Castlegate Insurance Company, Ltd. - Public Statement No. 7 of 2014 (5 November 2014)

Public Statement No. 7 of 2014

5 November, 2014

PUBLIC STATEMENT

 CASTLEGATE INSURANCE COMPANY, LTD.

Tortola, British Virgin Islands – 5 November, 2014 – 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 Castlegate Insurance Company, Ltd.  (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, Liability and Financial Loss Insurance. The Company was initially licensed on 11 November, 2004. The Company’s last licence was issued on 1 May, 2012.

On 16 September, 2014 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 21(3) of the Insurance Act, 2008 by transferring shares without obtaining the Commission’s prior written approval; 

2.     Section 23(1) and 23 (6) of the Insurance Act, 2008 by failing to appoint and at all times have an insurance manager; and

3.     Section 184 of the BVI Business Companies Act, 2004 by failing to undergo the process of discontinuation from the Virgin Islands.  

            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.