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Enforcement Action
Enforcement Action:
Enforcement Summary:
Tortola, British Virgin Islands [Date] 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 customers or creditors of Eleuthera Insurance 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 formerly licensed by the FSC to carry on general insurance business within the Territory in the classes of medical malpractice liability. The Company was initially licensed on 15 September 2010. The Company's last licence was issued on 30/12/2010. On 12 April, 2017 the FSC revoked the insurance licence based on the grounds as set out in section 37 (1) (a) (i) of the Financial Services Commission Act, 2001 (the "FSC Act"); namely that the Company contravened: Section 33 of the Insurance Act, 2008 by transferring part of its business to another entity without obtaining the prior written approval of the FSC; Section 57(1) of the Insurance Act, 2008 by failing to submit to the FSC its audited financial statements and director's certificate within 6 months of the end of the financial years ended 31 December, 2014 and 31 December 2015; and Regulation 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010 by failing to pay to the FSC the required annual licence fee for 2016 by the due date of 30/04/2016. The Company is 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 FSC Act.
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