Western Preferred Life Assurance Limited - Public Statement No. 5 of 2012 (11 June, 2012)

Summary

This is a public statement issued by the BVI Financial Services Commission concerning Western Preferred Life Assurance Limited (also known as Western Preferred Life Insurance Limited), a formerly licensed general insurer. It is informational rather than obligation-creating: it alerts the public and the Company's customers and creditors that the Company's insurance licence has been revoked and that it is no longer licensed or regulated by the FSC.

• Background: The Company was licensed on 25 March 1996 to conduct general insurance business in Property, Liability, Financial Loss, and Accident and Health Insurance.
• Penalty: In June 2010 the FSC imposed a 4,000 dollar administrative penalty for contravening section 22(1)(b) of the Insurance Act, 1994 by failing to submit audited financial statements on time; this penalty remains unpaid.
• Remedial action: In November 2010 the FSC required the Company to implement prescribed remedial actions by a deadline of 31 January 2011, which the Company has not implemented or completed.
• Strike off: The Company was struck off the BVI company register on 25 November 2010 following the resignation of its registered agent.
• Revocation: The Company's licence was revoked on 7 June 2012, and it discontinued out of the Territory into another jurisdiction.

The statement is issued under section 37A(1) of the Financial Services Commission Act, 2001 to protect the public interest and warn customers and creditors that enforcement action against the Company remains outstanding. The FSC states it will provide updates on further developments.

Applies to

insurance companies, customers and creditors of Western Preferred Life Assurance Limited

Deadlines

• 31 January, 2011: Deadline previously set by the FSC (in November 2010) for the Company to implement prescribed remedial actions, which was not met
• 7 June, 2012: Date the Company's insurance licence was revoked by the FSC