Monday, 25 June 2018

Announcement

GENERAL: CBL: CBL subsidiary in Luxembourg fined EUR5,000 - being appealed

03 Jan 2018 12:06NZX
CBL Corporation Limited (CBL), announced today that its 71% owned subsidiary,
Securities & Financial Solutions SA (SFS) based in Luxembourg, has been
issued with a fine of EUR5,000 (~NZD$8,500) by Commissariat aux Assurances
(CAA), the insurance regulator in Luxembourg, after determining that SFS has
been operating outside certain aspects of its insurance authority.

In making its decision, the CAA has granted SFS the right to appeal it, and
after taking appropriate legal advice, SFS is doing so. SFS believes that the
decision is incorrect, and inconsistent with other European jurisdictions.
The appeal is being filed on 3rd January 2018 and is expected to be heard in
January.

In the meantime, and until the appeal has been heard, SFS has made
arrangements to continue its operations under alternative licensing
arrangements it has in place with its insurers (including CBL subsidiary CBL
Insurance Europe DAC, Dublin).

Apart from increased pressure from competitors emboldened with the news, SFS
does not believe the change in operating procedures will materially affect
its operating revenues for FY17 or FY18.

ENDS
End CA:00312660 For:CBL    Type:GENERAL    Time:2018-01-03 12:06:55
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