Enforcement Action

Enforcement Action: Revocation of Licence
Name of Entity: Bayswater Insurance Management Limited
Date of Action: 28/02/2015

A notice of revocation of licence was issued to Bayswater Insurance Management 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); and

b)      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 fee for 2014.