Banks, Financial Services, Insurance, Investments, Legislation, Lithuania

The insurers are charged with the duty to inform the depositors and the investors about the insurance over the deposits and the commitments to the investors – the banks, the credit unions and other companies providing the investment services and the public institution Deposits and Investments' Insurance – to check how this information is being provided.

The National Audit Office conducted an audit which assessed whether the measures of the checks ensured the appropriate and comprehensive briefing for the depositors and the investors.

"We found that the legal acts did not regulate the ways, the forms and the measures by which the insurers had to inform the depositors and the investors about the insurance over the deposits and the commitments to the investors. As a result, a company does not always ensure that the insurers inform the citizens in a clear and understandable way. On the other hand, due to the regulatory deficiencies, it is not always possible to determine whether the citizens were informed properly or not," said Auditor General Giedre Svediene.