April 23
Trajan Shipley
25th February 2021
Banking & Finance Internal Market Justice & Litigation

EFTA Court: Solvency II Directive doesn’t give rise to State liability claim against supervising authorities

The EFTA Court has delivered a judgment in SMA SA and Société Mutuelle d’Assurance du Bâtiment et des Travaux Publics v Finanzmarktaufsicht Liechtenstein (E-5/20), finding that the Solvency II Directive (2009/138) and its predecessors do not give rise to any State liability claim against a supervisory authority.

In the facts leading to the main proceedings, the applicants, two insurance companies, brought an action against the Liechtenstein Financial Supervisory Authority claiming that it had failed to fulfil its supervisory obligations toward another insurance company, with the result that it was responsible for the losses incurred by the applicants as a result of that insurance company’s insolvency. Liechtenstein’s Supreme Court


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