AMCA Insurance Reinsurance Co. Ltd. - Public Statement No. 11 of 2012 (5 July, 2012)

Public Statement No. 11 of 2012

5 July, 2012

PUBLIC STATEMENT

AMCA INSURANCE & REINSURANCE COMPANY LTD.

Tortola, British Virgin Islands – 5 July, 2012 – 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 AMCA Insurance & Reinsurance Company Ltd (the “Company”), and to make the general public aware that the Company is no longer licensed or regulated by the Commission and is subject to enforcement action that remains outstanding. 

The details are:

·                     The Company was formerly licensed by the FSC to conduct insurance business from within the Territory, having been so licensed in 2005.

·                     In August, 2010 the FSC imposed an administrative penalty on the Company in the amount of $4,000.00 for its contravention of section 22(1) (b) of the Insurance Act, 1994 by failing to submit audited financial statements to the Company within the approved or prescribed period. This administrative penalty was not paid.

·                     The Company was struck off the BVI company register maintained at the Registry of Corporate Affairs on 3 November, 2011 as a result of the resignation of its registered agent.

·                     The Company is no longer licensed and regulated by the FSC; the licence having been revoked on 12 June, 2012.

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.