Victory Life & Pension Assurance Company Limited - Public Statement No. 12 of 2014 (24 December 2014)

Summary

This is a Public Statement issued by the British Virgin Islands Financial Services Commission announcing that, on 25 November 2014, joint liquidators (from KPMG BVI and KPMG Cayman) were appointed by the Eastern Caribbean Supreme Court over Victory Life & Pension Assurance Company Limited. The appointment followed serious regulatory breaches by the company and concerns that its principals no longer met the Commission's fit and proper criteria.

• Effect of appointment: The powers of the company's directors ceased and the joint liquidators assumed complete control of the company and its assets; all previously issued powers of attorney became null and void.
• Asset freeze: The BVI Court directed that transfers from and asset trading within all accounts maintained by the company and its policyholders be prevented pending determination of ownership, rights and control.
• Policyholder action: Policyholders concerned about deterioration in value of assets linked to their policies are invited to contact the joint liquidators to discuss their concerns.
• Ongoing process: The joint liquidators are reviewing policy terms and applicable law before applying to the BVI Court to determine the legal basis on which the company's assets are held and how they should be distributed; policyholders will be notified of the Court's determination and may challenge it.
• Contact point: Enquiries about the company should be directed to its administrator (AssuranceService i Goteborg AB) or to the joint liquidators at KPMG (BVI) Limited.

The statement is issued pursuant to Section 37A(1) and 37A(4) of the Financial Services Commission Act, 2001, and is purely informational, notifying the public and stakeholders of the liquidation and the process being followed rather than imposing new ongoing regulatory requirements on other licensees.

Key obligations

• Policyholders whose policy-linked assets may be at risk of significant deterioration in value should contact the Joint Liquidators to discuss their concerns.
• Account holders and policyholders are prohibited from transferring or trading assets within accounts maintained by the company pending the BVI Court's determination of ownership and control.
• Enquiries regarding the company should be directed to its administrator or the Joint Liquidators rather than to the company's former directors.

Applies to

insurance company (Victory Life & Pension Assurance Company Limited, in liquidation), policyholders of the company