Pan-European insurance license opening wealthy European insurance market of 500 million consumers and more than 20 million business. Insurance company licensing time – 6 months. Equity capital – EUR 1 000 000. Insurance broker licensing time – 4 months. Equity capital requirement starts from – EUR 15 000.
Europe is one of the biggest insurance markets in the world having 500 million wealthy consumers traditionally using different insurance products. European insurance companies are oldest insurance institutions. Lithuanian issued pan-European insurance, (re)insurance company and insurance brokerage licenses allows non-European insurance companies and FinTech start-ups market their insurance products in the European (EU/EEA) market, including big national markets, such as Germany and France. Insurance business becomes global worldwide. Lithuanian licensed Insurance Companies and Insurance brokers provide significant competitive advantage and opens up European insurance market at a significantly lower incorporation and operational costs.
Favourable regulatory environment makes Lithuania attractive jurisdiction for large non-European insurance companies entering European insurance market as well InsurTech and FinTech start-ups introducing innovative insurance products and looking for the access in to the big insurance market.
The reasons why Lithuania is one of the top jurisdictions in EU/EEA for insurance licensing:
– Fast licensing process
– Application for Insurance broker license submitted without establishing a company. Incorporation of the company starts only after the decision to grant the license taken.
– Licensing documentation submitted in English
– No particular requirement for company management to reside in Lithuania
– No regulatory sanctions for the first year. The Bank of Lithuania (Regulator) is committed to support newly incorporated companies and not to punish them during the first year of operation for minor infringements.
– Start-up visa allowing free access to all Schengen zone. Special visas for of non-EU/EEA citizens running innovative businesses.
More about FinTech licensing – www.ecovis.lt/fintech
More about ECOVIS experience – http://ecovis.lt/fintech/why-lithuania/