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Brief
On "07/08/2024", the French Prudential Supervision and Resolution Authority issued an update regarding "The ACPR informs the public of the insolvency of the insurance company FWU Life Insurance Lux SA". The Commissariat aux Assurances (CAA), the Luxembourg authority responsible for supervising the insurance sector, had previously communicated on July 19th and August 2nd, 2024, about the situation of FWU Life Insurance Lux S.A. The CAA has blocked the values representing technical provisions to protect claimants' and beneficiaries' interests. FWU Life Insurance Lux S.A. must submit a realistic short-term financing plan within one month to regain the minimum capital required by law. FWU Life Insurance Lux S.A. still has a portfolio of 30,000 contracts with French policyholders prior to the sanction. The company is not allowed to commercialize any other products on the French market since August 4th, 2022. The ACPR remains in close communication with the CAA and the European Insurance and Pensions Committee.
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