Catal Insurance Company Limited - Public Statement No. 12 of 2012 (5 July, 2012)

Public Statement No. 12 of 2012

5 July, 2012

PUBLIC STATEMENT

CATAL INSURANCE COMPANY LIMITED

Tortola, British Virgin Islands – 5 July, 2012 – 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 Catal Insurance Company Limited (the “Company”), and to make the general public aware that the Company is no longer licensed or regulated by the FSC. 

The details are:

·                     The Company was formerly licensed by the FSC to conduct general insurance business from within the Territory in the classes of Life, Property and Casualty, and to carry on reinsurance business that is not open market reinsurance from within the Territory, having been first licensed on 1 October, 2003.

·                     On 13 June, 2012 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 has contravened section 21 (1) of the Insurance Act, 2008 by failing to seek the prior written approval of the FSC for the transfer of a number of shares on three occasions; section 19 (3) of the Insurance Act, 2008 by failing to notify the FSC of the resignation of a director; and section 19 (1) of the Insurance Act, 2008 by failing to seek the prior written approval of the FSC for the appointment of a director.

·                     The Company is now no longer licensed and 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.