Alta Insurance Management Limited - Public Statement No. 4 of 2015 (14 April 2015)

Public Statements

14 April, 2015

PUBLIC STATEMENT

ALTA INSURANCE MANAGEMENT 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 Alta Insurance Management 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 insurance management business from within the Territory as an Insurance Manager. The Company was initially licensed on 3 June, 2005. The Company’s last licence was issued on 20 December, 2012.

On 27 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 56(1) and 57(1) of the Insurance Act, 2008 (the “Act”) by failing to prepare
        and submit its audited financial statements and director’s certificate for the financial
        year ended 31 December 2012 and 2013 by the statutory deadline of 30 June 2013
        and 2014, respectively;

2. sections 47(1) and 47(2) of the Act by failing to appoint and at all times have a
designated representative; and

3.     regulation 2A(ii) of the Financial Services Commission (Fees) (Amendment)
        Regulations, 2010 (the "Fees Amendment Regulations") by failing to submit payment
        to the Commission of the required annual license fee by the due date of 30 April
        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.