Today, upon request of the Danish Financial Supervisory Authority (Finanstilsynet), the Danish Maritime and Commercial High Court declared the bankruptcy of Qudos Insurance A/S.
The European Insurance and Occupational Pensions Authority (EIOPA) has been in close contact with the Finanstilsynet to ensure equal treatment of policyholders throughout Europe.
Qudos Insurance A/S operates in Denmark, France, Germany, Greece, Ireland, Italy, Malta, Norway, Sweden and the United Kingdom.
Finanstilsynet has informed that by this court decision the Danish Guarantee Fund for non-life insurance undertakings will by triggered according to bankruptcy procedure under the existing regulatory framework, which covers all European policyholders.
The Danish Guarantee Fund for non-life insurance undertakings covers claims in the following categories:
- Policyholders with private insurance policies
- Third-parties protected from personal injuries or property damage according to motor vehicle liability insurance
- Third-parties protected from personal injuries according to other liability insurance
- Collective insurance to the extent that an insurance policy of its kind corresponds to the covered individual insurance policies
- Claims regarding building fire on all types of real estate
Furthermore, premiums can be refunded for the remainder of the insurance period subject to a deductible.
- Publication date
- 20 December 2018