Estonia Insurance Companies
Finantsinspektsioon issues and revokes operating licenses for insurance companies and includes insurance brokers in the list of insurance intermediaries. An operating license issued by Finantsinspektsioon does not have an expiration date. The primary types of insurance are non-life insurance and life insurance. In both non-life and life insurance, contracts are signed to hedge risks, while life insurance also serves as a means to accumulate savings.
Companies engaging in insurance activities must hold a license, and companies established in Estonia obtain their 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 members of the management board of a business must submit a written application and provide the data and documents specified in the Insurance Activities Act.
The operating license is issued once the submitted data and documentation meet the requirements, demonstrating sufficient financial resources and organizational capacity for insurance activities, and ensuring adequate protection of the interests of policyholders, insured persons, and beneficiaries. Finantsinspektsioon decides to issue or refuse an operating license within three months of receiving all necessary documentation and meeting requirements, but no later than six months after receiving the application for the operating license.
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 intending to provide cross-border insurance services in Estonia must comply with the requirements of the Insurance Activities Act, the Motor Insurance Act, and related legislation, including regulations issued by the government, the Ministry of Finance, the Ministry of Social Affairs, and guidelines from Finantsinspektsioon.
Insurance companies offering services in Estonia must also adhere to 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.
