BVI FSC published list of companies under enforcement action in 2012, Part III

The Commission continued to publish on its website the list of companies under enforcement action, currently for the third and fourth quarters of 2012. In Quarter 3 2012, a Warning Letter was issued to Caribbean Reinsurance Company Ltd., which failed to submit audited financial statements to the Commission within the prescribed or approved period. Directives were issued pursuant to section 40 (1) (a) of the Financial Services Commission Act, 2001 to the following companies: Gulf Insurance Limited, Creque’s Insurance Agency Limited (along with amended directives), and Caribbean Insurers Limited. Also, a public statement was issued concerning the first company, in order to protect the public interest and the interests of policyholders and creditors of Gulf Insurance Limited.

In the third quarter of the year, cease and desist order was issued pursuant to section 37(2A)(a) of the Financial Services Commission Act, 2001 to Abadi & Co. Securities Ltd, according to which the company is prescribed to cease and desist carrying on all investment business in or from within the BVI territory within a prescribed period.

Also, a public statement was issued concerning Greater Tri‐State Casualty Company Limited, to make the public aware that this company is no longer licensed or regulated by the Financial Services Commission, and could be providing only unauthorized financial services.

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