Banks, Financial Services, Insurance, Lithuania
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Friday, 26.04.2024, 15:53
Bank of Lithuania: ADB Compensa Vienna Insurance Group fined
BC, Vilnius, 15.02.2019.
Print version
Print versionAfter assessing the inspection results of ADB Compensa Vienna Insurance Group, the Board of the Bank of Lithuania imposed it a fine of 20,000 EUR for violations of legal acts and disclosure of misleading information related to its financial condition in the supervisory reporting and financial statements, informed Bank of Lithuania.
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The company did not follow the requirements of legal acts when assessing the share value of its subsidiaries, which led to the company’s solvency ratio being significantly higher.
The company did not follow the requirements of legal acts when assessing the share value of its subsidiaries, which led to the company’s solvency ratio being significantly higher.
It did not compile consolidated financial statements and not prepare consolidated annual report; in separate financial statements the company provided reasons that are unsupported by facts for not having to prepare consolidated financial statements.
ADB Compensa Vienna Insurance Group is obligated to eliminate any legislative infringements and operational deficiencies identified during the inspection by 1 May 2019, and infringement of the Law of the Republic of Lithuania on Consolidated Financial Reporting of Companies identified during the inspection – by 1 August 2019.
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