With reference to the recent press reports and the concerns expressed also at institutional level regarding FWU Life Insurance Lux, BCSM would like to clarify that the supervisory activity on this company, authorized to operate in San Marino on April 26, 2023 and consequently enrolled in the "List of foreign insurance companies" referred to in Art. 31 of Reg. 2007-02, has been duly carried out. As of the date of registration, the Luxembourg supervisory authority had in fact certified compliance with solvency requirements and no prejudicial elements emerged.
Subsequently, BCSM provided public information on its website about the deterioration of the insurance group's financial conditions and the resolutions also taken by the competent foreign supervisory authorities, specifying - at the bottom of the aforementioned List - that, as of July 3, 2024, it was in any case no longer possible to underwrite new contracts.
In the period between April 2023 and July 2024, only 2 policies with a total value of 10,000 euros were distributed in the territory of the Republic.
With the entry into force of Reg. 2024-02, the "List of Foreign Insurance Enterprises" was repealed and the enterprises registered therein, on September 19, 2024, were automatically merged into the "Register of Authorized Persons" under Article 83 of the aforementioned Reg. 2024-02. Therefore, with respect to FWU, the entry in the Register constituted a mere translation of data in the aforementioned List.
In order to protect customers, in the transitional phase prior to the compulsory liquidation procedure, it was nevertheless deemed appropriate to leave evidence in the aforementioned Register of both the company's state of crisis and the references of the liquidator, whom they could contact in case of need.
On May 27, 2025, the company was finally deleted from the "Register of Authorized Persons" due to the liquidation order adopted by the Luxembourg Court.
