Latvia Insurance Intermediaries License

Latvia Insurance Intermediaries

An insurance or reinsurance broker may commence the distribution of insurance or reinsurance only after registering with the insurance and reinsurance brokers' register, maintained by the Financial and Capital Market Commission (the Commission). This includes capital companies entered into the commercial register of the Register of Enterprises or branches of foreign insurance or reinsurance brokers.

An insurance broker, as a legal person, must have a minimum share capital of €15,000. Foreign insurance or reinsurance brokers wishing to operate in Latvia must deposit €15,000 as security in a Latvian credit institution. If the broker is from an OECD member state, the security deposit is 25% of €15,000.

The Commission examines applications for entry into the register and makes a decision within 30 days of receiving the necessary documents.

An insurance agent may begin distributing insurance only after registering with the register of insurance agents, maintained by an insurance merchant or a branch of a foreign insurer. Registration includes commercial companies, individual merchants, or cooperative societies.

Ancillary insurance intermediaries must register with the register of ancillary insurance intermediaries, maintained by an insurance merchant, a branch of a foreign insurer, or an insurance agent. They must also enter into a distribution contract with an insurance merchant, a branch of a foreign insurer, or an insurance broker, complying with the requirements of the Insurance and Reinsurance Distribution Law.

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