Icelandic insurance boss quits after regulator criticism

The board of VIS, one of Iceland’s biggest insurance companies, has granted Arnar Gunnarsson’s wish to be allowed to leave the post of company president. He will also leave his job as president of the Icelandic Life Assurance Company.

His decision to leave followed criticism in a report from the FME, Iceland’s financial regulator, about the company’s operations and practices during the time of the old Board from 2008. The company has already appointed Fridrik Bragason as interim president. Bragason used to be CEO.

“The FME criticism against me as company president comes as a surprise and is a disappointment. With my decision to step aside, I am not commenting on the criticism but rather attempting, as always, to act in the interest of VIS and the Life Assurance Company of Iceland,” Gunnarsson said in a statement released by VIS.

Also in the statement the company’s chairman, Axel Gislason, says that VIS is on a strong financial footing with total assets of ISK 35 billion (EUR 213.56 million) at the New Year and ISK 11 billion (EUR 67.13 million) in liquid capital.