Beverly Insurance Company Limited - Public Statement No. 6 of 2013 (1 October 2013)

Public Statement No. 6 of 2013

1 October, 2013

PUBLIC STATEMENT

BEVERLY INSURANCE COMPANY LIMITED

Tortola, British Virgin Islands – 1 October, 2013 – 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 Beverly 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 Property and Liability Insurance. The Company was initially licensed on 14 October, 1998. The Company’s last licence was issued on 1 April, 2010.

On 12 September, 2013 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.              Section 23(1) of the Insurance Act, 2008 by failing to appoint a new insurance manager after its insurance manager resigned; 

2.              Section 57(1) of the Insurance Act, 2008 by failing to prepare and submit its audited financial statements and Director’s certificate to the Commission within six months of its financial years ended 2010 and 2011; and 

3.              Section 2A (ii) of the Financial Services Fees (Amendment) Regulations, 2010 by failing to pay to the Commission the required annual license fee for 2011 and 2012.  

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.