This week, the British Virgin Islands Financial Services Commission has issued two public statements, the first of which aims to protect the interests of the customers and creditors of Universal Highland Assurance Company Limited, and the second concerns BVI business company called Blackstar Capital Management Limited.
Public Statement No. 2 of 2013 makes the public aware that Universal Highland Assurance Company Limited is no longer licensed and/or regulated by the FSC. This company was issued a perpetual licence by the Commission to carry on general insurance business from within the BVI territory in the classes of Liability and Property Insurance on 1 April, 2010; however, on 14 March, 2013 the insurance licence was revoked by the FSC, because the company failed to appoint a new insurance manager, to prepare and submit its audited financial statements and director’s certificate to the Commission within six months of its financial years ended 2010 and 2011, and to pay to the Commission the required annual license fee for 2011 and 2012.
Advisory Warning No. 14 of 2013 informs the public that BVI company Blackstar Capital Management Limited has been offering Forex related investment products and services, fund management and brokering services whilst purporting to be licensed and regulated in the British Virgin Islands. However, this company, which offered its investment products and services through the website located at www.managementforex.com, has never been licensed by the Commission to carry on investment business in or from within the BVI territory.