Warning Letter - Tranquil Insurance Company Ltd (2012-01-17)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission disclosing that it issued a warning letter to Tranquil Insurance Company Ltd, a licensed insurance captive. The notice states the company contravened section 57(1) of the Insurance Act, 2008 by failing to submit its audited financial statements to the Commission within the prescribed or approved period.

• Entity: Tranquil Insurance Company Ltd, licensed as an Insurance Captive (Matter ID: INS0113/005)
• Contravention: Failure to submit audited financial statements to the Commission within the prescribed or approved period, contrary to section 57(1) of the Insurance Act, 2008
• Action taken: Commission issued a formal warning letter to the entity

The notice is informational, recording a completed enforcement action against a specific named entity rather than imposing new ongoing requirements on the wider industry. It does, however, illustrate the Commission's expectation that insurers file audited financial statements on time under section 57(1) of the Insurance Act, 2008.

Key obligations

• Insurers licensed under the Insurance Act, 2008 must submit audited financial statements to the Commission within the prescribed or approved period, as required by section 57(1) of that Act

Applies to

insurance companies, insurance captives