EUROPEAN INSURANCE COMPANY LICENSE. INSURANCE INTERMEDIARY BROKER AND AGENT LICENSING. INSURTECH SOLUTIONS
Insurance license opening World’s biggest common market of European Union and European Economic Area (EU/EEA) consisting of 450 million consumers and more than 20 million businesses. Europe is considered as the World’s biggest insurance market where clients traditionally use wide range of different insurance products. Insurance or insurance broker company registered and licensed in Lithuania provides a significant competitive advantage and opens European insurance market at significantly lower incorporation and operational costs. Lithuanian insurance company and insurance broker licenses are fully passportable in all EU/EEA area and allow offering of insurance products in all over Europe. Insurance regulators in other EU member states are not allowed to make any additional barriers or set additional requirements.
FinTech and insurance/InsurTech are dynamic and rapidly developing sectors in Lithuania. There are more than 100 insurance and insurance intermediary companies currently operational in Lithuania. Favorable regulatory environment makes Lithuania attractive jurisdiction for insurance companies entering the European insurance market, introducing innovative insurance products and planning to offer them in the single European insurance market. Lithuanian insurance 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.
Attraction of international insurance companies is a part of the Government policy in Lithuania. Governmental institutions together with the financial/insurance regulator – Bank of Lithuania aims to create a business-friendly environment for international insurance companies and InsurTech start-ups.
After the BREXIT Lithuania became the new destination for UK insurance companies looking for the license allowing them to offer insurance product in continental Europe. Revolut Payments hold Lithuanian insurance broker license taking advantage of the latest amendments of Lithuanian Law on Insurance allowing combination of insurance broker license with other financial licenses (payment, EMI, etc.). Other members of British Insurance Brokers Association BIBA and US insurance companies currently consider possibilities to be licensed in Lithuania and offer their insurance products in European Union and European Economic Area (EU/EEA)
Reasons why Lithuania currently is one of the best European jurisdiction for insurance company and brokerage licensing:
- Fast licensing process.
- Business-oriented regulation.
- Regulatory Sandbox, newcomer program and other progressive regulatory initiatives allowing to test innovative insurance products in real market conditions.
- Licensing documentation can be submitted in English.
- Effective license passporting regime allowing provision of the services in all EU/EEA without any additional licensing.
- No requirement for company directors and board members to reside in Lithuania/Europe.
- Start-up visas. Special visas for citizens of non-EU/EEA countries running innovative businesses in Lithuania.
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 players 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.
Knowledge without experience is of little use. Therefore we are proud of having our own valuable experience to share with you.