Latvia Insurance Company License

Latvia Insurance Companies

An insurance company is an undertaking registered in the Republic of Latvia as a stock company, a European commercial company, or a mutual co-operative insurance association, and is entitled to pursue insurance business under the Law on Insurance and Reinsurance.

Licensing Requirements: To receive an insurance license, a newly-established insurance company shall submit an application to the Financial and Capital Market Commission (the Commission) for one or several classes of insurance. The application must be accompanied by information and documentation according to the provisions of the Law on Insurance and Reinsurance and relevant regulations.

Commercial companies intending to obtain licenses for specific insurance classes must have minimum initial capital requirements. For certain insurance classes such as motor vehicle third party liability insurance, aircraft ownership liability insurance, ship ownership liability insurance, general liability insurance, credit insurance, suretyship insurance, or life assurance, the minimum initial capital is 3.7 million euros. For other commercial companies, the minimum initial capital is 2.5 million euros.

Application Process: The Commission examines the application for obtaining an insurance operating license and makes a decision within a six-month period after receipt of the application.

For more information, please feel free to contact Neptune Fiduciaries on info@neptunecorporate.com or sales@neptunecorporate.com.