Governance, Risk and Compliance - The Latvian Insurance Industry

Governance, Risk and Compliance - The Latvian Insurance Industry

  • February 2019 •
  • 64 pages •
  • Report ID: 3473723 •
  • Format: PDF
Governance, Risk and Compliance - The Latvian Insurance Industry

Summary
The Financial and Capital Market Commission (FCMC) regulates the Latvian insurance industry. FCMC is an autonomous public institution, which carries out the supervision of Latvian banks, insurance companies, and insurance brokerage companies, participants of financial instruments market, as well as private pension funds.

Law on Insurance Companies and Supervision and the Law on Reinsurance which were repealed on January 1, 2016 and replaced by the new Insurance and Reinsurance Law 2015 are the primary acts governing insurance activities in Latvia. The fundamental purpose of the law is to ensure that insurers and reinsurers perform insurance activities in a reliable, efficient and sound way, protecting the interests of policyholders and insured individuals.

Key Takeaways

- The Latvian insurance industry is regulated by the FSC
- 100% FDI is permitted in the Latvian insurance industry
- Placement of non-admitted insurance or reinsurance contracts is not permitted in Latvia, except for non-admitted insurance and reinsurance contracts issued by insurance companies from other EU or EEA Member States
- Key classes of compulsory insurance include motor third-party liability insurance and personal accident insurance for passengers in public transport
- Composite insurance is not permitted in Latvia

The report "Governance, Risk and Compliance - The Latvian Insurance Industry", is the result of extensive research into the insurance regulatory framework in Latvia.

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. Including -
- An overview of the insurance regulatory framework in Latvia
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Latvia
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country

Scope
- The report covers details of the insurance regulatory framework in Latvia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in Latvia.
- Track the latest regulatory changes, and expected changes impacting the Latvian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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