Latvia supervisory authority announces commencement of winding up proceedings and withdrawal of authorisation for an insurance company

On 13 June 2013, Latvia’s supervisory authority for the insurance sector, Financial and Capital Market Commission, announced its decision to commence winding up proceedings concerning the insurance company IJSC "Balva". The authorisation of IJSC "Balva" has been withdrawn.

Financial and Capital Market Commission announced its decision on the basis of the Directive on the reorganisation and winding up of insurance undertakings.

This public notice by the Finnish Financial Supervisory Authority is published in accordance with section 15a of the Act on Foreign Insurance Companies (398/1995), as amended by Act 525/2008.