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Legal conditions

Frameworks

Liechtenstein is a recognized international financial center characterized by a well-developed legal system with strong creditor protection, a modern infrastructure, a central location in the heart of Europe, and a monetary union with Switzerland. As a financial center with a modern approach to transparency and compliance, Liechtenstein enjoys a high reputation, especially since it has signed double taxation and other agreements with most developed jurisdictions.

Access to the entire European Economic Area (EEA)

Access to the European Union (EU)

Access to the Swiss market

The products and services offered by the Liechtenstein financial industry meet the highest international standards. Financial service providers are subject to supervision by an independent financial market supervisory authority which is integrated into the European Insurance and Occupational Pensions Authority (EIOPA).

The life insurance business in Liechtenstein is regulated by independent supervisory authorities in accordance with EU regulations. Life insurance undertakings must be licensed prior to commencing business. The Liechtenstein supervisory authority is the Financial Market Authority Liechtenstein (FMA). The branch office in Ireland is also subject to supervision by the FMA pursuant to Article 10 of Directive 2002/83/EC is regulated by the Central Bank of Ireland for conduct of business purposes in Ireland.

 

Complaints handling


A complaint is an expression of dissatisfaction with an insurance contract, the services offered by the insurance company or the insurance company in general. 

A complaint may be lodged orally or in writing by a policyholder, a beneficiary, an insured person or an authorised representative (broker, lawyer, etc.) and addressed to the Compliance Officer of Youplus Assurance AG at the head office in Triesen, who is also responsible for complaints.

A complaint must contain the policy number, the date and reason for the complaint and the name and address of the complainant.

Alternatively, the client may file a complaint with the financial market supervisory authority in his/her country of residence.

If we do not reach agreement with the policyholder or beneficiaries regarding their complaint, the complaint may be escalated to the following authorities:

 

Financial Market Authority Liechtenstein
Country road 109

P.O. Box 279

9490 Vaduz

Liechtenstein

 

For Irish Branch

Financial Services and Pensions Ombudsman in Ireland

Lincoln House, Lincoln Place

Dublin 2

D02 VH29

Ireland

 

We will send an acknowledgement of receipt to the complainant within 2 working days of receipt of a complaint at our headquarters in Triesen.

Each complaint is reported to the Compliance Officer of Youplus Assurance AG and entered into the enterprise’s complaints register.

Every complainant and complaint will be treated fairly and correctly by Youplus Assurance AG.

The Compliance Officer shall ensure that the complaint is dealt with within a reasonable time and answered within a maximum of 10 working days. If this time frame cannot be met, the complainant must be notified in writing of the reason and estimated time to resolve the complaint. This will be documented in the customer file and in the complaint register. The complaint register is analysed by the management on a quarterly basis in order to be able to identify structural problems promptly and counteract them.

All complaints are examined in accordance with the laws and regulations applicable in the complainant's country of residence.

The Compliance Officer first examines all documents and the relevant information and evidence and then decides whether the complaint is simple or complex.

For simple complaints, the response is coordinated with the employee responsible for the case. 

In the case of complex complaints, the Compliance Officer decides with the Board of Management on the further handling of the complaint.

All employees are familiar with these guidelines.

Youplus will respond to complex complaints within 30 days of receipt of the complaint.

 

Conflict of Interest Policy
 

Dealing with conflicts of interest
Youplus Assurance AG specialises in life insurance products for sophisticated customers. These products are only brokered to customers by authorised independent professional advisors.

At Youplus Assurance AG we understand that in a transaction each party has specific interests that may conflict with the interests of the other party or parties. 

Integrity is a core value in our relationship with clients and partners. In order to avoid, manage and resolve potential conflict situations, Youplus Assurance AG has implemented a conflict of interest policy. This includes a list of criteria for identifying conflicts of interest and provides for a number of processes and measures to avoid, manage or eliminate situations of potential conflicts of interest between Youplus Assurance AG, its shareholders, its employees and its clients.

Youplus Assurance AG's goal is not only to comply with regulatory requirements, but also to promote a culture of integrity and live the highest ethical standards in client relationships and relationships with its partners. This also includes the fundamental avoidance or elimination of conflicts of interest.

Review of conflicts of interest
In cases in which all reasonable efforts and measures to avoid conflicts of interest are not sufficient to ensure with reasonable certainty that the client's interests remain unaffected or that these conflict situations can be handled in such a way as to prevent potential damage to the client, Youplus Assurance AG will check, whether a notification is appropriate or whether it is in the client's best interest to refrain from a transaction altogether, i.e. not to enter into a business relationship with the applicant or client concerned or to terminate such a relationship prematurely.

Under certain circumstances Youplus Assurance AG may inform the customer of the general nature and, if applicable, the source of the conflict of interest in order to enable the customer to make an informed decision regarding the service affected by the conflict of interest.

If Youplus Assurance AG comes to the conclusion that the risk of damage to the customer's interests is too substantial, Youplus Assurance AG will not enter into a business relationship with the customer. Youplus Assurance AG therefore reserves the right, under certain conditions, to refuse the provision of services or not to carry out transactions with or directly for the customer in relation to the insurance contract. In this case Youplus Assurance AG does not have to disclose the reasons for the rejection.

 

Placement, costs and services
 

Youplus Assurance AG offers a wide range of life insurance products.

Youplus does not provide customer advice, but offers its products through authorised independent professional Brokers who advise and inform every customer comprehensively and competently about the products offered by Youplus Assurance AG before making a decision on the conclusion of a contract.

The administration and maintenance of contracts and the associated services are very cost-intensive in terms of personnel and organisational expenditure. These costs are covered by fees, remunerations, commissions, refunds and other cash benefits which Youplus Assurance AG charges on the contracts or receives from third parties for the services provided for the customer.

The fees and costs that are charged for Youplus policies are explicitly stated in the application documents that are made available to the customer prior to his decision for or against an investment.

Youplus Assurance AG pays commissions to licensed, independent, professional intermediaries. These commissions are also shown in the application documents. There are two types of commissions paid: a commission at the start of the contract (so-called up-front commissions) and current commissions (so-called portfolio care commissions), which are based on the average contract value. As Youplus Assurance AG does not offer any investment or asset management services itself, such services are provided by external asset managers upon the customer’s request. They receive a remuneration for the services they render, which is shown in the investment information documents.

Cash benefits
Youplus Assurance AG may pass on parts of the cash benefits, fees or costs paid by customers to third parties such as brokers or tipsters.

The exact amount of these cash benefits paid depends on various factors such as the investment volume or turnover of the respective product.

Non-monetary benefits
Youplus Assurance AG is entitled to accept non-monetary services from product providers and financial intermediaries as well as to provide non-monetary services for product suppliers, external asset managers, tipsters and other third parties.

These non-monetary services provided or received by Youplus Assurance AG include, for example, marketing material or product training.

In particular, Youplus Assurance AG may be provided with financial analyses by financial intermediaries in order to develop respectively improve sophisticated life insurance products on the basis of these analyses.

Since the benefits received or made available by Youplus Assurance AG can vary considerably, the above information only covers the essential provisions relating to such benefits.

Upon request, we will gladly provide more detailed information about the nature and/or amount of such fees, commissions or benefits, or, if the amount cannot be determined, the method of calculating such amounts.