Warning Letter - Caribbean Alliance Insurance Company Limited (2013-08-29)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording that it issued a warning letter to Caribbean Alliance Insurance Company Limited, a domestic insurance licensee.

• Breach identified: Contravention of section 19(5) of the Insurance Act, 2008
• Nature of failure: The company failed to give the Commission written notice within fourteen (14) days of appointing a director or senior officer
• Matter reference: Matter ID INS071913/107, published 29 August 2013

The notice is a record of a completed enforcement action rather than a rule imposing new requirements; it serves to publicise the Commission's finding and warns other licensees of the underlying statutory notification duty.

Key obligations

• Domestic insurers must provide the Commission with written notice within fourteen (14) days of appointing a director or senior officer, as required by section 19(5) of the Insurance Act, 2008

Applies to

insurance companies, domestic insurers

Deadlines

• 14 days: Statutory period under section 19(5) of the Insurance Act, 2008 for notifying the Commission of the appointment of a director or senior officer