to

insurance companies, former insurance licensees