Statements

< Back

Regulatory Settlement Agreement between the Gibraltar Financial Services Commission and West Bay Insurance Public Limited Company

22 Dec 23

Public statement on West Bay Insurance Public Limited Company

A Regulatory Settlement Agreement has been entered into between the Gibraltar Financial Services Commission (GFSC) and West Bay Insurance Public Limited Company (West Bay), a Gibraltar insurance company.

The agreement relates to the period between July 2022 and October 2023, during which West Bay’s forecasting and internal systems and controls fell below the expected regulatory standards. During the stated period, West Bay demonstrated ineffective control and management of its business, resulting in several regulatory breaches.

This Regulatory Settlement Agreement has been reached through a collaborative process and West Bay has demonstrated a positive approach in dealing with the GFSC.

Regulatory Outcome

West Bay has agreed and accepted to pay a significant financial penalty