Fwu life insurance lux ends up in liquidation. The District Luxembourg Court decided for the dissolution of the Luxembourg Company subject to the supervision of the AUX Assurances Commissioner. About the insurance crash would be involved 120 thousand savers Italians, who await updates from IVASS.
Fwu’s failure
To make known the dissolution and liquidation of the Luxembourg Company FWU, subjected to the supervision of the AUX ASSRANCES Commissioner, was theVATwho met the associations of Italian consumers for an update on the progress of the liquidation procedure and clarify the next steps that they will have to undertake to assert their claims.
The savers involved, about 120 thousandthey were unable to get in touch with the Luxembourg company after the German group leader Fwu ag He blocked the IT systems of all his succurgers, including the Italian one. IVASS clarified that the liquidation procedure of the insurance company is regulated by Luxembourg law, different from the Italian one, and has no right to intervene directly in the management.
However, the Institute, in communication with Eopa (European Supervisory Authority on Insurance and Company and Professional Pensions) and Caa (Civil Aviation Authority), has undertaken to provide updates to insured as soon as available, maintaining constant contact with the liquidator. Ivass added that it will publish more information on its website as soon as they are available.
The fwu crisis
The January 22nd The AUX ASSURCES COMMISSARIAAT, the Luxembourg supervisory authority, has officially declared the failure of the rescue plan of the insurance company FWU Life, presenting an application for dissolution and compulsory liquidation of the company.
The decision came after Fwu Life was not able to resolve the critical issues found by IVASS within six months, expired on January 19th. The Institute had imposed on the company the ban on subscribing to new contracts starting from the previous July, granting a period of time to remedy the irregularities.
However, the renovation plan presented by FWU Life proved to be insufficient and did not lead to the desired results. The AUX ASSURANCES COMMISSARIAT therefore considered it necessary to start the compulsory liquidation procedure, presenting a formal request to the Luxembourg district court.
The situation further complicated on 1 December 2024, when the Court of Munich has started an insolvency procedure against Fwu agthe company that holds the control of FWU Life Insurance Lux Sa.
What savers can do
The associations for consumer protection, in the face of the complex situation, first of all recommend to immediately suspend the payment of insurance premiums expiring. It is essential to communicate this decision in official form and written to the insurance company. In addition, to best protect your interests, it is highly recommended to contact one of the consumer associations as soon as possible or to consult a lawyer expert on the subject.
The recovery of the funds invested by FWU Life customers is expected to be difficult and uncertain. The possibility of obtaining a refund, even partial, will depend on the position of each customer compared to the other creditors of the FWU group.