On 10 October 2016, the Financial Market Authority (FMA) Liechtenstein has appointed PricewaterhouseCoopers AG, Birchstrasse 160, 8050 Zürich, Switzerland, as Special Administrator (Sonderbeauftragte) for Gable Insurance AG. The Special Administrator assesses the financial situation of Gable Insurance AG and protects the interests of Gable Insurance AG‘s policy holders. The Special Administrator holds all powers of Gable Insurance AG’s bodies and their individual members under applicable law and bylaws.
Thereby the FMA has taken additional supervisory measures to protect policy holders.
On 15 September 2016, the FMA has informed on its website that it has prohibited Gable Insurance AG to conclude new insurance contracts and to transfer assets to affiliated entities and persons with formal order dated 7 September 2016 (see https://www.fma-li.li/en/news/20160915-information-concerning-gable-insurance-ag.html).
The FMA is in close contact with the competent national supervisory authorities in those European countries in which Gable Insurance AG has been writing business. Moreover, the FMA is closely cooperating with the European Insurance and Occupational Pensions Authority (EIOPA).
The FMA is not in a position to provide information on questions of contract law. Further questions may be addressed to the Special Administrator (firstname.lastname@example.org).