customer service software
0

Governance, Risk and Compliance - The Lithuanian Insurance Industry

  • Published Date: 27 Feb 2019
  • Number of Pages: 46
  • Category: Finance and Banking
  • Country: Lithuania
Governance, Risk and Compliance - The Lithuanian Insurance Industry

Summary

GlobalDatas "Governance, Risk and Compliance - The Lithuanian Insurance Industry", report 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 report brings together GlobalDatas research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Lithuania, including -
- An overview of the insurance regulatory framework in Lithuania.
- The latest key changes, and changes expected in the countrys 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 Lithuania.
- 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.

Key Highlights


- The Lithuanian insurance industry is regulated by Bank of Lithuania (LB).
- Solvency II came into force in the Lithuania on January 1, 2016, and introduced new risk management standards for insurers.
- Composite insurance is not allowed in Lithuania. However, companies from EU and EEA member states are allowed to operate in both classes of insurance.
- Motor third-party liability insurance and civil liability insurance for construction designers and audit firms are key compulsory classes of insurance.
- Insurance premium tax (IPT) is not levied on insurance products.

Scope

- The report covers details of the insurance regulatory framework in Lithuania.
- 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 countrys 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 Lithuania.
- Track the latest regulatory changes, and expected changes impacting the Lithuania 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.
Publisher Name : GlobalData

1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workers compensation
2.4.3 Civil liability insurance for construction designers
2.4.4 Civil liability insurance of contractors
2.4.5 Civil liability insurance on auditor firms
2.4.6 Air carriers and aircraft operators insurance
2.4.7 Professional indemnity insurance for alternative investment fund managers
2.4.8 Clinical trials liability insurance
2.4.9 Professional liability insurance for lawyers
2.4.10 Professional civil liability insurance for insurance and reinsurance intermediaries
2.4.11 Professional civil liability insurance for insurance brokers
2.4.12 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Bank of Lithuania
2.5.4 Federation of European Risk Management Associations
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
3.5 Disclaimer

List Of Tables


Table 1: Insurance Industry Definitions
Table 2: Lithuania - Insurance Regulatory Framework Key Features
Table 3: Lithuania - Life Insurance Regulatory Framework
Table 4: Lithuania- Property Insurance Regulatory Framework
Table 5: Lithuania - Motor Insurance Regulatory Framework
Table 6: Lithuania - Liability Insurance Regulatory Framework
Table 7: Lithuania - Minimum Coverage for Aircraft Third-Party Liability Per Accident per Aircraft
Table 8: Lithuania - Corporate Tax Rates for the Financial Year 2018

List Of Figures


Figure 1: Lithuania - Insurance Supervision and Control at Various Levels
Figure 2: Lithuania - Insurance Regulatory Frameworks for Company Registration and Operation

Governance, Risk and Compliance - The Maldivian Insurance Industry GlobalDatas Governance, Risk and Compliance - The Maldivian Insurance Industry , report is the result of extensive research into the insurance regulatory framework

View Report

Governance, Risk and Compliance - The Mongolian Insurance Industry GlobalDatas Governance, Risk and Compliance - The Mongolian Insurance Industry , report is the result of extensive research into the insurance regulatory framework

View Report

Governance, Risk and Compliance - The Bangladeshi Insurance Industry GlobalDatas Governance, Risk and Compliance - The Bangladeshi Insurance Industry , report is the result of extensive research into the insurance regulatory framework

View Report
There is no reviews available for this report

Select License Type

Delivery Details

Delivery Details : Electronic files (PDF) of market research reports will dispatched within 12 to 24 hours. (Mon-Fri IST)

Customized Report

If a particular report is not as per your requirement you can ‎choose "Customized Report". To visit -

Cick Here