On 3 December 2018, Finanstilsynet issued an order to Qudos Insurance A/S to increase the overall gross claims provisions, write down the value of certain assets, increase other provisions, determine the own funds correctly and correctly calculate the solvency capital requirement. This followed the decision of Qudos Insurance A/S to enter into liquidation. Due to the ongoing work of the liquidators, the company has temporarily stopped paying claims.
The European Insurance and Occupational Pensions Authority (EIOPA) supported the work of the home supervisor by the set-up of a cross-border Platform of Collaboration for Qudos Insurance A/S in August 2018 to facilitate and coordinate discussions between and supervisory measures taken by the respective home and host National Supervisory Authorities.
Within the platform, the participating members and EIOPA exchanged information, knowledge and expert judgement about materialising risks to support Finanstilsynet in its decision making towards Qudos.
Finanstilsynet's immediate assessment is that there is a substantial risk that Qudos Insurance A/S will be unable to fulfil all its obligations.
The company operates in the following Member States of the European Union and the European Economic Area: Denmark, France, Germany, Greece, Ireland, Italy, Malta, Norway, Sweden and United Kingdom.
- Publication date
- 10 December 2018