Public notice 24 May 2016 – 6/2016

Bank of Greece announces reorganisation of an insurance company

On 13 May 2016, the Greek financial supervisory authority, the Bank of Greece, announced that it has issued a decision on the following financial recovery measures as regards International Life, Life Insurance Company S.A.:

  • The company Board, in cooperation with the insurance administrator, is obliged to solicit another insurance company in order to potentially transfer part of the company's insurance portfolio to it.
  • Certain payments are suspended until 15 July 2016.
  • Certain business transactions between the company and its insurance subsidiary International Life General Insurance Company S.A. are prohibited.
  • The aforementioned decision reaffirms the mandate of the insurance administrator to ensure premium collection, the prohibition on writing new business by the company, and the submission of detailed information on the assets and insurance liabilities regularly and on a weekly basis.

The Bank of Greece has announced the decision based on the Solvency II Directive.

This public notice by the Finnish Financial Supervisory Authority is based on section 15 a of the Act on Foreign Insurance Companies (398/1995), as amended by Act 525/2008.