Estonia Insurance Companies
Finantsinspektsioon issues and withdraws operating licenses for insurance companies and enters insurance brokers in the list of insurance intermediaries. An operating license issued by Finantsinspektsioon does not have an expiry date. The main types of insurance are non-life insurance and life insurance. In both non-life and life insurance, a contract is signed in order to hedge risks, while life insurance is also for collecting savings.
A company needs to have a license to engage in insurance activities, and companies established in Estonia receive Our operating license from Finantsinspektsioon (EFSA).
Applying for an Operating License as an Insurance Company
To apply for an operating license as an insurance company, the management board members of a business must apply in writing and submit the data and documents listed in the Insurance Activities Act.
The operating license is issued once the data and documentation submitted meet the requirements and show clearly that the applicant for a license has sufficient means and organisational capacity for insurance activities and that the interests of the policyholders, the insured, and the beneficiaries are sufficiently protected. The decision to issue an operating license or to refuse it is taken by Finantsinspektsioon within three months after all the necessary documentation and data have been received and the requirements have been met, but not later than six months after the application for the operating license has been received.
The fee for applying for an operating license as an insurance company is 1000 euros.
Providing Cross-Border Insurance Services in Estonia
An insurer from a European Union member state that wants to provide cross-border insurance services in Estonia must adhere to the requirements of the Insurance Activities Act and the Motor Insurance Act and any other legislation derived from them such as regulations issued by the government, the Ministry of Finance, and the Ministry of Social Affairs, and the guidelines of Finantsinspektsioon.
An insurance company providing insurance services in Estonia must also follow requirements in the Money Laundering and Terrorist Financing Prevention Act and legislation derived from that, including the guidelines of Finantsinspektsioon.
For more information, please feel free to contact Neptune Fiduciaries on info@neptunecorporate.com or sales@neptunecorporate.com.
