JUDGMENT OF THE COURT

of 25 February 2021

in Case E-5/20

SMA SA and Société Mutuelle d’Assurance du Bâtiment et des Travaux Publics v Finanzmarktaufsicht Liechtenstein

(State liability – Directive 2009/138/EC – Supervisory obligations – Insurance claims – Policy holders and beneficiaries)

(2021/C 245/16)

In Case E-5/20, SMA SA and Société Mutuelle d’Assurance du Bâtiment et des Travaux Publics v Finanzmarktaufsicht Liechtenstein – REQUEST to the Court under Article 34 of the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice by the Supreme Court of the Principality of Liechtenstein (Fürstlicher Oberster Gerichtshof) concerning the interpretation of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), in particular Articles 27 and 28, and its predecessors Directive 73/239/EEC, Directive 88/357/EEC and Directive 92/49/EEC, the Court, composed of Páll Hreinsson, President, Per Christiansen (Judge-Rapporteur), and Bernd Hammermann, Judges, gave judgment on 25 February 2021, the operative part of which is as follows:

Articles 27 and 28 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 73/239/EEC, Directive 88/357/EEC and Directive 92/49/EEC do not confer any express rights on economic operators that claim to be creditors of an insurance undertaking in circumstances such as those of the main proceedings and cannot give rise to any liability claim against a supervisory authority under the principle of State liability.