Caribbean Insurers Limited

A Directive was issued pursuant to section 40 (1) (a) of the Financial Services Commission Act, 2001 to Caribbean Insurers Limited requiring that it: 1. With immediate effect, to cease and desist from accepting or binding any risks whatsoever, whether new or renewal, in the Virgin Islands through Gulf Insurance Limited. 2. On or before 31 August 2012, to transfer all Gulf Insurance Limited policies issued by Caribbean Insurers Limited to another licensed insurer in the Virgin Islands. 3. With immediate effect, to cease and desist from sending any remittances to Gulf Insurance Limited.