Estonia Insurance Intermediaries
An insurance intermediary specializes in facilitating insurance contracts and earns a fee for their services. Insurance intermediaries in Estonia are categorized into insurance brokers and insurance agents. The roles of insurance brokers and insurance agents differ fundamentally: brokers represent the interests of policyholders, while agents represent the interests of insurance companies.
Registration of Insurance Intermediaries
Insurance agents are listed under the insurance company that authorizes their activities. The insurance company is responsible for the accuracy of entries in the list.
To be listed as an insurance broker in the registry of insurance intermediaries, an application must be submitted in writing to Finantsinspektsioon. Finantsinspektsioon decides whether to accept or reject the application within one month after receiving all required documents and data as stipulated by law.
Registration of Insurance Agents in the List of Insurance Intermediaries
Insurance agents are entered into the list of intermediaries by the insurance company they represent, or by Finantsinspektsioon under specific circumstances defined by law. The insurer adds an insurance agent to the list immediately upon signing a contract with the agent.
Registration of Insurance Brokers in the List of Insurance Intermediaries
To be listed as an insurance broker, an applicant must submit a written application to the Financial Supervision Authority and provide all required information and documents. Any changes in the information and documents specified in subsection 187 (1) of the Insurance Activities Act must be promptly reported to the Financial Supervision Authority upon awareness of the change.
Providing Cross-Border Insurance Intermediation Services in Estonia
An insurance intermediary from a European Union member state intending to provide cross-border insurance intermediation services in Estonia must comply with the requirements of the Insurance Activities Act, the Motor Insurance Act, and related legislation. This includes regulations issued by the government, the Ministry of Finance, the Ministry of Social Affairs, and guidelines from Finantsinspektsioon. The provision of insurance intermediation services must also adhere to the Law of Obligations Act and the Consumer Protection Act.
Insurance intermediaries providing services in Estonia must also comply with requirements outlined in the Money Laundering and Terrorist Financing Prevention Act and related legislation, including guidelines from Finantsinspektsioon.
For more information, please contact Neptune Fiduciaries at info@neptunecorporate.com or sales@neptunecorporate.com.
