EIOPA: Bankruptcy of Qudos Insurance A/S – Equal treatment of European policyholders
20 December 2018
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 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:
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Policyholders with private insurance policies
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Third-parties protected from personal injuries or property damage according to motor vehicle liability insurance
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Third-parties protected from personal injuries according to other liability insurance
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Collective insurance to the extent that an insurance policy of its kind corresponds to the covered individual insurance policies
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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.
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