Warning Letter - Codan Management (BVI) Limited (2014-06-03)

Summary

This is a warning letter published by the BVI Financial Services Commission as part of its public enforcement action register. It records that Codan Management (BVI) Limited was warned for breaching a specific notification requirement under the Insurance Act, 2008, rather than setting out any new rule.

• Contravention found: Failure to provide written notice to the Commission within fourteen days after a director or senior officer ceased to hold office with, or to be employed by, the licensee, contrary to section 44(3) of the Insurance Act, 2008.
• Action taken: The Commission issued a warning letter to Codan Management (BVI) Limited (Matter ID BF101113/196).

The notice is informational: it publicises a past enforcement outcome and does not itself create new ongoing obligations for other entities, though it illustrates the Commission's enforcement of the section 44(3) notification duty applicable to insurance licensees generally.

Key obligations

• Insurance licensees must give the Commission written notice within fourteen days after a director or senior officer ceases to hold office with, or to be employed by, the licensee, under section 44(3) of the Insurance Act, 2008.

Applies to

insurance licensees, insurance managers

Deadlines

• fourteen days after a director or senior officer ceases to hold office or employment: Statutory deadline under section 44(3) of the Insurance Act, 2008 for licensees to notify the Commission, the breach of which led to this warning letter.