The Hawaii Insurance Division issued a memo to insurers this week stating it expects them to handle claims from Tropical Storm and Hurricane Lala “promptly, fairly,” and in accordance with state law insurance contracts.
The memo on Wednesday from Insurance Commissioner Scott K. Saiki also advised carriers to consult with advisories issued by the National Hurricane Center, Central Pacific Hurricane Center and National Weather Service for the timing and scope of watches and warnings.
While attracting legitimate wealth, that secrecy also drew clients seeking to conceal assets and featured in a past money-laundering and tax-evasion scandal
s. More recently, accounts registered in Liechtenstein and held by Russian nationals have come under close scrutiny following the invasion of Ukraine. The sanctions ap
plied on Russia ultimately turned these into so-called “zombie accounts,” frozen assets that are now lying untouched in Liechtenstein.
Liechtenstein has worked to move past the image of a haven for shady money and has stepped up efforts over the past decade to comply with international laws and practices. The setting up of the register of beneficial owners in 2021 — the dataset that was hacked — was part of that effort.
“A financial center can only function if it is internationally recognized,” Haas said.
“The main focus for Liechtenstein now lies in safeguarding the stability, security and trust of its financial center, with officials working around the clock to improve systems’ security,” according to Haas.
Financial institutions are reaching out to their customers and reassuring them that “we’re doing everything to continue ensuring the greatest possible security,” Haas said.
Attackers were able to download copies of the beneficiary’s names, birth dates, nationality and place of residence. For clients and authorities alike, the lack of any financial data or even personal addresses and phone numb
ers inside the registry provided at least some relief.
Meanwhile, government and financial institutions are working side by side to rebuild trust in the financial center, Haas said.
Liechtenstein’s cyber security unit has been in contact with counterparts in neighboring Switzerland following the incident. Bern is also planning to launch its own registry of beneficial owners in October, following increasing international pressure.
While the incident might have spurred some questions about whether the registry should be kept online, it is seen as the best solution to guarantee access to other financial authorities and partners, Haas said.