Some 200 French people have filed a complaint with a local public prosecutor, after allegedly not getting their money back from a Luxembourg life insurance company, that entered liquidation last year.
French media outlet France Info reported last week that the complainants had taken out policies with FWU Life Insurance Lux. They have filed their complaints at Nanterre Public Prosecutor’s office in France, Le Figaro also reported.
Luxembourg life insurer insolvency puts 30,000 pensions at risk
The Commissariat aux Assurances (CAA), Luxembourg’s insurance supervisory authority, fined the company €200,000 in August 2024 for “deficiencies detected in the product supervision process and governance requirements”. The fine was accompanied by a ban on marketing its products in France.
In the same year FWU Life Insurance Lux SA informed the CAA that it “no longer met the Solvency Capital Requirement and Minimum Capital Requirement” set under law. Under threat of having its licence withdrawn, the company was granted a reprieve that should have enabled it to save itself.
In October 2024 the company claimed to have restored its solvency, but the CAA expressed reservations due to uncertainties linked to tax debts in several countries and the possible termination of contracts with reinsurers.
(This article was originally published in Virgule and edited and translated by Kate Oglesby.)
