Public statement
FMA orders enforced transfer of insurance portfolios
The FMA has transferred the insurance portfolios of Wealth-Assurance AG and Valorlife Lebensversicherungs-Aktiengesellschaft to Skandia Leben (FL) AG in order to protect insured persons and the reputation of the financial market.
The shareholders of Wealth-Assurance AG and Valorlife Lebensversicherungs-Aktiengesellschaft no longer met the regulatory requirements. Thus, the shareholders did not guarantee sound and prudent management of the undertakings.
The FMA conducted proceedings and transferred the insurance portfolios of Wealth-Assurance AG and Valorlife Lebensversicherungs-Aktiengesellschaft to Skandia Leben (FL) AG.
The insurance portfolios will be transferred in their entirety. The individual insurance policies continue unchanged and without interruption at Skandia Leben (FL) AG. The latter assumes all rights and obligations of Wealth-Assurance AG and Valorlife Lebensversicherungs-Aktiengesellschaft vis-à-vis the policyholders.