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LR-Nr.: 961.01, Art. 62 - 65


Law on Supervision

Art. 62

Decisions and Dispositions

Should infringements of the regulations of this law or of the Executive Orders pertaining thereto come to light, the competent authority shall make the appropriate decisions and dispositions.

Art. 63

Legal Remedies

1) An appeal against decisions and dispositions of the Supervisory Authority may be lodged with the Government within 14 days of service.

2) An appeal against decisions and dispositions of the Government may be lodged with the Administrative Court within 14 days of service.

 

 

VIII. Penal Provisions

Art. 64

Offences and Violations

1) The following offences shall be punished by the Court of Justice by imprisonment for up to six months or by fines of up to 360 daily income units:

  • a) The violation of professional secrecy or the subornation of another to do so or the attempt to suborn another to do so;

    b) the exercise of insurance business covered by this law without authorisation.

  • The two punishments may be combined.

    2) For the following offences the Court of Justice shall punish by fines of up to 100,000 francs:

  • a) Whoever violates the conditions linked to an authorisation;

    b) whoever violates the provisions on capital resources and the formation of reserves;

    c) whoever makes false statements to the Supervisory Authority, especially in order to obtain for an insurance undertaking the authorisation to conduct business, the authorisation to conduct services transactions or the authorisation to change the business plan or to transfer the insurance portfolio;

    d) whoever communicates false information to the auditor;

    e) whoever fails to keep company books of account properly or to keep company book of account and documentary material in safe custody;

    f) whoever as auditor grossly neglects his duties, in particular, makes false statements or withholds important facts in the audit report or omits to make a prescribed request to the insurance undertaking or fails to submit prescribed reports and information;

    g) whoever as responsible actuary in life insurance or as special representative grossly neglects his duties;

    h) whoever as claims adjustment undertaking conducts other insurance business or adjust benefits in other branches of insurance apart from the adjustment of benefits from insurance against legal costs;

    i) whoever fails to adhere to the approved business plan;

    j) whoever conducts non-insurance business.

  • 3) For the following offences the Government shall punish by fines of up to 50,000 francs:

  • a) Whoever fails to prepare or publish the annual account or the business report in accordance with the regulations;

    b) Whoever fails to have the ordinary audit or an audit prescribed by the Supervisory Authority carried out;

    c) whoever fails to perform his duties towards the auditor;

    d) whoever fails to provide the Supervisory Authority with the prescribed information or to comply with the obligations to submit;

    e) whoever fails to comply with the a request to establish the condition of the undertaking in compliance with the law or with any other instruction of the Supervisory Authority;

    f) whoever mediates or concludes insurance contracts in direct business for an insurance undertaking not authorised to conduct business in Liechtenstein and is subject to insurance supervision.

  • 4) The upper limits of punishments shall be reduced by half in the event that such offences have been committed negligently.

    5) The offences listed in Para. 1 shall expire by limitation after two years.

    6) Otherwise, the general part of the Penal Code shall apply analogously.

    Art. 65

    Public Prosecutorís Obligation to Notify

    The Public Prosecutor shall notify the Supervisory Authority of all judgments and orders for a stay of proceedings, in their entirety, which concern members of the administration or management of insurance undertakings and auditors.

     


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