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








C_2016245EN.01000701.xml










6.7.2016   


EN


Official Journal of the European Union


C 245/7





Reorganisation measures
Decision on measures to reorganise ‘INTERNATIONAL LIFE Life Insurance S.A.’
(2016/C 245/05)
Publication made 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 Life Insurance S.A.’, with its registered office at Kifisias 7 & Neapoleos 2, 15123 Marousi, General Commercial Register (GEMI) No 000954901000, Tax Identification Number (TIN) 094327788, Legal Entity Identifier (LEI) 213800HFA633NACOEZ72




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


Decision No 185/1/12.5.2016 of the Credit and Insurance Committee of the Bank of Greece concerning:






1)


maintaining the prohibition on the insurance undertaking from taking up new insurance business across its whole range of activity in all classes of insurance and on any additional amendment raising insurance premiums, insured capital and/or benefits of insurance cover under existing insurance contracts;
and also retaining the already appointed Insurance Administrator, who will in particular ensure the collection of premiums and other claims of the insurance undertaking, as well as submit detailed weekly reports on assets and insurance liabilities;










2)


the obligation of the Management Board of the insurance undertaking, in cooperation with the Insurance Administrator, to seek an insurance undertaking contractor for the transfer of the insurance portfolio comprising the existing individual life insurance policies covering personal injuries in class I.3 resulting solely from sickness or from sickness/accident and belonging to the following classes of Article 5 of Law 4364/2016:






(a)


I.1, survival or death insurance, composite insurance, life insurance with return of premiums;










(b)


I.2, income insurance;










(c)


III, life insurance linked to investments.




The deadline for expressions of interest from prospective applicant insurance undertakings is 20 May 2016 at 12:00 pm.










3)


the suspension of payments from the insurance undertaking until 15 July 2016 in the following cases:






(a)


surrenders, partial or total, of insurance contracts in all classes of insurance;










(b)


payment of the proceeds from outperforming the mathematical provisions under the terms of insurance contracts of classes I1 and I2, except in the case of termination of insurance contracts or payment of pension;










(c)


payment of any additional benefits (bonus) provided for during the insurance contracts, before their maturity in all classes of insurance;










(d)


early withdrawal benefits for insured persons with group insurance contracts in insurance class VII;










(e)


granting of loans on insurance contracts or increasing existing outstanding amounts of loans, in all classes of insurance;










(f)


obligations on intermediaries to perform contractual obligations relating to the payment of fees, allowances and extra commissions provided in addition to the commissions corresponding to the insurance premium;










(g)


training costs of intermediaries and costs incurred in the recruitment, training and funding of new intermediaries;










(h)


amortisations or interest which must be paid by the insurance undertaking to service its loan agreements or bonds;










(i)


remuneration, allowances and expenses of any kind for members of the Management Board;










(j)


operating costs of the insurance undertaking other than the minimum required to ensure its proper functioning.




The above payments are subject to Article 229(3) of Law 4364/2016 as regards the suspension of deadlines, procedural acts on enforcement measures, and applications for interim measures;










4)


the prohibition of any direct or indirect funding of the insurance undertaking by its subsidiary undertaking, which is also an insurance undertaking called ‘International Life General Insurance S.A.’, and any transaction between them involving the selling and buying of assets;










5)


the prohibition of any direct or indirect funding or liquidity facility to members of the Management Board, shareholders and related undertakings of the insurance undertaking.




Entry into force: 12 May 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, 10250 Athens




102 50 Αθήνα/Athens




ΕΛΛΑΔΑ/GREECE








Administrator appointed


Ioannis PERISTERIS, father’s name Dimitrios




Applicable law


Greek law in accordance with the provisions of Articles 224, 225, 228 and 229 of Law 4364/2016.