IAI Underwriting Ltd. - Public Statement No. 8 of 2012 (5 July, 2012)

Public Statement No. 8 of 2012

5 July, 2012

PUBLIC STATEMENT

IAI UNDERWRITING LTD

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 IAI Underwriting Ltd (the “Company”), and to make the general public aware that the Company is no longer licensed or regulated by the FSC and is subject to enforcement action that remains outstanding. 

The details are:

·                     The Company was formerly licensed by the FSC to conduct insurance business from within the Territory.

·                     In September, 2011 the FSC imposed two administrative penalties on the Company in the amounts of $5,000.00 and $3,000.00 for its contraventions of section 57 (1) of the Insurance Act, 2008 by failing to submit audited financial statements to the FSC within the approved or prescribed period for two consecutive years. These administrative penalties were not paid.

·                     The Company is no longer licensed and regulated by the FSC; the licence having been revoked on 12 June, 2012.

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.