Länsförsäkringar Liv to appeal Financial Supervisory Authority’s rejection of application to demutualise into a profit-distributing company
On October 7, the Swedish Financial Supervisory Authority rejected Länsförsäkringar Liv’s application to demutualise and become a profit distributing life-assurance limited liability company. Länsförsäkringar’s application was approved on all points, except with regard to crediting (distributing profits to policyholders). Länsförsäkringar Liv subsequently analysed the Supervisory Authority’s rejection and has decided to appeal the ruling to the Administrative Court of Appeal.
“We have closely analysed the Supervisory Authority’s ruling and our own application. This review has led to a change in our view, and we now share the Financial Supervisory Authority’s principle standpoint regarding crediting,” says Jörgen Svensson, President of Länsförsäkringar Liv. “We have made it very clear in our appeal against the Supervisory Authority’s ruling that we share the Supervisory Authority’s opinion regarding the principle of allocation of profits between policyholders and the owners. We believe that this matter is of such importance to both the policyholders of Länsförsäkringar Liv and the industry as a whole that we wish to have the matter clarified. That is why we are lodging an appeal,” says Jörgen Svensson.