When taking a policy with Valorlife Lebensversicherungs-AG (hereafter
"Valorlife") you will benefit from the increased client protection
contained in the provisions of the Markets in Financial Instrument
Directive (hereafter "MiFID").
The rules outlined hereunder and moreover the MiFID regulations
are applied by Valorlife, its directors, its executives and its employees
and by any person supervised or controlled directly or indirectly by one
of these persons and by any person involved in the intermediation or
The Principality of Liechtenstein, being member of the EEA, is going
to transpose the MiFID Directives in its national law as of January 3,
Valorlife as a life insurance company providing services through
authorized qualified independent advisers has to ensure that it acts
honestly, fairly and professionally with regard to its clients’ interests
any time it offers, accepts or administers an insurance contract.
Valorlife procures that the information provided to the policyholder
is fair, clear and not misleading.
a. Understand our clients better in order to provide an adequate
service or product and will, before offering a product or providing
a service to you, have to assess the appropriateness of the product
or the service that we provide to you, considering your investment
objectives, your knowledge and your experience in the financial
markets as well your specific expectations and needs.
In order to evaluate the suitability of the product and our service we require information from your side.
b. Inform our clients better by providing accurate information
in a comprehensible way in order to enable you to understand the
nature of the insurance product or service offered, the investments
linked to the insurance contract and the risks related to these
products or services before making your decision whether to invest
or not in the product.
legal basis: Incorporated on December 23, 1997 Registered
with the Commercial Register of the Principality of Liechtenstein
external auditors: PricewaterhouseCoopers and KPMG
reinsurer: Hannover RE
membership: European Economic Area (“EEA”)
Valorlife – Irish branch
branch address: 15 Harcourt Street, Dublin 2, Ireland
register No: 906189
legal basis: Incorporated on June 24, 2009 Registered at the Companies Registration Office in Ireland
Membership: European Union
Contact details Supervising Authority
Finanzmarktaufsicht Liechtenstein (FMA)
P.O. Box 279
telephone: +423 236 73 73
fax: +423 236 73 74
Central Bank of Ireland
P.O. Box 559
Republic of Ireland
telephone: +353 (0)1 224 6000
fax: +353 (0)1 671 6561
Data protection legislation
Valorlife Lebensversicherungs-AG Liechtenstein
When applying for an insurance contract with Valorlife, you will provide
us with information which will allow us to assess your application
and, when you have decided to invest, to administer your contract.
In certain circumstances we will have to share this information with
other parties which are required for administering and managing your contract: Reinsurers for purposes of risk assessment and reinsurance
settlement, the appointed custodian bank, the appointed asset
manager, the advising broker elected by you and further possible third
parties like auditors, the FMA, and, if required by law, other domestic
or foreign authorities. Health data may only be passed on to personal
insurance companies or reinsurance companies.
Valorlife has implemented internal rules and guidelines in order
to provide access to the information only to people who need to access
the information to administer your contract.
Valorlife applies the provisions of the Liechtenstein Data Protection
Act of March 14, 2002.
You may have free access to all the information recorded and/ or
stored by Valorlife by sending a registered letter to Valorlife and
require Valorlife to amend or correct the information.
In such case Valorlife will respond to your request within 30 days
from receipt of your letter.
Valorlife Ltd (Dublin branch)
When applying for an insurance contract with Valorlife Ltd Dublin
branch, you will provide us with information which will allow
us to assess your application and, when you have decided to invest,
to administer your contract. In certain circumstances we will have
to share this information with other parties which are required for
administering and managing your contract. Valorlife Ltd Dublin Branch
has implemented internal rules and guidelines in order to provide
access to the information only to people who need to access the
information to administer your contract.
Valorlife Ltd, Dublin branch applies the provisions of the Irish Data
Protection Act 1988 and the Data Protection (Amendment) Act 2003.
You may have free access to all the information recorded and/or
stored by Valorlife by sending a registered letter to Valorlife and
require Valorlife to amend or correct the Information.
In such case Valorlife will respond to your request within 40 days from
receipt of your letter.
In which languages can you communicate with Valorlife?
You may communicate with Valorlife in the following languages:
German, Italian, English and French.
