Life Insurance & Pensions ALL IBR | Life Insurance & Pensions Life Insurance & Pensions Home |News |White Papers |Suppliers |Companies Return to: IBR Home | Life Insurance & Pensions Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Life Insurance & Pensions News Israeli financial regulator takes control of Clal Insurance from IDB IBR Staff Writer Published 22 August 2013
Israeli supervisor of Capital Markets, Insurance and Savings has taken over the shares of Clal Insurance Enterprises Holdings (CLIS), which was held by Nochi Dankner-controlled IDB Holding (IDBH) .
As ordered by the insurance supervisor, Oded Sarig, the controlling share in Clal has been transferred to a trustee named Moshe Tery, with immediate effect, due to the prevailing crisis at IDB.
The extreme step by the country's market regulator was taken after a majority of IDB Holding's bondholders voted favoring takeover of control of the company from Dankner and distribution of shares.
Tel Aviv District Court judge Eitan Orenstin set a deadline for Dankner and his new investor Alexander Granovsky, to deposit NIS500m ($140m) in one week to avail an extension option to frame a debt settlement proposal for IDB.
The court deadline to dispose of minimum 27.5% of Clal Insurance expires on 22 August 2013.
An agreement with Thailand-based firm CP Group to purchase Clal Insurance from IDB was recently scrapped.
IDB said that it reached an agreement with a group of Chinese investors to sell one-third of Clal Insurance's shares for $1.5bn. Parent company IDB Holding and its subsidiary IDB Development will have to pay total of NIS8bn ($2.23bn) to creditors.
Latest News Sun Life Financial forays into Malaysian insurance market Life Insurance & Pensions > News Lloyds sells German insurance arm to Cinven, Hannover Re Life Insurance & Pensions > News Israeli financial regulator takes control of Clal Insurance from IDB Life Insurance & Pensions > News US insurance regulators ink Death Master settlement with ING Life Insurance & Pensions > News Lloyds Banking Group plans to offload German insurance operation Life Insurance & Pensions > News Related News Related SectorsLife Insurance & Pensions
Related Dates
2013> August
Related Industries
Financial Services> Insurance> Life Insurance
Comments Post a comment
Comments may be moderated for spam, obscenities or defamation.
Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Life Insurance & Pensions News Related Insight Suppliers Directory Spotlight Suppliers By Sector A-Z
General Insurance Commercial Lines Personal Lines Claims Insurer
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
Technology Technology in Insurance Outsourcing
Regulatory & Risk # ABCDEFGHIJKLMNOPQRSTUVWXYZ
Life Insurance & Pensions Intelligence Latest White Papers Latest Research Buy the latest industry research online today! China Bank & Insurance Directory 2013
API research into China's Banks and Finance Companies Buy online from $300
Sign up for the latest IBR news and features as well as other industry newsletters.
IBR Website Usage About us Accessibility Advertise with us Contact us Help Privacy RSS feeds Site map Dining Club Browse By Sector Browse By Network Business Review Sites General Insurance IntermediariesTechnology Brokerage Claims Commercial Line Insurer Life Insurance and Pensions Londonlloyds Outsourcing Personal Lines Regulatory and Risk Reinsurance Technology in Insurance Underwriting
Auto Banking Clean Technology Drinks Energy Food Insurance Logistics Medical Devices Packaging Pharmaceutical Retail Technology Webinars © IBR 2010. Part of Progressive Digital Media Group Plc
No comments:
Post a Comment