News archive

Year 2003

2003 12 29 - UAB Draudimo Brokeris Draudimo Efektas authorised capital increases

On 29 December 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Draudimo Efektas relating to the increase of insurance broker's authorised capital from 10,000 LTL to 29,300 LTL.

2003 12 26 - Law on Insurance of the Republic of Lithuania

On the State Insurance Supervisory Authority under the Ministry of Finance website is published unofficial translation of the Law on Insurance of the Republic of Lithuania, adopted on 18 September 2003 No. IX-1737.

2003 12 23 - New insurance broker

On 23 December 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Draudimo Vizija.

2003 12 23 - UAB Baltic Polis authorised capital increases

On 23 December 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to Articles of Association of UAB Baltic Polis relating to the increase of insurance company's authorised capital from 3,100,000 LTL to 3,466,000 LTL.

2003 12 23 - Licence of insurance activity suspended

On 23 December 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance suspended the licence issued to UAB Zurich Draudimas to carry out insurance activity.

2003 12 23 - Permission to carry out insurance broker's activity revoked

On 23 December 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance revoked permission to carry out insurance broker's activity for UAB Draudimo Brokeris Krisviga.

2003 12 22 - In January through November of 2003, concluded insurance contracts reached the number of 3.3 mil. Litas

According to reports from insurance companies, in January through November of 2003, direct insurance without deductions for reinsurance accounted for 746.2 mil. Litas of insurance premiums (10.5 per cent more than through the reporting period of 2002), 294.4 mil. Litas of claims (26.3 per cent more than through the reporting period of 2002).
Non-life insurance accounted for 559.3 mil. Litas of written premiums and 267.2 mil. Litas of claims. If compared to the data reported for the 11 months of 2002, the written premiums showed a decrease of 0.2 per cent and claims payments showed an increase of 38.4 per cent.
Life assurance amounted to 186.8 mil. Litas of written premiums and 27.2 mil. Litas of claims payments. If compared to the period of January till November of 2002, written premiums of life assurance increased by 62.6 per cent. Claims payments decreased by 32.0 per cent.
Non-life insurance market declined because of a 20.6 per cent decrease from the results of the past year in premiums income of Compulsory Motor Third Party Liability Insurance. Apart from written premiums of the compulsory insurance, non-life insurance market went 14.5 per cent up.
According to direct insurance premiums written in January through November of 2003, life assurance market share comprised 25.0 per cent, non-life insurance - 75.0 per cent. A year ago, the shares corresponded to 17.0 per cent and 83.0 per cent, respectively.
In January through November of 2003, concluded insurance contracts reached the number of 3,319 thous., including 24.5 thous. those of life assurance. If compared to the reporting period of 2002, the number of contracts increased by 4.6 per cent: in life assurance decreased by 48.5 per cent and in non-life increased by 5.4 per cent.
In November, if compared to October, written insurance premiums decreased by 12.2 down to 57.1 mil. Litas. Life assurance premiums increased by 7.1 per cent - up to 18.7 mil. Litas, non-life insurance premiums decreased by 19.0 per cent - down to 38.3 mil. Litas.
In November of 2003, if compared to November of 2002, written insurance premiums increased by 15.7 per cent. Life assurance premiums - by 36.0 per cent, those of non-life insurance - by 7.8 per cent.
Insurance claims payments totaled 20.8 mil. Litas, what represent a 2.7 per cent decrease from October. In life assurance, claims payments decreased by 25.1 per cent - down to 2.4 mil. Litas; in non-life insurance increased by 1.2 per cent - up to 18.4 mil. Litas.

