Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 259

Lithuania Governance, Risk and Compliance Insurance Industry

Posted by fidest press agency su martedì, 12 marzo 2019

“Governance, Risk and Compliance – The Lithuanian Insurance Industry”, is the result of extensive research into the insurance regulatory framework in Lithuania. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.The Lithuanian insurance industry is regulated and governed by the Bank of Lithuania (LB). The LB took over the task of insurance supervision on January 1, 2012, following the Insurance Supervisory Commission (ISC). The LB is the central bank of the Republic of Lithuania and its principal objective is to maintain price stability in the Lithuanian financial market.The LB is instrumental in ensuring the stability and efficient functioning of financial services. The LB introduced a new unit, the Supervision Service in 2012, to perform both prudential and market conduct supervision of financial markets. The Board of the LB authorized the Supervision Service to solve insurance issues independently.
The primary act, which governs insurance activities in Lithuania, is the Law on Insurance 2003, adopted on September 18, 2003. The law was introduced to regulate insurance and insurance mediation activity to make Lithuanian insurance operations credible, efficient, safe, and stable. The law comprises the definitions, licensing process, capital requirements, policy terms, and penalties for offenders of the provisions.

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