It seems like only yesterday that we gave you the lowdown on where collapsed Qudos Insurance stands as far as claims are concerned. The Denmark-domiciled firm previously said that there were no changes to the handling of claims; now, it turns out, there’s been a temporary halt.
“The liquidators are currently working on getting all relevant information regarding the company,” explained Qudos Insurance in a revised online Q&A following our December 03 coverage on their assertions for policyholders. “Therefore, claims will not be paid at the moment.
“We expect that more information regarding payment of claims will be available within one to two weeks.”
The company filed for solvent liquidation on November 27, 2018.
Meanwhile the Danish Financial Supervisory Authority, which regulates the non-life insurer, has conducted an inspection and ordered Qudos Insurance to do five things.
These are: increase the overall gross claims provisions; write down the value of certain assets; increase other provisions; determine the own funds correctly; and calculate the solvency capital requirement in accordance with the Solvency II regulation.
“It is the immediate assessment of the Danish Financial Supervisory Authority that there is a substantial risk that the company will be unable to fulfill all of its obligations,” stated the regulator.
Qudos Insurance, aside from its home market, also operates in France, Germany, Greece, Ireland, Italy, Malta, Norway, Sweden, and the UK. It has been offering insurance products within the European Union through agents and brokers.
