Banks, EU – Baltic States, Financial Services, Insurance, Legislation, Lithuania

"This is a significant event in the insurance market as such an insurance business licence was last issued 14 years ago. The decision of Austria's largest insurance class to base its undertaking's registered office in Lithuania shows investors' confidence in the business climate and proper regulatory environment in our country," said Ingrida Simonyte, member of the Board of the Bank of Lithuania.

The founder of the new insurance undertaking is Austria's class Vienna Insurance Group AG Wiener Versicherung Gruppe.

Compensa Vienna Insurance Group, UADB intends to engage in the activities of 14 insurance classes within the non-life insurance branch. This undertaking was also entitled to engage in three types of compulsory insurance activities within the general liability insurance class.

The licence of Compensa Vienna Insurance Group, UADB, specifying all allowed insurance activities, is published on the website of the Bank of Lithuania.