INSURANCE COMPANY AND INTERMEDIARIES LICENSE. INSURANCE BROKER AND AGENT LICENSING. INSURTECH

Pan-European insurance license opens a wealthy European insurance market consisting of 450 million consumers and more than 20 million businesses. The insurance company’s equity capital must be EUR 1,000,000. The requirement for the Insurance broker’s equity capital starts from EUR 15,000. Europe is the world’s biggest common market where the clients traditionally use different insurance products. European insurance companies are the oldest insurance institutions in the world. The insurance, (re)insurance companies and insurance intermediaries such as brokers and agents in Lithuania are allowed to provide services in all European Union and European Economic Area (EU/EEA) member states without any additional licensing or restrictions.

One Insurance Company and Insurance Agent license for all Europe

Favorable regulatory environment makes Lithuania the attractive jurisdiction for insurance companies entering the European insurance market as well InsurTech and FinTech start-ups introducing innovative insurance products and looking for the possibility to distribute them in the single European insurance market. Lithuanian license opens the ways for non-European insurance companies to sell their insurance products in the European market including big national markets, such as Germany and France. The insurance companies, brokers and agents licensed in Lithuania provide a significant competitive advantage and open up the European insurance market at a significantly lower incorporation and operational costs. In the light of BREXIT Lithuania became the new destination of the UK FinTech and InsurTech companies by securing their licenses for continental Europe. Revolut Payments got Insurance Broker license in Lithuania by taking advantage of the recent amendments of the Lithuanian Law on Insurance which allows the EMI and other financial license holders to obtain Insurance Broker license. Other members of British Insurance Brokers Association BIBA are in authorization process.

Reasons why Lithuania is the top jurisdiction for insurance licensing:

  • Fast licensing process.
  • Companies holding Payment and Electronic Money Institution or other financial licenses can provide Insurance Broker services.
  • Licensing documentation can be submitted in English.
  • No particular requirement for the company’s top management to reside in Lithuania or Europe.
  • Regulatory sandbox.
  • Residence permits for non-European citizens running an innovative business which allows free access to all Schengen zone.

ECOVIS experience in insurance licensing

Being a part of ECOVIS International consulting network operating in more than 80 counties around the world, ECOVIS ProventusLaw is currently considered to be the most experienced financial licensing adviser in Lithuania. ECOVIS licensed more than 40 financial institutions including such big companies as Contis, DeVere, Nium. ECOVIS provides the full scale of licensing services including preparation of licensing documentation, representation at the Bank of Lithuania (Regulator) during the licensing procedure, company incorporation, office registration, advice on IT, HR, compliance and other matters arising during the incorporation of a financial institution in Europe. When the licensing procedure is completed, ECOVIS offers accounting, reporting, audit, compliance and legal services for the operational business.

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Kęstutis Kvainauskas

Lawyer, attorney at law, partner of the law firm.

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