How does Valorlife inform you?
When taking a policy with Valorlife, you will receive a contract which
will contain your personal details, the premium(s) paid, and the type
of investment you have selected. On a quarterly basis you will receive
a policy statement indicating the value of your policy, the performance
of your investment for the last 12 months and the charges taken out
of your policy by Valorlife. Each time you make an additional
instalment, a surrender or request an amendment of the specific
terms of your contract, we will issue a statement, confirming we have
accepted and registered your request.
You may request an additional statement any time by sending us
a request by mail or email. For additional statements, we may charge
you a reasonable fee.
Valorlife complaints handling
Should a policyholder or beneficiary have cause for complaint about
any aspect of the service received from Valorlife, he can send a letter
to the head office of Valorlife. Valorlife wants to resolve complaints
quickly and professionally in a helpful way to the satisfaction of the
policyholder and/ or beneficiaries whenever possible. All complaints
are investigated by a responsible company manager, and every effort
is made by Valorlife to resolve the issue amicably with the policyholder
or beneficiaries. The time taken to resolve a complaint will depend
on the complexity of the complaint and the time required for it to be
Complaints may be addressed by mail indicating the contact details:
full name, address and contract number to:
For our Dublin branch:
15 Harcourt Street
We will acknowledge your complaint promptly.
If we cannot reach agreement with the policyholder or beneficiaries,
he may refer his complaint to:
The Financial Market Authority Liechtenstein
P.O. Box 279
The Financial Services Ombudsman’s Bureau
Third Floor, Lincoln House
Alternatively the client may file a complaint with the competent
authority in his country of residence.
Inducements and remuneration policy
Valorlife offers a wide range of life insurance contracts to its clients.
Valorlife does not provide any advice to its clients, but makes its
products available through authorised independent professional
intermediaries who provide each client with sophisticated advice and
high-quality explanations on the products offered by Valorlife before
his decision to purchase the contract.
The administration and the maintenance of the contracts and the
services related to these contracts are cost-intensive for Valorlife
in terms of personal and organisational expenses. These expenses
are covered by charges, fees, commissions, rebates, refunds and other
monetary benefits, which Valorlife charges on the contracts
or receives from third parties in connection with the provision
of services to the client.
The charges and costs applicable to the contracts are disclosed in the
application documentation submitted to the client before he takes the
decision to invest or not.
Valorlife pays commissions to the introducing authorised independent
professional intermediaries which are disclosed in the application
documentation. Two types of commissions are paid: when the contract
has been issued; and on an ongoing basis on the average value of
the contract. As Valorlife does not provide investment or asset
management services, these services are rendered by third party
investment and asset managers. These parties receive monetary
benefits in connection with the provision of services to the client and
are disclosed in the investment information documentation.
Monetary benefits paid
Valorlife may pay a portion of the monetary benefits received or of
charges or costs paid by the client to Valorlife, to third parties, such as
product distributors or introducers.
The exact amount of such monetary benefits paid depends on various
factors such as the volume of the investment or the turnover of the
individual product. It can amount, in general, to up to 50% of the
monetary benefits received, or charges or costs paid by the client.
Valorlife may receive non-monetary benefits from product providers
as well as financial intermediaries and may provide non-monetary
benefits to product distributors, external asset managers, introducers
and other third parties.
Such non-monetary benefits provided or received by Valorlife include,
for example, marketing material, financial analyses or product training.
In particular, Valorlife may receive from financial intermediaries
investment research enabling it to develop more sophisticated life
As the inducements received or provided by Valorlife may vary
significantly, the information given above only covers the essential
terms concerning such inducements.
Please note that you will obtain, on request, more detailed information
on the nature and/or the amount of such fees, commissions or
benefits, or, where the amount cannot be ascertained, the method
of calculating that amount. You may address such a request to
Rules of conduct
When an inducement is received or paid, the benefits must be
disclosed to the customer before rendering the service. The service
provider may disclose the essential conditions of the inducements to
the customer in a summary form only if he undertakes to provide the
customer with more information upon request.
Update of the guidelines
Valorlife updates the guidelines regularly in order to meet the
highest level required by the MiFID regulations as well as the internal