Further information on Gable Insurance AG

On 17 November 2016, the Liechtenstein Court opened winding-up proceedings in relation to Gable Insurance AG, Bergstrasse 10, 9490 Vaduz, and appointed Batliner Wanger Batliner Attorneys at Law Ltd., Am Schrägen Weg 2, 9490 Vaduz, as liquidator (please see https://apps.llv.li/amtsblatt/kundmachung/display/52701). Questions relating to the legal position of policy holders and other parties must be directed to the liquidator’s e-mail-address (gable@bwb.li).

The FMA notes that art. 31 para. 1 of the Liechtenstein Insurance Contract Act (Versicherungsvertragsgesetz) provides: If winding-up proceedings are opened in relation to an insurance undertaking, the contract expires after the lapse of four weeks, calculated from the day on which the opening of winding-up proceedings was made public.

The Special Administrator of Gable Insurance AG, PricewaterhouseCoopers AG, Birchstrasse 160, 8050 Zürich, Switzerland (PwC), had notified on 31 October 2016 the Liechtenstein Court of the company’s over-indebtedness, and asked the court to postpone the commencement of winding-up proceedings until the date of an extraordinary shareholders meeting. Since the shareholder of Gable Insurance AG, Gable Holdings Inc., did not provide further capital, PwC filed an application for the opening of winding-up proceedings on 14 November 2016.

On 10 October 2016, the FMA had appointed PwC as Special Administrator for Gable Insurance AG to assess the financial situation of Gable Insurance AG and protect the interests of Gable Insurance AG‘s policy holders.

Previous information on Gable Insurance AG
Further information on Galbe Insurance AG (17 November 2016)
Further information on Gable Insurance AG (7 November 2016)
Further information on Gable Insurance AG (13 October 2016)
Information concerning Gable Insurance AG (15 September 2016)

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