American Great Lakes Insurance Company Limited - Public Statement No. 4 of 2011 (19 September 2011)

Public Statement No. 4 of 2011

19 September, 2011

PUBLIC STATEMENT

AMERICAN GREAT LAKES INSURANCE COMPANY LTD.

Tortola, British Virgin Islands – 19 September, 2011 – The BVI 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 American Great Lakes Insurance Company Ltd. (the “Company”), 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:

·                     The Company was formerly licensed by the Commission to conduct general insurance business from within the Territory, having been so licensed on 10 February, 2001.

·                     In December 2009, the Commission imposed two administrative penalties on the Company in the amounts of $5,000.00 and $2,000.00 for its contraventions of Section 22(1) (b) of the Insurance Act, 1994 by failing to submit audited financial statements to the Commission within three months of the end of the 2007 and 2008 financial years. To date, these administrative penalties have not been paid.

·                     In November 2010, the Commission imposed two late payment penalties in the amounts of $5,000.00 and $2,600.00 as the Company was at that time 217 days late in making full payment of the two administrative penalties of $5,000.00 and $2,000.00. Again, to date these late payment penalties have not been paid.

·                     The Company is no longer licensed and regulated by the Commission; the licence having expired on 31 December, 2009.

·                     The Company was struck off the Company Register maintained at the Registry of Corporate Affairs on 1 May, 2011 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.