A stable, well-functioning financial market for allA stable, well-functioning financial market for allVictory Life put into liquidation (updated information)
Foreign insurance provider Victory Life has been put into liquidation as of 25 November 2014 by the order of a court of the British Virgin Islands.
A decision was made regarding the liquidation following an application by the financial supervisory authority of the British Virgin Islands.
The reason for the liquidation is that Victory Life is stated to have breached domestic rules for insurance providers, and that certain individuals at the company have been deemed inappropriate.
The court appointed Russel Crumpler of KPMG in the British Virgin Islands and Kris Beighton of KPMG in the Cayman Islands as liquidators. They are overseen by the court.
FI is not involved in the liquidation decision. The case is being managed by the authorities of the British Virgin Islands. However, we have requested that the liquidators keep us informed of developments so that we may monitor the situation for policyholders in Sweden.
The former representative of Victory Life in Sweden, Legal Counsel Jan Ahlström, has withdrawn from that assignment in consultation with the liquidators.
The liquidators provide further information about the liquidation on Victory Life's website, which also includes the contact details of the liquidators.
