The opening of bankruptcy proceedings has the effect of withdrawing from Gable Insurance AG its licence to exercise further insurance activities. The withdrawal of this licence means that each policyholder is entitled to terminate the insurance contract with Gable Insurance AG with immediate effect. If this right of termination is not exercised, the insurance contract will expire four weeks after the announcement of the opening of bankruptcy proceedings, which took place on 18 November 2016. This consequently means that the insurance contracts with Gable Insurance AG will expire at the latest on 16 December 2016. Claims that occur after this date are unlikely to be covered by insurance.
Policyholders are urgently recommended to check their insurance protection, and under certain circumstances to make arrangements for alternative insurance cover.