Posted on May 07, 2013 10:35
Public Statement No. 3 of 2013
7 May, 2013
MOORGATE INSURANCE COMPANY LIMITED
Tortola, British Virgin Islands – 7 May, 2013 – 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 Moorgate 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 licensed by the FSC to carry on general insurance business that is not domestic business in Classes 2 – Property, and 3 – Liability Insurance, and to carry on reinsurance business that is not open market reinsurance business from within the Virgin Islands. The Company was initially licensed on 7 December, 2005.
On 24 April, 2013 the FSC revoked the insurance license 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 a new insurance manager after its insurance manager resigned and failing to notify the Commission of the resignation of its 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 to the Commission within six months of its financial years ended 2009, 2010 and 2011; and
3. Section 2A(ii) of the Financial Services Fees (Amendment) Regulations, 2010 by failing to pay to the Commission the required annual license fee for 2011 and 2012.
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.