Warning Letter - SUMMIT Insurance Services Limited [formerly The Marine Insurance Office (BVI) Limited] (2011-12-01)

Summary

This is a published enforcement action notice from the BVI Financial Services Commission recording a warning letter issued to SUMMIT Insurance Services Limited (formerly The Marine Insurance Office (BVI) Limited). It is an historical public record of a completed enforcement action rather than a document imposing new ongoing rules.

• Contravention: The company failed to provide the Commission with written notice within 14 days after a director ceased to hold office, contrary to section 44(3) of the Insurance Act, 2008.
• Action taken: The Commission issued a warning letter to the company.
• Matter reference: Matter ID INS1118/141.

The notice itself does not create new obligations beyond restating the existing statutory requirement under the Insurance Act, 2008 that insurance licensees must notify the Commission of director changes within 14 days.

Key obligations

• Insurance licensees must provide written notice to the Commission within 14 days after a director ceases to hold office, as required by section 44(3) of the Insurance Act, 2008.

Applies to

Insurance licensees

Deadlines

• 14 days after a director ceases to hold office: Statutory deadline under section 44(3) of the Insurance Act, 2008 for notifying the Commission of a director's cessation of office