Investors Reinsurance Limited - Public Statement No. 13 of 2012 (5 July, 2012)

Public Statement No. 13 of 2012

5 July, 2012

PUBLIC STATEMENT

INVESTORS REINSURANCE 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 Investors Reinsurance Limited (the “Company”), and to make the general public aware that the Company is no longer licensed or regulated by the Commission. 

The details are:

·                     The Company was formerly licensed by the FSC to conduct general insurance business from within the Territory in the class of Extended Structural Warranty Reinsurance, having been so licensed on 11 October, 2005.

·                     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 contravened section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements to the FSC within the prescribed or approved period. 

·                  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.