2009-12-18
Moderna Försäkringar Liv takes over Aspis Liv
PRESS RELEASE
Finansinspektionen, with the assistance of the asset managers, has come to an agreement with Moderna Försäkringar Liv for the takeover of Aspis Liv.
FI is positive about the agreement in which Moderna Försäkringar Liv will take over policyholders, personnel, systems and handle payments to those who are currently ill.
FI decided on 26 November 2009 to revoke Aspis Liv's licence. At that time, FI took over control of the company which has been run since then by the lawyers Peter Morawetz and Robert Wikholm at Vinge Law Firm. The decision was based on the fact that Aspis Liv did not have complete control of its assets for the coverage of technical provisions and had negative solvency.
Together with the lawyers, FI has worked intensively to try to restore the company's capital funds. It is now evident that it can take a long time to regain control of the assets. On 3 December, FI therefore issued a press release urging policyholders to change their insurance company.
The immediate situation for the existing policyholders has now been resolved by Moderna Försäkringar Liv's purchase of the portfolio. In legal terms this means that a general meeting of shareholders will be held at Aspis Liv; it shall then be announced and FI will subsequently make a decision on the transfer of the portfolio.
FI is very positive about the solution and satisfied with Moderna Försäkringar Liv's offer. The policyholders who are well will receive a new insurance while all existing funds in Aspis Liv can be used for the approximately 350 people who are sick and whose insurance is being paid out. It is very likely that the company would have gone bankrupt if it had not been purchased. Then all ongoing payments would have been stopped.
