Independent investigation finds no criticism of Länsförsäkringar
Independent investigation finds no criticism of Länsförsäkringar Summary The investigation report shows that there is no grounds for criticism regarding how the internal transactions between the life assurance and non-life insurance collectives was carried out and that no collective benefited at the other's expense. The investigating group has no remarks criticizing the agreement with ABN AMRO, the sale of the unit-linked life company, cooperation with Nordic Alternative Investment Advisors, internal cost distribution, internal loans, remuneration to the regional insurance companies or remunerations to senior executives. Neither was there any criticism of Länsförsäkringar's allocation of apartment leasing contracts or administration of renovation costs.The investigating group determined that the asset management agreement between Länsförsäkringar Liv (life assurance) and Länsförsäkringar Sak (non-life insurance) has a three-month notice period and contends that the short notice period is not well conceived, neither for Länsförsäkringar Sak nor Länsförsäkringar Liv. At the same time, the report points out possibilities for improvements. The Board of Directors of Länsförsäkringar Liv and Länsförsäkringar AB took this into consideration and decided that: ·The insight and influence of the life assurance policyholders are being enhanced through a policyholders' association that has been formed. The members are chosen by the customers based on proposals from the policyholders' association's nominating committees. ·To ensure independence and integrity in relation to the owner, in the future Länsförsäkringar Liv's Board of Directors will comprise a majority of independent members. Two of the independent members will be appointed by Länsförsäkringar Liv's policyholders' association and the remainder by the owner, Länsförsäkringar AB. ·The Chairman of Länsförsäkringar Liv will continue in the future to be a person appointed by the owner, Länsförsäkringar AB. ·The Board of Directors of Länsförsäkringar Liv internally appoints a Vice Chairman from among the independent members. ·Guidance and follow-up of the life assurance operations will be strengthened through overview of central control documents and internal audits as well as the establishment of new control and auditing functions. ·To achieve better balance in the total contract structure, the contract period of the management assignment between Länsförsäkringar Liv and Länsförsäkringar Sak will be renegotiated with the aim of an extension in return for certain annual financial compensation to Länsförsäkringar Liv. ·Information to life assurance policyholders is being improved further. · For further information, contact: Hans Jonsson, Chairman Länsförsäkringar AB +46 (0)8-588 415 72 hans.jonsson@lansforsakringar.se +46 (0)73-964 15 72 Tommy Persson Chairman Länsförsäkringar Liv and President Länsförsäkringar AB +46 (0)8-588 417 90 tommy.persson@lansforsakringar.se +46 (0)73-964 17 90 Anne-Marie Pålsson, Vice Chairman Länsförsäkringar Liv+46 (0)70-879 13 93 anne-marie.palsson@riksdagen.se Hans Benndorf, President Länsförsäkringar Liv+46 (0)8-588 408 14 hans.benndorf@lansforsakringar.se +46 (0)73-964 08 14 Christer Baldhagen, Senior Vice President Corporate Ccommunications Länsförsäkringar AB+46 (0)8-588 415 01 christer.baldhagen@lansforsakringar.se +46 (0)70-579 70 66 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/12/19/20031219BIT00340/wkr0001.doc The full release http://www.waymaker.net/bitonline/2003/12/19/20031219BIT00340/wkr0002.pdf The full release