Reorganisation measures — Decision on measures to reorganise ‘INTERNATIONAL LIFE General Insurance S.A.’
Date: 2016-07-06
Institutions: European Commission
Subjects: EU control, Greece, insurance company, liquidation








C_2016245EN.01000901.xml










6.7.2016   


EN


Official Journal of the European Union


C 245/9





Reorganisation measures
Decision on measures to reorganise ‘INTERNATIONAL LIFE General Insurance S.A.’
(2016/C 245/06)
Publication in accordance with Article 271 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).






Insurance undertaking


‘INTERNATIONAL LIFE General Insurance S.A.’, with its registered office at Kifisias 7 & Neapoleos 2, 15123 Marousi, General Commercial Register (GEMI) No 000314501000, Tax Identification Number (TIN) 094130304, Legal Entity Identifier (LEI) 213800NED3OUL1K2V349




Date, nature of the decision and date of entry into force


Decision No 187/1/7.6.2016 of the Credit and Insurance Committee of the Bank of Greece concerning:






(a)


the non-acceptance of the payment deadline for the amount of the share capital increase decided by the Management Board under the Short-Term Finance Scheme at its meeting of 30 May 2016 (minutes 755/30.5.2016);










(b)


the setting of the deadline – in accordance with Article 110(2) and (4) and Article 227(1) of Law 4364/2016 – of 30 August 2016 for an amount of at least EUR 20,75  million to be deposited into a bank account held by the Company, which must be with a credit institution headquartered in Greece, for the share capital increase;










(c)


the fact that the duration of each insurance policy, in each branch and for each coverage, that comes into force from 15 June or later, will not exceed three months;










(d)


the prohibition on taking out any cross-border insurance or reinsurance (reinsurance commitment) in any insurance branch;










(e)


the suspension of payments and reimbursements by the Company, until 30 September 2016, for remuneration, allowances and expenses of any kind to members of the Management Board and of expenses for the recruitment, training and funding of new insurance intermediaries;










(f)


the prohibition on any direct or indirect funding or liquidity facility for members of the Management Board, shareholders and related businesses;










(g)


the maintenance in force of the measures under Decision 178/1/10.2.2016 of the Credit and Insurance Committee of the Bank of Greece;










(h)


the fact that the Insurance Trustee notifies the Bank of Greece of the progress of implementation of the Short-Term Finance Scheme and the Company’s implementation of the above-mentioned administrative measures set out in points (c) to (f);










(i)


the Company Management Board’s obligation to submit a realistic Economic Recovery Programme for approval by 30 July 2016, in accordance with Article 109(2) and Article 113(1) of Law 4364/2016, in order for the eligible basic own funds to cover the level of the Solvency Capital Requirement (SCR).




Entry into force: 8 June 2016
End of validity: Not defined




Competent authorities







Bank of Greece




Address: E. Venizelou 21




102 50 Αθήνα/Athens




ΕΛΛΑΔΑ/GREECE








Supervisory authorities







Bank of Greece




Address: E. Venizelou 21




102 50 Αθήνα/Athens




ΕΛΛΑΔΑ/GREECE








Administrator appointed


Ioannis PERISTERIS, father’s name Dimitrios




Applicable law


Greek law in accordance with Articles 110, 224, 225, 227 and 229 of Law 4364/2016.