Brussels, 12/06/2014 (Agence Europe) - On 12 June, the European Commission gave the go-ahead to changes to the restructuring plan of Belgian insurance company Ethias.
The Commission has agreed to the proposed prolongation by three years of the rundown of Ethias' retail life insurance portfolio as well as the measures aimed at ensuring the profitability and low risk of its other activities. Competition Commissioner Joaquin Almunia said: “The amendments to Ethias' restructuring plan proposed by the Belgian authorities aim to consolidate the viability of Ethias, taking into account the current market conditions, without increasing the risk of distorting competition in the Single Market”. Ethias has not been able to find a buyer for its life-insurance contracts for individuals and has therefore started the process of liquidating them. Most of these contracts are still running. Other amendments cover commitments relating to governance of the company. (EL)