MiFID general information

MiFID (Markets in Financial Instruments Directive)
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 distribution process.

The Principality of Liechtenstein, being member of the EEA, is going to transpose the MiFID Directives in its national law as of January 3, 2018.

Improved client protection:
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.

For this reason we need to:

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.

Normally, you will be classified as a retail client and will benefit from the highest level of protection foreseen by the MiFID regulations, but according to your experience, your understanding and/or your qualifications you may request to be classified as an elective professional investor.

About Valorlife

company: Valorlife Lebensversicherungs-Aktiengesellschaft
headquarter address: Äulestrasse 74, 9490 Vaduz, Liechtenstein
e-mail: info@valorlife.com
telephone: +423 399 29 50
fax: +423 399 29 59
e-mail: info@valorlife.com
register No: FL-0001.541.267-8
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: Fitzwilliam Hall, Fitzwilliam Place, Dublin 2, Ireland
telephone: +353 1 669 47 61
fax: 353 1 669 47 65
e-mail: info@valorlife.com
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)
Landstrasse 109
P.O. Box 279
9490 Vaduz
Liechtenstein
telephone: +423 236 73 73
fax: +423 236 73 74
e-mail: info@fma-li.li

For Dublin:
Central Bank of Ireland
P.O. Box 559
Dame Street
Dublin 2
Republic of Ireland
telephone: +353 (0)1 224 6000
fax: +353 (0)1 671 6561
e-mail: enquiries@centralbank.ie
www.centralbank.ie

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 investigated.

Complaints may be addressed by mail indicating the contact details: full name, address and contract number to:

Valorlife AG
Client Service
Äulestrasse 74
9490 Vaduz
Liechtenstein

For our Dublin branch: 
Valorlife Ltd
Client Service
Fitzwilliam Hall
Fitzwilliam Place
Dublin 2 
Ireland

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
Landstrasse 109 
P.O. Box 279
9490 Vaduz
Liechtenstein

For Dublin: 
The Financial Services Ombudsman’s Bureau 
Third Floor, Lincoln House 
Lincoln Place 
Dublin 2 
Ireland

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.

Non-monetary benefits
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 insurance products.

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 info@valorlife.com.

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 corporate rules.