The Danish Financial Supervisory Authority (DFSA) has not approved Gefion Insurance’s recovery plan and has therefore ordered the company to stop writing business
A summary of the supervisory steps taken by the DFSA towards Gefion and a FAQ document for Gefion customers may be found HERE
On 29 June 2020, Gefion Insurance A/S (Gefion Insurance) informed all of its agents and claims handlers that on 24 June 2020 the Danish Financial Supervisory Authority (DFSA) decided to withdraw Gefion Insurance’s license to conduct insurance business due to the Company not being able to meet its Solvency Capital Requirement. Gefion Insurance has subsequently received follow-up questions regarding the administration of already written insurance policies, e.g. whether any amendments (mid-term adjustments) can be made to the policies.
With this document, we seek to answer some of the most frequently asked questions.
Should you have any further questions, please contact your regular contact at Gefion Insurance.
FREQUENTLY ASKED QUESTIONS
1 Is Gefion Insurance Still operating? Yes Gefion Insurance is still operating and will continue to Manage and adminiser the existing insurance polcies.
2 Is Gefion Insurance Bankrupt? No. Gefiona Insuance will enter into a SOLVENT LIQUIDATION administered by external lawyers in their capacity as liquidators.
3 What is a solvent liquidation? A Solvent liquidation? A Solvent Liquidation involves a liquidation of a company which has sufficent assets to cover its liabilities. The liquidators will liquidate the assets and distribute the proceeds to the creditors. In case of Gefion Insurance, the liquidators will run-off the insurance portfolio and settle the insurance claims
4 Are Insurance policies still valid? Yes. Gefion Insurance continues to operate and all existing insurance policies will not be affected by the liquidation.
