Armatura Insurance Company Limited - Public Statement No. 2 of 2015 (14 April 2015)

Public Statements

14 April, 2015

PUBLIC STATEMENT

ARMATURA INSURANCE COMPANY LIMITED

Tortola, British Virgin Islands – 14 April, 2015 – The British Virgin Islands Financial Services Commission (the “FSC”) considers it necessary to issue this public statement in order to protect the public interest, and the interests of any of the customers and creditors of Armatura Insurance Company Limited (the “Company”), and to make the general public aware that the Company is no longer licensed and/or regulated by the FSC.

The details are:

The Company was formerly licensed by the FSC to carry on general insurance business from within the Territory in the classes of Liability and Financial Loss Insurance. The Company was initially licensed on 31 December, 2004. The Company’s last licence was issued on 30 December, 2011.

On 24 February, 2015 the FSC revoked the insurance licence based on the grounds as set out in section 37 (1) (a) (i) of the Financial Services Commission Act, 2001; namely, that the Company contravened:

1.     sections 23(1) and 23(5) of the Insurance Act, 2008 by failing to appoint and at all
        times have an insurance manager and failing to notify the Commission of the
        resignation of its insurance manager, respectively, which is an offence pursuant to
        section 23(7);

2.     sections 56(1) and 57(1) of the Insurance Act, 2008 by failing to prepare and submit
        its audited financial statements and director’s certificate to the Commission within six
        months of its financial years ended 31 December, 2012 and 2013, which is an offence
        pursuant to section 57(3); and

3.     section 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations,
        2010 by failing to pay to the Commission the required annual license fees for 2013
        and 2014.

The Company is now no longer licensed and/or regulated by the FSC.

The FSC will provide an update on any further development in this matter.

The FSC has issued this Public Statement pursuant to Section 37A (1) of the Financial Services Commission Act, 2001.