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Public Statement No. 5 of 2010 (21 December, 2010)

 
Public Statements

Tortola, British virgin Islands – 21 December, 2010 – The British Virgin Islands Financial Services Commission ("FSC") considers it necessary to issue this public statement in order to protect the public interest, and the interest of any of the customers and creditors of Summit Casualty Corp. ("Summit"), and to make the general public aware that the Company is no longer licensed or regulated by the FSC and is subject to enforcement action that remains outstanding.

The details are:

• Summit was formerly licensed by the FSC to conduct general insurance business from within the Territory, having been so licensed on 31 December, 2004.

• In December, 2008 the FSC imposed an administrative penalty on Summit in the amount of $5,000.00 for its contravention of section 22(1) (b) of the Insurance Act, 1994 by failing to submit audited financial statements to the FSC within three months of the 2006 financial year end. To date, this administrative penalty has not been paid.

• In June, 2009 the FSC subsequently imposed a late payment penalty in the amount of $3,000.00 as Summit was at that time 102 days late in making full payment of the administrative penalty of $5,000.00. Again, to date this penalty has not been paid.

• In December, 2009 the FSC imposed an administrative penalty in the amount of $5,000.00 for its further contravention of section 22(1) (b) of the Insurance Act, 1994 by failing to submit audited financial statements to the FSC within three months of the 2007 financial year end. To date, this administrative penalty has not been paid.

• Summit is no longer licensed and regulated by the FSC; the licence having expired on 31 December, 2009.

• Summit was struck off the company register maintained at the Registry of Corporate Affairs on 1 May, 2010 for the non-payment of its registration fees. The FSC will provide an update on any further developments in this matter. This Public Statement is issued pursuant to Section 37A (4) of the Financial Services Commission Act, 2001.