Enforcement Action

Enforcement Action: Revocation of Licence
Name of Entity: Armatura Insurance Company Limited
Date of Action: 28/02/2015
A notice of revocation of licence was issued to Armatura Insurance Company Limited for its contraventions of:
a)    sections 23(1) and 23(5) of the Insurance Act, 2008 by failing to appoint and at all times have an insurance manager and failing to notify the Commission of the resignation of its insurance manager, respectively, which is an offence pursuant to section 23(7);
b)    sections 56(1) and 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 31st December, 2012 and 2013, which is an offence pursuant to section 57(3); and
c)    section 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010 by failing to submit payment to the Commission of the required annual licence fees for 2013 and 2014.