Pan-European insurance license opening wealthy European insurance market of 450 million consumers and more than 20 million business. Insurance company equity capital – EUR 1 000 000. Insurance broker equity capital requirement starts from – EUR 15 000. Europe is the Worlds biggest common market where clients traditionally using different insurance products. European insurance companies are world’s oldest insurance institutions. Lithuanian licensed insurance, (re)insurance companies and insurance intermediaries such as brokers and agents 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 attractive jurisdiction insurance companies entering European insurance market as well InsurTech and FinTech start-ups introducing innovative insurance products and looking for the possibility to distribute them in single European insurance market. Lithuanian license opens the ways for non-European insurance companies sell their insurance products in European market including big national markets, such as Germany and France. Lithuanian licensed insurance companies, brokers and agents provide significant competitive advantage and opens up European insurance market at a significantly lower incorporation and operational costs. In the light of BREXIT Lithuania became the new destination of UK Fintech and InsurTech companies securing their licenses for continental Europe. Revolut Payments got Insurance Broker license in Lithuania taking advantage of the recent amendments of the Lithuanian Law on Insurance allowing the EMI and other financial license holders obtain Insurance Broker license. Other members of British Insurance Brokers Association BIBA are in authorization process.

Reasons why Lithuania is 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 submitted in English.

– No particular requirement for company top management to reside in Lithuania or Europe.

– Regulatory sandbox.

– Residence permits for non-European citizens running innovative business allowing free access to all Schengen zone.

ECOVIS experience in insurance licensing

Being part of ECOVIS International consulting network present in more than 80 counties around the world ECOVIS ProventusLaw currently considered as the most experienced financial licensing adviser in Lithuania. ECOVIS licensed more than 40 finance institutions including big names Contis, DeVere, Nium. ECOVIS provides full scale of the 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 rising during the incorporation of financial institution in Europe. After the licensing procedure completed, ECOVIS offers accounting, reporting, audit, compliance and legal services for the operational business.

More about FinTech licensing.

More about ECOVIS experience.

Kęstutis Kvainauskas

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

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