Public notice 17 February 2016 – 2/2016

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 admi-nistrator to the company´s Board of Directors.

With decision 171/2/14.12.2015, also on 14 December 2015, the Committee further appointed a spe-cial co-acting administrator to the Board of Directors of a subsidiary of the above-mentioned compa-ny, namely International Life, General Insurance Company SA.

The Credit and Insurance Committee has announced the decision based on the Directive on the reor-ganization 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.​