Willow Grove Life Insurance Company - Advisory Warning No. 5 of 2010

Advisory Warning No. 5 of 2010
 
 
11 August, 2010
 
 
 
ADVISORY WARNING
 
WILLOW GROVE LIFE INSURANCE COMPANY LIMITED 
 
Tortola, British Virgin Islands – 11 August, 2010 - The British Virgin Islands Financial Services Commission (the “FSC”) is issuing this Advisory Warning under Section 4 (1) of the Financial Services Commission Act, 2001.
 
The FSC wishes to inform the public that Willow Grove Life Insurance Company Limitedis no longer licensed under the Insurance Act, 1994 (the “Act”) to carry on insurance business in or from within the British Virgin Islands.    
 
The public should note that Willow Grove Life Insurance Company Limited has contravened the following sections of the Act:
 
(a)        Section 55 of the Act by failing to seek the prior approval of the Commission to discontinue its business in the British Virgin Islands;
(b)        Section 73 of the Act by having a prescribed word in their names;
(c)        Section 22(1)(a) and (b) of the Act by failing to submit annual reports to the Commission since 2005; and,
(d)       Section 17 of the Act by failing to pay the annual license fee since 2007.
 
Members of the public are therefore advised to exercise extreme caution in conducting any transactions with Willow Grove Life Insurance Company Limited as it isnot licensed to carry on insurance business in or from within the British Virgin Islands.
 
Signed:
 
Robert A. Mathavious
Managing Director /CEO
British Virgin Islands Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Telephone: (284) 494-4190
Facsimile: (284) 494-5016
E-mail: [email protected]
Website: www.bvifsc.vg
Hours: Monday - Friday 8:30 am - 4:30 pm