Question ID: 3549
Regulation Reference: (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance)
Status: Rejected
Date of submission: 13 Apr 2026
Question
We are instructed by client to lodge his based on a unit link life insurance in FWU Life Insurance SA in Luxdembourg. Relevant provisions for the liquidation how to handle the assets linked to unit link insurances are articles 117,118 and 253-5 of the Law of 7 December 2015 on the insurance sector, articles 275 and 276 the Solvency II, Directiv 2009/138 and finally article 23 of the third life directive, 92/96/EEC. How are these provisions applied in Luxembourg: 1 are insureds entitled to request the assets separated from the insolvent estate (Die Konkursmasse, La masse en faillite)? Please observe article 253-5 which mentions a lien, which in my opinion would constitute a right in rem. 2 if no, how is the preferential right in article 118 of the 2015 law to be applied: on an individual basis for each insurance contract or collectively for all insurances mentioned in Annex II (life insurance)?
Background of the question
The liquidation of FWU Life Insurance SA in Luxembourg. I believe the court decided all unit link assets should be part of the liquidation process and not possilble to separate for for individual insureds.
EIOPA answer
This question has been rejected because it does not relate to the consistent and effective application of the legal framework covered by this Q&A process. Articles 275 and 276 of Directive 2009/138/EC are part of Title IV of Directive 2009/138/EC (Reorganisation and winding up of insurance undertakings) which does not fall within EIOPA’s remit (see Article 1(2) of Regulation (EU) 1094/2010).