2014-01-24 13:55:05.0

NBS Grants Approval for Life Insurance Portfolio Transfer from MetLife to Wiener Städtische Osiguranje

The NBS Administration for Supervision of Financial Institutions granted the approval to the joint-stock life insurance company MetLife (Belgrade, 6 Francuska St.) to transfer a portion of its life insurance portfolio to the joint-stock insurance company Wiener Städtische osiguranje (Belgrade, 1 Trešnjinog cveta St.). The approval was granted on 17 January 2014 and the portfolio transfer will be effected as at 31 December 2013.

The portfolio portion being transferred consists of rights and obligations arising from long-term endowment (mixed life insurance) and pure endowment insurance contracts, supplemental insurance contracts, as well as reserves and liabilities relating to valid and terminated endowment and pure endowment insurance policies.

Within 15 days of receiving the above approval, the transferor - MetLife is required to inform in writing or through the media all policyholders affected by the transfer of the business name and seat of the transferee, the date by which they must decide whether they will accept the portfolio transfer or cancel their insurance contracts, and of their rights in the event of contract cancellation. 

The transferee - Wiener Städtische osiguranje has 30 days after receiving the approval to conclude new contracts with the hitherto insureds of Metlife who accepted the portfolio transfer.

The approval to the portfolio transfer implies no change in the operating licenses issued by the NBS to Metlife and Wiener Städtische osiguranje.

Administration for Supervision of Financial Institutions

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