International Internet Magazine. Baltic States news & analytics
Saturday, 01.08.2015, 08:41
The Board of the Bank of Lithuania decided to issue an insurance business licence for the private limited liability insurance undertaking Compensa Vienna Insurance Group, UADB in the process of foundation, which entitles to engage in the activities of insurance classes within the non-life insurance branch and of compulsory insurance, reported LETA/ELTA, referring to Lithuania's central bank.
Keyword tags: Banks, EU – Baltic States, Financial Services, Insurance, Legislation, Lithuania
Vienna Insurance Group (VIG) signed an agreement today on the acquisition of 100% of shares in the Latvian insurance company Baltikums. The company will be fully taken over after the necessary permissions are received, reports LETA, according to VIG.
Based on preliminary data, in the first half of 2015 compared with the first half of 2014, budget deficit of the State Social Insurance Fund in Lithuania (Sodra) was by EUR 60 million lower, reports LETA.
The European Commission has renewed integration efforts in the most complicated financial sphere – insurance service. The new Insurance Distribution Directive (IDD), intends to improve the way insurance products are sold and bring real benefits to consumers and retail investors. The IDD’s text has been approved by the EU’s “legislative trio”: the Parliament, the Council and the Commission.
Among residents of the Baltic States, the ERGO Security Index has shown a slight improvement in the mood of people in Latvia and Lithuania in comparison to last year, while it has declined by two points in Estonia. The overall index in Latvia in 2015 is -12 (-13 last year), in Lithuania it is -4 (-5), while in Estonia it has dropped from +8 in 2014 to +6 this year, reports BC ERGO communication manager Inese Kronberga.
Bank of Lithuania identified the 'grey' zones, which don’t ensure proper protection of consumer interests
Having recently investigated the unit-linked life assurance market in several directions, the Bank of Lithuania puts forward for a public discussion proposals on how to deal with fundamental problems within this fast developing market, reports LETA/ELTA.
In 2014, the number of recipients of old-age pensions paid by the State Social Insurance Fund (Sodra) decreased by a thousand to 599,600. By the end of 2014, as much as 923,200 people received at least one type of pension, i.e. one in three Lithuanians, writes LETA/ELTA.