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Liechtenstein offers a gateway to both the Swiss and the single European insurance market. Valorlife can sell
officially in EEA countries in free provision of services. |
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Thanks to the insurance treaty with Switzerland,
Valorlife can officially sell on Swiss territory, for example products,
which may not be offered by Swiss insurers. |
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The fact that Liechtenstein insurance companies are subject to very strict security rules and insurance secrecy regulations (Art. 44 VersAG) is a definite plus. |
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ValorLife will not disclose any financial information to third
parties because it exist the absolute protection of the client's data. |
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The policyholder can freely determine his beneficiaries. Provided the policy does not contain an irrevocable beneficiary clause, the
beneficiaries can be changed at any time. |
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Moreover, Valorlife (Liechtenstein) policies can be protected in case
of policyholder bankruptcy and offer flexible inheritance regulations.
Indeed, the Law on the Contract of Insurance (VersVG) provides a
concept of protection in the event of procedure of bankruptcy, if this
one were open out of Liechtenstein as well as a total safety for the
beneficiaries of the direct descendants, including the people living
in concubinage. In the event of irrevocable beneficiary clause, the
benefits in favour of the beneficiary are not subjected to the
execution of the bankruptcy (Art. 77, 78) |
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The Principality of Liechtenstein has adopted the directive 2001/17/EC
of the European parliament and of the council of the European union of 19 March
2001. The article 59a of the law on supervision of Insurance (VersAG) says that
all the assets representing technical provisions of the insurance contracts
("Deckungsstock") are separated from other assets
("Sondermasse") according to the article 45 of the bankruptcy act.
In consequent, these assets are and will continue to be representing
technical provisions of the insurance contracts. In the event of a winding-up
of a life insurance company, the latter will provide the list of gross policy reserves of each insurance
contract as well as the assets corresponding to the supervising authorities;
they will make sure that the assets of each contract will be paid to the
rightful claimant. |
