The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
700 jobs Number of planned job losses
Announcement Date
21 September 2009
Employment effect (start)
21 September 2009
Foreseen end date
20 October 2009
Description
Greek insurance provider Aspis Pronia dismissed 700 employees after it ceased activities. Aspis Pronia (that includes Aspis Pronia General Insurance & Aspis Pronia Life Insurance) had its license suspended on Monday, September 21 by the country's regulator for private insurance companies, in a decision affecting 700 permanent employees, 3000 external insurance agents, and about a million policy holders.
The board of Supervisory Commission for Private Insurance revoked Aspis Pronia license because the company did not meet its financial obligations towards customers and workers.
The Private Insurance Supervisory Commission said that according to Greek law, a supplementary fund will offer cover to the company's customers for 30 days, while a Supervisor of Life Insurance Portfolio will take over the management of Aspis Life Insurance to ensure that customers maintained their contract rights and money saved.
In response to news of the closure, Aspis Pronia said in a statement that the regulator had made its decision even though the company had recently completed a share capital increase and had improved its capital base. And also, despite the fact that it had been asked for an extension of a few days until the end of September.
Eurofound (2009), Aspis Pronia, Closure in Greece, factsheet number 69607, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69607.
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