The FMA orders enforced transfer of insurance portfolio
The Financial Market Authority (FMA) Liechtenstein has ordered an enforced transfer of the insurance portfolio of Sikura Leben AG to Quantum Leben AG with immediate effect and withdrawn the licence of Sikura Leben AG.
The Insurance Supervision Act places special demands on the shareholders of insurance undertakings in order to protect policyholders. The direct and indirect shareholders of Sikura Leben AG no longer met the regulatory requirements. Thus, the shareholders did not guarantee sound and prudent management of the undertaking.
The insurance policies continue unchanged and without interruption at Quantum Leben AG. The latter assumes all of the rights and obligations of Sikura Leben AG arising from the insurance contracts. The funds underlying the insurance contracts are transferred to Quantum Leben AG along with the insurance contracts. For the policyholders, nothing changes except the contracting party.
Quantum Leben AG, Vaduz, is a life insurance undertaking authorized and supervised by the FMA. Quantum Leben AG protects the interests of the policyholders and ensures the proper administration of insurance contracts. Quantum Leben AG fulfils all prerequisites to take over the insurance portfolio, protect the interests of the policyholders, and ensure proper continuation of their policies. The FMA has instructed Quantum Leben AG to implement the necessary measures to take over the insurance portfolio.