Gulf Insurance Limited

A public statement was issued in order to protect the public interest, and the interests of any of the policyholders and creditors of Gulf Insurance Limited, and to make the general public aware that the Commission issued a directive to Gulf Insurance Limited directing it to cease and desist from taking on new or renewal business in the Virgin Islands, and directing it not to accept transfers, remittances or payments of any kind from its intermediaries in the Virgin Islands. The directive is likely to remain in place until the Commission is satisfied, among other things, that: (i) Gulf Insurance Limited has submitted to the Commission satisfactory evidence of its reinsurance arrangements with respect to insurance business carried on in the Virgin islands; and (ii) Gulf Insurance Limited 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. Public Statement No. 17 of 2012 refers.