Public notice 29 June 2016 – 8/2016

Bank of Greece announces reorganisation of an insurance company

On 10 June 2016, the Greek financial supervisory authority, the Credit and Insurance Committee of the Bank of Greece, announced that it has issued a decision on the following supervisory measures as regards INTERNATIONAL LIFE General Insurance Company SA:

  • A deadline of 30th August 2016 has been imposed for a capital increase in the company.
  • The writing of new insurance contracts exceeding a 3-month maturity is prohibited.
  • Cross border activity is prohibited.
  • Certain payments are suspended until 30th September 2016.
  • Any direct or indirect funding and liquidity facilitation between the company and its Board Members, shareholders and related undertakings is prohibited.
  • The aforementioned decision reaffirms the measures taken against the company with Decision No. 178/1/10.2.2016 of the Credit and Insurance Committee.
  • The already appointed insurance administrator shall keep the Bank of Greece informed of the progress of the company´s finance scheme.
  • A realistic recovery plan shall be submitted by end of July 2016 for approval.

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.​