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Creque's Insurance Agency Limited

 
Action Date:
Friday, 17 August, 2012
Category:
Industry Type:
Enforcement Action:
Enforcement Summary:
An amended Directive was issued pursuant to section 40 (1) (a) of the Financial Services Commission Act, 2001 to Creque’s Insurance Agency Limited*, amending the earlier Directive issued on 1 August 2012. The new Directive amended the earlier Directive as set out below: 1. By revoking paragraph 1 of the Directive and replacing it with the following paragraph: (i) On or before 31 August 2012, to transfer all Gulf Insurance Limited policies covering any and all types of Property whatsoever issued or placed through Creque’s Insurance to another licensed insurer in the Virgin Islands. 2. By inserting after paragraph 1 the following paragraph numbered 1A: (i) 1A: On or before 30 September 2012, to transfer all Gulf Insurance Limited Non-Property insurance policies whatsoever, including but not limited to Motor, Workmen’s Compensation, Employer’s Liability, Public Liability, Products Liability, Personal Accident and Marine issued or placed through Creque’s Insurance to another licensed insurer in the Virgin Islands. *Note: An Order has been issued by the Eastern Caribbean Supreme Court, in the High Court of the Virgin Islands imposing a stay on the transfer of policies by Creque’s Insurance Agency Limited pursuant to the Directive issued to Creque’s Insurance Agency Limited.
Matter ID:
INS0816/122