Warning Letter - Landmark Casualty & Indemnity, Ltd (2014-06-03)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording a warning letter issued to Landmark Casualty and Indemnity, Ltd. It lists specific contraventions of the Insurance Act found by the Commission but does not itself impose any new ongoing rule; it is a historical record of a completed enforcement action.

• Unauthorised share transfers: Transferred, issued and or redeemed shares without the Commission's prior written approval, for the years 2008, 2009 and 1 January 2010, in breach of section 25(1)(b) of the Insurance Act, 1994.
• Capital shortfall: Failed to maintain the minimum contributed capital applicable to a BVI insurer for the year 2010, contrary to section 10 of the Insurance Act, 2008 as prescribed by section 130(b) of the Regulatory Code, 2009.
• Unauthorised portfolio transfer: Transferred its portfolio of business to another person in 2012 without the Commission's prior written approval, in breach of section 33 of the Insurance Act, 2008.

The matter is identified by the Commission as Matter ID BF101113/197. The notice does not state any corrective deadline or ongoing filing requirement beyond the warning itself.

Applies to

BVI insurers, insurance companies