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LR-Nr.: 961.01, Art. 48 - 55


Law on Supervision

B. Special Provisions for International Service Transactions

Art. 48

Additional Conditions applicable to Third-Party
Motor Vehicle Insurance

1) Should an insurance undertaking engaged in international services transactions in the Principality of Liechtenstein wish to provide third-party motor vehicle insurance, it must:

  • a) appoint a representative resident in Liechtenstein with responsibility for the handling of damage or loss claims;

    b) become a member of the Liechtenstein Insurance Office and the Liechtenstein Guarantee Fund and participate in the financing of these institutions.

  • 2) The Government shall issue the necessary implementing provisions and, in particular, define the position, rights and duties of the representative specified in Para. 1.

     

    Art. 49

    Obligations to Notify Policy holders

    In international services transactions, special information shall be communicated to policy holders; the content and scope of these obligations to notify are governed in Appendix 4.

     

    Art. 50

    Obligations to Notify Supervisory Authorities

    Changes concerning international services transactions must be communicated to the responsible authorities. In this regard, the procedures specified in Art. 27 and 30 shall be observed.

    VI. Termination of Business Activities

    Art. 51

    Principle

    The supervision shall embrace the liquidation of an undertaking and also the winding up of existing insurances if the business activities are prohibited or voluntarily terminated or if the authorisation to conduct business is revoked.

     

     

    Art. 52

    Voluntary Transfer of Insurance Portfolio

    1) Every contract through which the insurance portfolio of an undertaking is to be transferred, wholly or partly, with rights and obligations, to another insurance undertaking which is subject to supervision, shall require the approval of the Supervisory Authorities competent with respect to the participating undertakings.

    2) The insurance undertaking taking over the portfolio must demonstrate that after the transfer it possesses own funds equivalent to the solvency margin. Moreover, Art. 19 shall apply analogously. The approval of the Supervisory Authority shall be refused if the interests of policy holders are not assured.

    3) The approval of the transfer of the portfolio shall be published at the expense of the undertakings concerned.

     

     

    Art. 53

    Rights of Policy holders

    1) After every portfolio transfer, policy holders shall have the right to cancel the insurance contract within three months following the transfer.

    2) The insurance undertaking taking over the portfolio shall be obliged individually to inform the policy holders concerned of the portfolio transfer.

    Art. 54

    Insurance Contracts concluded by a Foreign Business
    Establishment or in Service Transactions

    Should an insurance undertaking domiciled in Liechtenstein wholly or partly transfer an insurance contract portfolio concluded in a signatory state to the EEA Agreement by a business establishment or in service transactions to an undertaking domiciled in such a state, only the approval of the inland Supervisory Authority shall be necessary. Provided grounds for refusal are not contained in Art. 52, approval shall be granted if

  • a) proof is furnished by a certificate issued by the Supervisory Authority of the head office which states that the undertaking taking over the portfolio possesses own funds equivalent to the solvency margin after the transfer has been effected;

    b) the Supervisory Authorities of the signatory states in which the risks exist are in agreement and

    c) in the case of the transfer of the insurance portfolio of a business establishment the Supervisory Authority of this state has been heard.

  • Art. 55

    Withdrawal of the Authorisation

    1) The Government may revoke the authorisation for the business activity of individual insurance branches or the entire business activity if

  • a) an insurance undertaking no longer meets the conditions for the granting of the authorisation;

    b) the undertaking has infringed in a serious manner the obligations incumbent upon it pursuant to the supervisory regulations or the business plan;

    c) such serious irregularities have arisen that a continuation of the business activities would endanger the interests of policyholders, or

    d) the insurance undertaking does not make use of the authorisation to conduct business within twelve months or expressly waives this or if it has ceased to do business for more than six months.

  • 2) The Government may revoke the authorisation for the entire business operation if the undertaking is unable within a set period of time to adopt the measures set out in the solvency plan or the funding plan as specified in Art. 52 Para. 2.

    3) If the authorisation is revoked, the Supervisory Authority shall take all the measures appropriate for safeguarding the interests of policy holders. In particular, it may restrict or prohibit the free disposal of the assets of the undertaking and transfer the management of the assets to appropriate persons. The Supervisory Authority shall also inform the competent authorities of the other signatory states to the EEA Agreement.

    4) Should facts justifying the revocation of the authorisation become known to the Supervisory Authority, it may require instead, the removal of those managers to whom the facts relate and also prohibit such managers from exercising their function.

     


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