Salvo Insurance Company Limited - Public Statement No. 1 of 2015 (11 February 2015)

Public Statement No. 1 of 2015

11 February, 2015

PUBLIC STATEMENT

SALVO INSURANCE COMPANY LIMITED

Tortola, British Virgin Islands – 11 February, 2015 – 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 Salvo Insurance Company Limited (the “Company”), and to make the general public aware that the Company is no longer licensed and/or regulated by the FSC.  

The details are:

The Company was formerly licensed by the FSC to carry on general insurance business from within the Territory in the classes of Liability and Financial Loss Insurance. The Company was initially licensed on 8 February, 2005. The Company’s last licence was issued on 1 April, 2010.

On 27 September, 2014 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:

1.     section 23(1) and 23(5) of the Insurance Act, 2008 by failing to appoint and at all times have an insurance manager; 

2.     section 57(1) of the Insurance Act, 2008 by failing to prepare and submit its audited financial statements and director’s certificate for the financial year ended 31 December 2012 and 2013 to the Commission by the extended deadline of 30 September 2013 and statutory deadline of 30 June 2014 respectively; and 

3.     section 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010 by failing to submit payment to the Commission of the required annual license fee for 2014. 

            The Company is now no longer licensed and/or 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.