2003 12 18 - Through the period of January till November of 2003, written premiums decreased by 21.9 per cent from the amount reported a year before and the claims payments increased by 82.8 per cent

In the end of November, the compulsory motor third party liability insurance covered 879,275 vehicles under standard insurance contracts, 84,064 - under group insurance contracts, and 29,982 - under frontier insurance contracts.
In January through November of 2003, insurance companies engaged in the compulsory motor third party liability insurance reported 1,771.8 thous. insurance contracts and 183.0 mil. Litas of compulsory insurance premiums:
under standard insurance contracts: 1,147.2 thous. of contracts and 143.3 mil. Litas of insurance premiums;
under group insurance contracts: 23.3 thous. of contracts and 3.8 mil. Litas of insurance premiums;
under frontier insurance contracts: 601.3 thous. of contracts and 35.9 mil. Litas of insurance premiums.
Through the period of January till November of 2003, the written premiums income decreased by 21.9 per cent from the amount reported a year before.
Compulsory insurance income of November of 2003 comprised 6.2 mil. Litas, if compared to November of 2002, thus marking a 23.7 per cent decrease.
In January through November of 2003, claims payments accounted for 38,536 cases and for 58.1 mil. Litas. If compared to the same period of the previous year, the claims payments increased by 82.8 per cent. Claims payments of October totaled an amount of 6.3 mil. Litas.
Since the 15th of October till the 31st of November insurance companies reported 30.8 thous. international motor insurance card ("Green Card") contracts and 3.2 mil. Litas of compulsory insurance premiums.

2003 12 16 - UAB Commercial Union Lietuva Gyvybės Draudimas authorised capital increases

On 16 December 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Commercial Union Lietuva Gyvybės Draudimas relating to the increase of insurance company's authorised capital from 5,550,000 LTL to 5,750,000 LTL.

2003 12 16 - Candidature of insurance company's manager approved

On 16 December 2003, the Board of State Insurance Supervisory Authority approved Ingrida Savickienė's candidature as the acting manager of UAB Lietuvos Draudimo Gyvybės Draudimas.

2003 12 09 - New insurance broker

On 9 December 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Destinija.

2003 12 09 - New insurance broker

2003 12 02 - UAB Lindra - Gyvybės Draudimas authorised capital increases

On 2 December 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Lindra - Gyvybės Draudimas relating to the increase of insurance company's authorised capital from 4,650,000 LTL to 5,000,000 LTL.

2003 11 25 - Acquisition of UAB Lietuvos Draudimo Gyvybės Draudimas shares authorised

On 25 November 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted the decision to authorise AB Bankas Hansabankas to acquire 100% of UAB Lietuvos Draudimo Gyvybės Draudimas shares.

2003 11 25 - UAB Draudimo Brokeris Hokena authorised capital increases

On 25 November 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Hokena relating to the increase of insurance broker's authorised capital from 10,000 LTL to 76,000 LTL.

2003 11 21 - In January through October insurance premiums accounted for 689.1 mil. Litas

According to reports from insurance companies, in January through October of 2003, direct insurance without deductions for reinsurance accounted for 689.1 mil. Litas of insurance premiums (10.1 per cent more than through the reporting period of 2002), 273.5 mil. Litas of claims (31.1 per cent more than through the reporting period of 2002).
Non-life insurance accounted for 521.0 mil. Litas of written premiums and 248.7 mil. Litas of claims. If compared to the data reported for the 10 months of 2002, the written premiums showed a decrease of 0.7 per cent and claims payments showed an increase of 45.2 per cent.
Life assurance amounted to 168.1 mil. Litas of written premiums and 24.8 mil. Litas of claims payments. If compared to the period of January till October of 2002, written premiums of life assurance increased by 66.2 per cent. Claims payments decreased by 33.5 per cent.
Non-life insurance market declined because of a 21.5 per cent decrease from the results of the past year in premiums income of Compulsory Motor Third Party Liability Insurance. Apart from written premiums of the compulsory insurance, non-life insurance market went 15.1 per cent up.
According to direct insurance premiums written in January through October of 2003, life assurance market share comprised 24.4 per cent, non-life insurance - 75.6 per cent. A year ago, the shares corresponded to 16.2 per cent and 83.8 per cent, respectively.
In January through October of 2003, concluded insurance contracts reached the number of 3,030 thous., including 22.0 thous. those of life assurance. If compared to the reporting period of 2002, the number of contracts increased by 2.3 per cent: in life assurance decreased by 44.6 per cent and in non-life increased by 3.0 per cent.
In October, if compared to September, written insurance premiums increased by 13.5 up to 65.0 mil. Litas. Life assurance premiums increased by 7.1 per cent - up to 17.6 mil. Litas, non-life insurance premiums increased by 16.0 per cent - up to 47.3 mil. Litas.
In October of 2003, if compared to October of 2002, written insurance premiums decreased by 19.4 per cent. Life assurance premiums increased by 44.3 per cent, those of non-life insurance decreased by 30.8 per cent.
Insurance claims payments totaled 21.4 mil. Litas, what represent a 0.6 per cent decrease from September. In life assurance, claims payments increased by 88.3 per cent - up to 3.2 mil. Litas; in non-life insurance decreased by 8.2 per cent - down to 18.2 mil. Litas.

