Latvia Insurance Industry Governance, Risk and Compliance Report 2019 –

Latvia Insurance Industry Governance, Risk and Compliance Report 2019 –

Risk and Compliance – The Latvian Insurance Industry”
has been added’soffering.

“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.

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which were repealed on January 1, 2016 and replaced by the new Insurance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
  • 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 covers details of the insurance regulatory framework in
  • 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.

Key Topics Covered:


1.1 What is this Report About?

1.2 Definitions


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 Air carriers and aircraft operators insurance

2.4.3 Professional indemnity insurance for alternative investment fund

2.4.4 Liability for ships with respect to oil pollution

2.4.5 Third party liability insurance for bailiffs

2.4.6 Clinical trial liability

2.4.7 Professional liability insurance for insurance intermediaries

2.4.8 Health insurance

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 Federation of European Risk Management Associations

2.5.4 Federation of European Risk Management Associations

2.5.5 Latvian Insurers Association

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


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