Regulator steps in to protect customers
Troubled unrated insurer Gable has been put into administration, Insurance Times can reveal.
PwC has taken over as the special administrator, meaning it now has total control of the company from the management and the board.
PwC stepped in to take control because the risk to policyholders was so high.
Meanwhile, Gable has said customers will be protected.
In a note sent out to clients, PwC Switzerland said: “In order to protect the interests of Gable Insurance AG’s policy holders, the Liechtenstein Financial Market Authority (FMA) transferred the powers of the Company’s bodies under applicable law and bylaws to PricewaterhouseCoopers AG, Switzerland (the “Special Administrator”).”
The note goes onto to say: “Furthermore, the Liechtenstein Financial Market Authority (FMA) issued on 7 September 2016 a formal order (Verfügung) against Gable Insurance AG, prohibiting the conclusion of new insurance contracts and the transfer of assets to affiliated entities and persons.
“In its formal order, the FMA clarified that the statutory term “new insurance contracts” also covers renewals and extensions.”