Public notice 21 September 2016 – 15/2016

Bank of Greece announces reorganisation of an insurance company

On 29 July 2016, the Greek financial supervisory authority, the Credit and Insurance Committee of the Bank of Greece, announced that it has issued a decision on, among other things, the following further supervisory measures as regards INTERNATIONAL LIFE General Insurance Company S.A.:

  • It is prohibited to write and amend insurance contracts in all insurance branches.
  • The prohibition already imposed on any direct or indirect funding and liquidity facilitation between the company and its Board Members, shareholders and related undertakings is retained.
  • The measures taken against the company with Decision No. 178/1/10.2.2016 of the Credit and Insurance Committee remain into effect as long as they do not oppose the aforementioned further measures.

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.