Warning Letter - Nationwide Insurance Agency Limited (2013-08-28)

Summary

This is a public enforcement notice published by the BVI Financial Services Commission disclosing that it issued a warning letter to Nationwide Insurance Agency Limited, a licensed insurance agent.

• Basis for warning: Contraventions of section 11(3A) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 and section 32(1) of the Regulatory Code, 2009.
• Nature of failure: Failure to establish and maintain an independent audit function and to test the effectiveness of its internal control system.
• Licence type: Insurance Agents.
• Matter reference: COM072613/117.

The notice is a record of a completed enforcement action rather than a rule or guidance document, and it does not itself impose any new or continuing requirement on the firm or on other regulated entities; it serves to inform the industry and public of the Commission's action.

Applies to

Insurance Agents, insurance agencies