Bayswater Insurance Company Limited - Public Statement No. 3 of 2015 (14 April 2015)

14 April, 2015

PUBLIC STATEMENT

 BAYSWATER INSURANCE COMPANY 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 Bayswater Insurance Company 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 general insurance business from within the Territory in the classes of Liability and Financial Loss Insurance. The Company was initially licensed on 30 December, 2005. The Company’s last licence was issued on 3 January, 2013.

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 23(1) and 23(5) of the Insurance Act, 2008 by failing to appoint and at all 
        times have an insurance manager and failing to notify the Commission of the 
        resignation of its insurance manager, respectively, which is an offence pursuant to 
        section 23(7); and 

2.     section 2A(ii) of the Financial Services Commission Fees (Amendment) Regulations, 
        2010 by failing to submit payment to the Commission of the required annual license 
        fee for 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.