2003 11 24 - In January through October of 2003 claims paid amounted of 52 mil. Litas

In the end of October, the compulsory motor third party liability insurance covered 891,868 vehicles under standard insurance contracts, 84,412 - under group insurance contracts, and 32,288 - under frontier insurance contracts.
In January through October of 2003, insurance companies engaged in the compulsory motor third party liability insurance reported 1,664.3 thous. insurance contracts and 176.8 mil. Litas of compulsory insurance premiums:
under standard insurance contracts: 1,085.8 thous. of contracts and 139.1 mil. Litas of insurance premiums;
under group insurance contracts: 23.0 thous. of contracts and 3.8 mil. Litas of insurance premiums;
under frontier insurance contracts: 555.6 thous. of contracts and 33.9 mil. Litas of insurance premiums.
Through the period of January till October of 2003, the written premium income decreased by 21.9 per cent from the amount reported a year before.
Compulsory insurance income of October of 2003 comprised 7.8 mil. Litas, if compared to October of 2002, thus marking a 29.3 per cent decrease.
In January through October of 2003, claims payments accounted for 34,694 cases and for 51.8 mil. Litas. If compared to the same period of the previous year, the claims payments increased by 98.0 per cent. Claims payments of October totaled an amount of 5.6 mil. Litas.
In 15th of October insurance companies started to distribute the international motor insurance card ("Green Card"). Since the 15th till the 31st of October insurance companies reported 7.7 thous. insurance contracts and 813.5 thous. Litas of compulsory insurance premiums.

2003 11 19 - Issue of a license to engage in the activity of pensions accumulation

Under a resolution of the Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted on 19 November 2003, UAB Lindra - Gyvybės Draudimas was issued a license to engage in the activity of pensions accumulation. The Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted the decision to approve policy conditions for the pension funds accumulating the state social insurance premiums LINDRA KONSERVATYVUS and LINDRA SUBALANSUOTAS which belong to UAB Lindra - Gyvybės Draudimas.

2003 11 18 - New insurance broker

On 18 November 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris DPB.

2003 11 18 - Acquisition of UAB Baltik Garant shares authorised

On 18 November 2003, the Board of the State Insurance Supervisory Authority adopted the decision to authorise related persons limited company InWest - Policy and Russian insurance company Ingosstrakh Insurance Company to acquire 6.6% of UAB Baltik Garant shares.

2003 11 18 - Authorisation to wind up the insurance company

On 18 November 2003, the Board of the State Insurance Supervisory Authority provided with the authorisation to wind up UAB Zurich Draudimas.

2003 11 18 - Permission to carry out insurance broker's activity suspended

On 18 November 2003, the Board of the State Insurance Supervisory Authority made decission to suspend permission to carry out insurance broker's activity for UAB Draudimo Brokeris Krisviga from 24 November, 2003.

2003 11 18 - Permission to carry out insurance broker's activity revoked

On 18 November 2003, the Board of the State Insurance Supervisory Authority made decission to revoke permission to carry out insurance broker's activity for UAB Draudimo Brokeris Asekura.

2003 11 11 - Acquisition of UAB Lavisos Garantas shares authorised

On 11 November 2003, the Board of the State Insurance Supervisory Authority adopted the decision to authorise UAB Lavisos Agrogrupė to acquire 28.4% of UAB Lavisos Garantas shares.

