Gulf Insurance Limited

A Directive was issued pursuant to section 40 (1) (a) of the Financial Services Commission Act, 2001 to Gulf Insurance Limited requiring that it: 1. With effect from 1 August 2012, to cease and desist from accepting or binding any risks whatsoever, whether new or renewal in the Virgin Islands, and to cease and desist from entering into any new contracts for any class or type of business. 2. Not to accept transfers, remittances or payments of any kind from its intermediaries in the Virgin Islands, namely Creque’s Insurance Agency Limited and Caribbean Insurers Limited; The Directive shall remain effective and enforceable until such time as the Commission is satisfied that: (i) Gulf has filed annual returns in accordance with section 192(1) of the BVI Business Companies Act, 2004; (ii) Gulf has submitted to the Commission satisfactory evidence of its reinsurance arrangements with respect to insurance business carried on in the Virgin Islands, together with copies of all reinsurance treaties entered into, relating to that business; (iii) Gulf is maintaining its business in a financially sound condition by having sufficient admissible assets, by providing for its liabilities and generally conducting its business so as to be in a position to meet its liabilities as they fall due.