Permanent withdrawal of the licence of the insurance company “VDV LEBEN INTERNATIONAL LIFE INSURANCE S.A.”
10/01/2011 - Press Releases
In its meeting no. 2/5.1.2011, the Credit and Insurance Committee of the Bank of Greece decided to permanently withdraw the licence of the insurance company “VDV LEBEN INTERNATIONAL LIFE INSURANCE S.A.” and to place it under insurance liquidation in accordance with the provisions of Legislative Decree 400/1970. The withdrawal is effective from 10 January 2011.
VDV LEBEN INTERNATIONAL S.A. is a small-sized Greek life insurance company conducting business mainly in Germany, through its branch, and, to a lesser extent, in Greece. Since September 2010, this firm had been suspended from new insurance operations and its assets had been frozen. The Credit and Insurance Committee, taking into account the results of audits and the fact that in the meantime the company had not taken any corrective action to ensure its financial and organisational restructuring, decided to withdraw its licence as above.
The Bank of Greece, in cooperation with the relevant supervisory authority in Germany, BaFin, has initiated all the proceedings envisaged by the legal framework in order to safeguard the interests of policyholders both in Greece and in Germany. Specifically, Mr Gerasimos Haliotis, Lawyer, has been appointed as Supervisor of the Insurance Liquidation.
In accordance with the relevant legislation, the date of withdrawal of licence marks the activation of the Private Life Insurance Guarantee Fund, which will make efforts to ensure that life insurance policies are transferred to another insurer, so that they can remain in force. Should these efforts fail, compensation procedures will be triggered. Any pending lawsuits of the company will be taken over by the Private Life Insurance Guarantee Fund (fax no: 0030 210 3205439, email: email@example.com).
As from the date of withdrawal of licence and until the takeover of the life insurance portfolio by a successor life insurance company or the start of the compensation procedures, the obligation of policyholders to pay insurance premia and the obligation of the company to pay insurance claims or other benefits, such as any amounts payable due to redemption of life insurance policies, are suspended.
As from 10 January 2011, policyholders may contact the Supervisor of the Insurance Liquidation, Mr. Haliotis, at 0030 210 61 09 287 between 10:00 and 14:00 on weekdays.