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By Marie-Paule GILLEN, Partner – Avocat à la Cour, Frédéric SEINCE – Avocat, and Ben GUEDES RIBEIRO, Legal Intern, DSM Avocats à la Cour
On 2 August 2024, the Luxembourg District Court, at the request of FWU Life Insurance Lux S.A. (FLL), ordered that the company be placed under a stay of payment (sursis de paiement) for a maximum period of six months.
The entry of FLL into a stay of payments follows the publication on 19 July 2024, by the Commissariat aux Assurances, the authority in charge of supervising the actors in the insurance product market in the Grand Duchy of Luxembourg (the “CAA”), of a press release notifying FLL’s insolvability in that it no longer complied with its mandatory capital and solvency requirements. In the process, on...
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