Enforcement Action

Enforcement Action: Revocation of Licence
Name of Entity: Alta Insurance Management Limited
Date of Action: 2/28/2015
A notice of revocation of licence was issued to Alta Insurance Management Limited for its contraventions of:
a)    sections 56(1) and 57(1) of the Insurance Act, 2008 (the “Act”) by failing to prepare and submit its audited financial statements and director’s certificate for the financial year ended 31st December, 2012 and 2013 by the statutory deadline of 30th June, 2013 and 2014, respectively;
b)    sections 47(1) and 47(2) of the Act by failing to appoint and at all times have a designated representative; and
c)    regulation 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010 (the "Fees Amendment Regulations") by failing to submit payment to the Commission of the required annual licence fee by the due date of 30th April, 2014.