The Credit and Insurance Committee of the Bank of Greece announces reorganisation of two insurance companies
On 14 December 2015, the Credit and Insurance Committee of the Bank of Greece announced that it had issued Decision no. 171/1/14.12.2015 on the opening of a financial recovery procedure for the insurance company International Life, Life Insurance Company SA. The Committee has prohibited the company from underwriting new insurance business and has appointed a special co-acting administrator to the company´s Board of Directors.
With decision 171/2/14.12.2015, also on 14 December 2015, the Committee further appointed a special co-acting administrator to the Board of Directors of a subsidiary of the above-mentioned company, namely International Life, General Insurance Company SA.
The Credit and Insurance Committee has announced the decision based on the Directive on the reorganization and winding up of insurance undertakings.
This public notice by the Finnish Financial Supervisory Authority is based on section 15a of the Act on Foreign Insurance Companies (398/1995), as amended by Act 525/2008 and on section 15b, as amended by Act 331/2004.