Public notice 25 July 2016 – 10/2016

The Financial Supervisory Authority of Spain announces reorganisation of an insurance company

​On 7 July 2016, the Spanish Financial Supervisory Authority, the Director General of Insurance and Pension Funds, announced that it has issued a decision on, among other things, the following special control measures as regards the insurance company La Alianza Espanola S.A. de Seguros:

  1. To prohibit the company from disposing of or drawing on its real estate, securities, current or deposit accounts, financial assets or any other property in its possession.
  2. To prohibit the company to assume new debts, grant loans or provide guarantees and distribute dividends.

The Director General of Insurance and Pension Funds has announced the decision based on the Solvency II Directive.

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.