The Liechtenstein Financial Supervisory Authority announces the commencement of winding-up proceedings and appointment of a liquidator for an insurance company

​On 18 November 2016, the Liechtenstein Financial Supervisory Authority (FMA) announced that the court (Fürstliches Landgericht) has decided to initiate winding-up proceedings for the company Gable Insurance AG. Batliner Wanger Batliner Attorneys at Law Ltd has been appointed the liquidator, to whom any queries regarding the legal status of policyholders and other parties should be addressed (gable@bwb.li).

As a consequence of the winding-up proceedings, the insurance company has been prohibited, among other things, to freely dispose of its property. By virtue of the Liechtenstein Act on insurance supervision (Versicherungsaufsichtsgesetz 128 § 5), the FMA will continue measures to withdraw the authorisation of the insurance company.

The decision of the court to initiate the winding-up proceedings was published in the official journal of Liechtenstein on 18 November. According to the Liechtenstein Act on insurance contracts (Versicherungsvertragsgesetz 31 § 1), insurance contracts will expire automatically after a period of four weeks calculated from the date on which the decision on initiating the winding-up proceedings was published.

The FMA will provide information on the matter on its website (www.fma-li.li).

This public notice by the Finnish Financial Supervisory Authority is based on section 15a and 15b of the Act on Foreign Insurance Companies (398/1995).