Lithuania Insurance Industry Report 2022: Governance, Risk and Compliance - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Lithuania Insurance Industry - Governance, Risk and Compliance" report has been added to ResearchAndMarkets.com's offering.

Lithuania Insurance Industry report provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together the publisher's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.

The report also includes the scope of non-admitted insurance in the country.

Key Highlights

• The Lithuanian insurance industry is regulated by the Bank of Lithuania (LB).
• Solvency II came into force in Lithuania on January 1, 2016, and introduced new risk management standards for insurers.
• Composite insurance is not allowed in Lithuania. However, companies from EU and EEA member states are allowed to operate in both classes of insurance.
• Motor third-party liability insurance and civil liability insurance for construction designers and audit firms are key compulsory classes of insurance.
• Insurance premium tax (IPT) is not levied on insurance products

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Lithuania, including:

• An overview of the insurance regulatory framework in Lithuania.
• The latest key changes, and changes expected in the country's insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the country.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.
• Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.

Key Topics Covered:

• Legislation Overview
• Supervision and Control
• Legislation
• Compulsory Insurance
• Non-Admitted Insurance Regulations
• Company Registration and Operation
• License
• Foreign Direct Investment / Ownership
• Minimum Capital Requirements
• Solvency Margins
• Reserve Requirements
• Statutory Return Requirements
• Fee Structure
• Taxation
• Tax on Insurance Premium
• Corporate Income Tax
• Corporate Capital Gains Tax
• Value Added Tax
• Legal System
• Policy Practice

For more information about this report visit https://www.researchandmarkets.com/r/v0jxex