Revocation of Insurance License for ‘Sterling Investors Life Insurance’

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The Central Bank Governor and Insurance Commissioner for Samoa, Maiava Atalina Ainuu-Enari has announced the revocation of a license issued to “Sterling Investors Life Insurance” under section 71 of the Insurance Act 2007.

Earlier in year the Central Bank invited the insurance firm’s creditors to submit claims for reimbursements.

“The reimbursement process will only cover a six (6) months periods from 22/01/2020 to 21/07/2020. There will be no reimbursements permitted after the prescribed period, as the licence will be cancelled immediately, and all remaining funds of the said company will be transferred to a secured account.”

This week the CBS closes off the American firm from Samoa with the announcement published in verbatim below:

The Insurance Commissioner wishes to advise the public that the insurance license of the above-named company is now cancelled, which is in accordance with section 71 of the Insurance Act 2007 and at the completion of the six months period (i.e. from 22/01/2020 – 21/07/2020) allowed to settle any outstanding matters pertaining to Sterling Investors Life Insurance.

As such, the Office of the Insurance Commissioner/Central Bank of Samoa (the “Bank”) no longer accepts any requests for reimbursement of unclaimed funds from the said insurer.

Should you require further information on this matter, please contact the Supervision Department of the Bank on phone numbers 34132/34133.

(Maiava Atalina Ainuu-Enari)

GOVERNOR AND COMMISSIONER OF INSURANCE