On withdrawal of all insurance operating licences granted to IJSC “LKB Life”

28.04.2012
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Riga, 19.04.2012

Press Release

On withdrawal of all insurance operating licences granted to IJSC “LKB Life”

The Board of the Financial and Capital Market Commission during the 19 April 2012 meeting decided to withdraw all the insurance operating licences granted to the insurance joint stock company “LKB Life” with effect of 20.04.2012.

The decision was made because since a suspension of authorization granted to the IJSC “LKB Life” on 1 March 2012 it had been failing to resolve problems arising from a loss of part of its share capital in the IJSC “Latvijas Krājbanka”, therefore the insurance operating licences cannot be restored.

After the withdrawal of authorization the IJSC “LKB Life” may not conclude new contracts, increase insurance amounts or extend the term of insurance contracts.

The clients of IJSC “LKB Life” must be aware that also after the withdrawal of authorization the insurance contracts previously concluded are still effective and the IJSC “LKB Life” will ensure meeting the liabilities to clients. The IJSC “LKB Life” currently holds sufficient funds to settle the claims both of natural and physical persons.

For detailed information the clients of IJSC “LKB Life” may call the informative hotline at +371 67092757 or via email info@lkblife.lv.

For additional information:
Agnese Licite
Public Relations Specialist
Communications Division
Financial and Capital Market Commission
Phone: +371 67774808;
Email: Agnese.Licite@fktk.lv

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