Gulf Insurance Limited - Public Statement No. 17 of 2012 (17 September, 2012)

Public Statement No. 17 of 2012

17 September, 2012

PUBLIC STATEMENT

GULF INSURANCE LIMITED

Tortola, British Virgin Islands – 17 September, 2012 – The British Virgin Islands Financial Services Commission (the “FSC”) issued a directive to Gulf Insurance Limited (“Gulf”) 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 FSC is satisfied, among other things, that: 

(i)                 Gulf has submitted to the FSC satisfactory evidence of its reinsurance arrangements with respect to insurance business carried on in the Virgin Islands; and

(ii)               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.