CAA's faux pas that embarrasses Pierre Gramegna

By Camille Frati Switch to French for original article

The investigation of a though Belgian investor into the dealings of the Commissariat aux assurances could imply the Luxembourgish Minister of Finance, who could be accused of not having reported a violation to the Public Prosecutor's Office.

Claude Wirion has just retired after 29 years of good and loyal service, six of which were spent at the head of the Commissariat aux assurances, which is responsible for supervising and monitoring nearly 300 insurance and reinsurance companies which in total employ a little over 8,000 people. In addition to the keys to his office, he also left his successor Thierry Flamand a case that continues to be a thorn in the side of the CAA.

The story begins quite far from the boulevard Joseph II, where the CAA has been located since 2013. In 2007 and 2008, Mr S., a Belgian pensioner, invested his savings in six internal collective funds of Bâloise Vie Luxembourg marketed in Belgium, namely Memento, Memento II, Essensis, Ecolis, Finansys and Amelioris. He ended up unhappy with the investment, as three years later he lost 340,000 euros, almost all of his investment (425,000 euros) – like hundreds of other investors who have seen 60 to 80% of their initial investment go up in smoke. The fault lies in the insufficient diversification of the funds concerned.

After not receiving any response from Bâloise, the investor turned to the "Commissariat aux assurances", since it has the task of "receiving and examining complaints and claims from a policyholder or other interested party against any natural or legal person". The latter first referd the matter to Bâloise Vie Luxembourg, then proposed a payment of 50,000 euros in damages. A CAA advisor states during a telephone conversation that none of the six funds complied to regulations. However, the CAA never confirmed this position in writing, despite repeated reminders from the investor.

After three years, the investor's application remains deadlocked. He joins the collective action against Baloise launched by several hundred investors in Belgium to recover compensation for their losses. At that point, he realized that Baloise was relying on the silence of the CAA to argue in court that its funds followed the law.

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