VIRRGIN Lite Subscribers Update, Submission of Financial Statements & Amendment to Regulatory Code

Industry Updates

VIRRGIN Lite Subscribers Update

All subscribers requiring VIRRGIN Lite access for Hong Kong based users must submit a static (dedicated and unchanging) IP address to the FSC. Subscribers should provide the external facing static IP address if the office uses a shared connection to the internet. Dynamic IP addresses change and will not allow users to have access. The IP address should be sent to VIRRGINSupport@bvifsc.vg with subject ‘VIRRGIN Lite Access’.

Submission of Financial Statements

The Commission will strictly enforce financial services legislation on the provision or submission of financial statements, other reporting requirements and notifiable events.

Licensees are reminded that:

(a) where financial statements must be provided or submitted to the Commission, they are due 6 months after the end of each Licensees financial year; and

(b) they are liable to administrative and other penalties when financial statements are not provided or submitted to the Commission as required by law.

Licensees should provide an explanation for failure to properly provide or submit financial statements at the same time that the financial statements are provided or submitted to the Commission. If a licensee does not wish to provide any explanation or make any representation they should also indicate that when providing or submitting the financial statements.

Authorised agents and registered agents are reminded that they may also be liable for enforcement action for breaches or offences by licensees in their portfolio (including late provision or submission of financial statements) where the Commission is satisfied that the breach or offence is due to their default

Amendment to Regulatory Code – Change in Allowable Assets

Effective Monday, 5th September, 2016, Section 3(k) of Schedule 5 of the Regulatory Code, 2009 which speaks to Allowable Assets for insurers is hereby discontinued. The Regulatory Code is currently under review by the Commission