Warning Letter - Global Hawk Insurance Company Ltd. (2015-09-03)

Summary

This is a warning letter published by the British Virgin Islands Financial Services Commission (FSC) as an enforcement action against Global Hawk Insurance Company Ltd. It records that the Commission found the insurer in breach of statutory capital and solvency requirements and issued a formal warning as a result.

• Basis of the warning: Global Hawk Insurance Company Ltd. contravened sections 10 and 12 of the Insurance Act, 2008.
• Specific failures: The company failed to maintain the minimum contributed capital and the minimum margin of solvency required under sections 130 and 131 of the Regulatory Code, 2009.
• Reference: The action is recorded under Matter ID BF101113/244.

The notice is a record of a completed enforcement action against a named licensee rather than a rule change; it does not itself impose new obligations on other entities, but it illustrates the FSC's ongoing enforcement of capital and solvency standards for licensed insurers.

Key obligations

• Licensed insurers must maintain the minimum contributed capital required under section 10 of the Insurance Act, 2008 and section 130 of the Regulatory Code, 2009
• Licensed insurers must maintain the minimum margin of solvency required under section 12 of the Insurance Act, 2008 and section 131 of the Regulatory Code, 2009

Applies to

insurance companies, insurers