Lithuania Insurance Industry – Governance, Risk and Compliance

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Lithuania Insurance Industry Regulation Overview

The insurance industry in Lithuania is regulated by the Bank of Lithuania (LB). The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA) among others.

The Lithuania Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Key Regulators ·        Bank of Lithuania (LB)

·        International Association of Insurance Supervisors (IAIS)

·        European Insurance and Occupational Pensions Authority (EIOPA)

·        Federation of European Risk Management Associations (FERMA)

Compulsory Insurances ·        Motor third-party Liability Insurance

·        Marine Liability Insurance

·        Social Security Insurance

·        Liability Insurance

Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax

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Lithuania Insurance Industry – Key Regulators and Legislation

Bank of Lithuania (LB): The LB has been responsible for the supervision of the insurance industry in Lithuania since January 1, 2012. Its principal objective is the monitoring of insurance and reinsurance companies and insurance intermediaries. The LB introduced a new unit to regulate the insurance industry, the Supervision Service, which became operational in early 2012.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

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Lithuania Insurance Industry - Compulsory Insurance

A few of the key compulsory insurance required within the Lithuania insurance industry are:

  • Motor third-party Liability Insurance
  • Marine Liability Insurance
  • Social Security Insurance
  • Liability insurance

Lithuania Insurance Industry Analysis by Compulsory Insurances

Lithuania Insurance Industry Analysis by Compulsory Insurances

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Lithuania Insurance Industry - Company Registration and Operation

Insurers are required to obtain a license to operate in the country. According to the law, the sales and promotion of insurance and services by an insurance company are not allowed unless the company is lawfully authorized to do so.  Similarly, domestic reinsurers are required to obtain a license to operate in the country, whereas foreign reinsurers do not need a license and are not required to be registered. In addition, intermediaries are required to obtain a license to sell insurance contracts in the country.

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Lithuania Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Lithuania. The other taxes imposed are corporate income tax, corporate capital gains tax, and value added tax.

Corporate Income Tax: Taxation is administered and supervised by the State Tax Inspectorate under the Ministry of Finance, Customs Department, and the State Social Insurance Fund Board under the Ministry of Social Security and Labor.

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Scope

This report provides:

  • Details of the insurance regulatory framework in Lithuania.
  • Details of the rules and regulations governing insurance products and insurance entities.
  • Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
  • Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
  • Details of the taxation imposed on insurance products and insurance companies.

Key Highlights

  • The Financial Services Agency and the Local Finance Bureau of the Ministry of Finance regulate the Lithuaniaese insurance industry.
  • 100% FDI is permitted in the Lithuaniaese insurance industry.
  • Composite insurance is not permitted in Lithuania, however, both life and non-life insurers are permitted to operate accident and health insurance businesses.
  • Non-admitted insurance is not permitted in the Lithuaniaese insurance industry, with a few exceptions.
  • Automobile liability, workers’ accident compensation, and nuclear risk liability are compulsory classes of insurance.

Reasons to Buy

  • Get insights into the insurance regulatory framework in Lithuania.
  • Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Track the latest regulatory changes and expected changes impacting the Lithuania insurance industry.
  • Get detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
  • Understand key regulations and market practices on various types of insurance products.

Table of Contents

  • 1. Legislation Overview

    • 1.1. Supervision and Control
    • 1.2. Legislation

  • 2. Compulsory Insurance
  • 3. Non-Admitted Insurance Regulations
  • 4. Company Registration and Operation

    • 4.1. License
    • 4.2. Foreign Direct Investment / Ownership
    • 4.3. Minimum Capital Requirements
    • 4.4. Solvency Margins
    • 4.5. Reserve Requirements
    • 4.6. Statutory Return Requirements
    • 4.7. Fee Structure

  • 5. Taxation

    • 5.1. Tax on Insurance Premium
    • 5.2. Corporate Income Tax
    • 5.3. Corporate Capital Gains Tax
    • 5.4. Value Added Tax

  • 6. Legal System
  • 7. Policy Practice
  • 8. About GlobalData
  • 9. Contact Us

Table

Lithuania – Minimum Coverage for Aircraft Third-Party Liability Per Accident per Aircraft

Lithuania – Corporate Tax Rates for the Financial Year 2023

Figures

List of Tables

Lithuania – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

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