Licencing of an Insurance Company

The provision of insurance services or insurance brokerage services is subject to licencing in Lithuania. Against this  background, we act on  behalf of our clients and assist in obtaining licences.  In particular we:

• assist in dealings with governmental authorities;
• draft documents, necessary for obtaining a licence;
• provide necessary information for obtaining a license.

 Knowledge & Insights

Licencing process

In order to be granted an insurance company licence, a company must submit documents and information to the Bank of Lithuania. The company must submit a lot of documents such as the company‘s articles of association, business plan, evidence that minimum size of the equity capital does not fall below the specified amount, information on the chairman and other members of the supervisory board and etc. 

Requirements 

While submitting an application for a licence a company must prove that the following requirements are met: 

• Fitness of submitted documents;
• Authorised capital of insurance company shall be no less than EUR 1 000 000;
• Authorised capital of the insurnace brokerage company shall be no less than EUR 15 000;
• The founders of an insurance company must be of good repute;
• Fitness and propriety of heads of an insurance company;
• Business plan.

Timing

It takes 6 months to obtain a licence of insurance company.  An application for a licence of insurance brokerage firm must be assessed within 4 months of submission of proper and sufficiently informative documents.