Filenews 2 June 2022 - by Socrates Ioakim
The District Court of Nicosia issued a decree liquidating a well-known Cypriot insurance company. Specifically, following a relevant application by the Insurance Companies Control Service through the Attorney General of the Republic, a decree was issued for the liquidation of the Company by the District Court of Nicosia, through which Mr. Marios Panagis was appointed liquidator at Liberty Life Insurance Public Company Ltd (under Liquidation) (the "Company").
Following the publication of the decree, the relevant provisions of both the Insurance Operations and other Related Matters Law of 2016-2019 as well as the Companies Law Cap113 will be followed.
Both customers and all interested parties for the Company's affairs will be informed about the developments and procedures as provided for by the legislation and through announcements on the Company's website (www.libertylife.com.cy). It is noted that the Company's telephone numbers and contact details remain the same.
Mr. Marios Panagis, in his capacity as Liquidator, acts as a representative of the above company in liquidation, by virtue of the powers granted to him by his appointment as Liquidator, without assuming any personal responsibility.
It is recalled that Superintendent of Insurance by letter on October 23, 2020 had revoked liberty life's operating license.
At that time, for the Health and Personal Accident Sector contracts, Liberty Life came to an agreement with Universal Life Insurance Company, which, after evaluating each case separately, provided the possibility of insurance coverage through its own insurance products on an ongoing basis, without waiting periods and without exceptions for any medical conditions that had arisen during the duration of their existing policy.
