INSURANCE COMPANY, INSURANCE BROKER LICENSE AND INSURTECH LICENSING
Pan-European insurance license opening wealthy European insurance market of 500 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 biggest insurance market in the world having 500 million wealthy consumers traditionally using different insurance products. European insurance companies are world’s oldest insurance institutions. Lithuanian licensed insurance, (re)insurance companies and insurance brokers are allowed to provide services in all European Union and European Economic Area (EU/EEA) member states without any additional restrictions.
One Insurance Company and Insurance Broker 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 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 destination of UK Fintech and InsurTech companies securing their licenses for continental Europe. Revolut Payments already took an advantage of the recent amendments of the Lithuanian Law on Insurance, allowing the EMI and other financial license holders obtain Insurance Broker license.
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
– No regulatory sanctions for the first year. The Bank of Lithuania (Regulator) is committed to support star-ups and not to punish them during the first year of operation for minor infringements.
– 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 70 counties around the world ECOVIS ProventusLaw currently considered as the most experienced financial licensing adviser in Lithuania. ECOVIS licensed more than 30 finance institutions including big names Contis, DeVere, Instarem. 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 issues 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.
Knowledge without experience is of little use. Therefore we are proud of having our own valuable experience to share with you.