On 10 October 2016, the Liechtenstein Financial Market Authority (FMA) has appointed PricewaterhouseCoopers AG, Birchstrasse 160, 8050 Zürich, Switzerland (PwC) as Special Administrator (Sonderbeauftragte) for Gable Insurance AG. PwC assesses the financial situation of Gable Insurance AG and protects the interests of Gable Insurance AG‘s policy holders.
PwC informed the FMA that they have good cause to suspect the over-indebtedness of Gable Insurance AG. On that basis, PwC stopped making payments to brokers and policy holders in order to ensure that no policy holder is preferred to the detriment of other policy holders.
PwC called for an extraordinary shareholders meeting of Gable Insurance AG on 11 November 2016 to give the shareholder of Gable Insurance AG, Gable Holdings Inc., a final opportunity to provide the capital required to avoid the initiation of winding-up proceedings.
Further, PwC notified on 31 October 2016 the competent Liechtenstein court of the company’s over-indebtedness, and asked the court to postpone the commencement of winding-up proceedings at least until the date of the extraordinary shareholders meeting.
The FMA takes all supervisory measures to protect policy holders and is in close contact with the national competent supervisory authorities in those European countries in which Gable Insurance AG wrote 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).