Warning Letter - Caribbean Reinsurance Company Ltd (2012-08-15)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording that a warning letter was issued to Caribbean Reinsurance Company Ltd, a licensed insurance captive. The notice does not itself create new rules; it discloses a specific compliance failure and the regulatory response.

• Breach found: Contravention of section 57(1) of the Insurance Act, 2008, by failing to submit audited financial statements to the Commission within the prescribed or approved period.
• Entity: Caribbean Reinsurance Company Ltd, licence type Insurance Captive.
• Action taken: The Commission issued a warning letter (Matter ID INS0720/113); no further sanction details are given in this notice.

For other insurance licensees, this notice serves as a reminder that timely submission of audited financial statements is a statutory requirement under section 57(1) of the Insurance Act, 2008, and that failures are published as enforcement actions.

Key obligations

• Insurance licensees (including captives) must submit audited financial statements to the Commission within the prescribed or approved period, as required by section 57(1) of the Insurance Act, 2008.

Applies to

Insurance companies, Insurance captives