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Western Preferred Life Assurance Limited - Public Statement No. 5 of 2012 (11 June, 2012)


Public Statement No. 5 of 2012

11 June, 2012






Tortola, British Virgin Islands – 11 June, 2012 – 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 of the customers and creditors of Western Preferred Life Assurance Limited, also operating as Western Preferred Life Insurance Limited (the “Company”), which has discontinued out of the Territory and into another jurisdiction 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:


·   The Company was formerly licensed by the FSC to conduct general insurance business from within the Territory in the class of Property Insurance, Liability Insurance, Financial Loss Insurance, and Accident & Health Insurance, having been so licensed on 25 March, 1996.


·    In June, 2010 the FSC imposed an administrative penalty on the Company in the amount of $4,000.00 for its contravention of section 22(1) (b) of the Insurance Act, 1994 by failing to submit audited financial statements to the FSC within the approved or prescribed period. This administrative penalty was not paid.


·   In November, 2010 the FSC required the Company to implement a plan of prescribed remedial actions by a deadline of 31 January, 2011.  To date, the remedial actions have not been implemented or completed by the Company. 


·    The Company was struck off the BVI company register maintained at the Registry of Corporate Affairs on 25 November, 2010 as a result of the resignation of its registered agent.


·    The Company is no longer licensed and regulated by the FSC; the licence having been revoked on 7 June, 2012.


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 Financial Services Commission Act, 2001.

Action Date:
Monday, 11 June, 2012