You are here

Public Statement No. 7 of 2010 (21 December, 2010)

Public Statements

Tortola, British virgin Islands – 21 December, 2010 – The British Virgin Islands Financial Services Commission ("FSC") considers it necessary to issue this public statement in order to protect the public interest, and the interest of any of the customers and creditors of Electrolux Casualty Corp. ("Electrolux"), and to make the general public aware that the Company is no longer licensed or regulated by the FSC and is subject to enforcement action that remains outstanding.

The details are:

• Electrolux was formerly licensed by the FSC to conduct insurance business in or from within the Territory, having been so licensed on 28 December, 2006.

• In December, 2009 the FSC imposed an administrative penalty on Electrolux in the amount of $4,000.00 for a contravention of section 22(1) (b) of the Insurance Act, 1994 by failing to submit audited financial statements to the FSC within three months of the 2007 financial year end. To date, this administrative penalty has not been paid.

• Electrolux is no longer licensed and regulated by the FSC; the licence having expired on 30 November, 2010.

The FSC will provide an update on any further developments in this matter. This Public Statement is issued pursuant to Section 37A (4) of the Financial Services Commission Act, 2001.