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 one of the biggest insurance markets 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 allow to
provide services in all 28 European Union (EU) member states without any
additional restrictions from other national regulators.
One Insurance license for all Europe
Favorable 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 pan-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.
Reasons why Lithuania is top jurisdiction for Payment Institution 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 star-ups 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.
ECOVIS experience in insurance licensing
Being part of ECOVIS International consulting network present in more than 60 counties around the world ECOVIS ProventusLaw currently considered as the most experienced financial licensing advisor in Lithuania. During the period of last 12 months, ECOVIS licensed in Lithuania more than 10 finance institutions including big names deVere and Instarem setting up their European operations centres in Vilnius. ECOVIS ProventusLaw provides all the necessary services for the bank licensing, 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 banking business in Europe. After the licensing procedure completed, ECOVIS offers accounting, reporting, audit, compliance and legal services for the operational business.
More about FinTech licensing – www.ecovis.lt/fintech
More about ECOVIS experience – https://ecovis.lt/fintech/why-lithuania/