2003 11 06 - Co-Resolution adopet by the State Insurance Supervisory Authority under the Ministry of Finance and Securities Commission of the Republic of Lithuania

On 6 November 2003, at the extraordinary meeting, the Board of the State Insurance Supervisory Authority under the Ministry of Finance and Securities Commission of the Republic of Lithuania approved Resolution On Amendments of the Co-Resolution No. N-305/8 On Standard Conditions of Contracts of Pension, adopted by the State Insurance Supervisory Authority under the Ministry of Finance and Securities Commission of the Republic of Lithuania on 30 July 2003, which shall be declared in the nearest issue of the Official Gazette and on the SISA website.

2003 11 04 - UAB Draudimo Brokeris Eurodraudimas authorised capital increases

On 4 November 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Eurodraudimas relating to the increase of insurance broker's authorised capital from 10,000 LTL to 55,000 LTL.

2003 10 29 - Amendments to the Terms and Conditions for Pension Funds of UAB Lietuvos Draudimo Gyvybės Draudimas approved

At an extraordinary meeting of the Board of the State Insurance Supervisory Authority under the Ministry of Finance, 29 October 2003, amendments to the Terms and Conditions for the pension funds, such as Conservative, Balanced and Active, which accumulate parts of the state social insurance premiums were adopted. The amendments shall come in force on 27 November 2003. The principal amendments are related to diminishing of the amounts calculated from the pension premiums: UAB Lietuvos Draudimo Gyvybės Draudimas as a member of the pension fund shall be able to discount not more than 3% to cover the due costs from the pension premiums in the pension fund.

2003 10 28 - New insurance broker

On 28 October 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Jopada.

2003 10 28 - Acquisition of AB Lietuvos Draudimo Kreditų Draudimas shares authorised

On 28 October 2003, the Board of the State Insurance Supervisory Authority adopted the decision to authorise German insurance company Euler Hermes Versicherungsbeteiligungen GmbH to acquire 2% of AB Lietuvos Draudimo Kreditų Draudimas shares.

2003 10 21 - New insurance broker

On 21 October 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris RDD.

2003 10 21 - New insurance broker

2003 10 21 - Acquisition of AB Snoro Garantas shares authorised

On 21 October 2003, the Board of the State Insurance Supervisory Authority adopted the decision to authorise Russian insurance company RESO-GARANTIA to acquire 100% of AB Snoro Garantas shares.

2003 10 20 - January through September 2003 claims paid amounted of a quarter of billion Litas

According to reports from insurance companies, in January through September of 2003, direct insurance without deductions for reinsurance accounted for 624.2 mil. Litas of insurance premiums (14.4 per cent more than through the reporting period of 2002), 252.2 mil. Litas of claims (37.3 per cent more than through the reporting period of 2002).
Non-life insurance accounted for 473.7 mil. Litas of written premiums and 230.5 mil. Litas of claims. If compared to the data reported for the 9 months of 2002, the written premiums showed an increase of 3.8 per cent and a 53.7 per cent in claims payments.
Life assurance amounted to 150.5 mil. Litas of written premiums and 21.6 mil. Litas of claims payments. If compared to the period of January till September of 2002, written premiums of life assurance increased by 69.2 per cent. Claims payments decreased by 35.8 per cent.
Non-life insurance market growth slowed down because of a 21.5 per cent decrease from the results of the past year in premiums income of Compulsory Motor Third Party Liability Insurance. Apart from written premiums of the compulsory insurance, non-life insurance market went 26.4 per cent up.
According to direct insurance premiums written in January through September of 2003, life assurance market share comprised 24.1 per cent, non-life insurance - 75.9 per cent. A year ago, the shares corresponded to 16.3 per cent and 83.7 per cent, respectively.
In January through September of 2003, concluded insurance contracts reached the number of 2,728 thous., including 19.8 thous. those of life assurance. If compared to the reporting period of 2002, the number of contracts increased by 0.7 per cent: in life assurance decreased by 42.4 per cent and in non-life increased by 1.2 per cent.
In September, if compared to August, written insurance premiums decreased by 21.4 down to 57.3 mil. Litas. Life assurance premiums increased by 0.6 per cent - up to 16.5 mil. Litas, non-life insurance premiums decreased by 27.8 per cent - down to 40.8 mil. Litas.
In September of 2003, if compared to September of 2002, written insurance premiums increased by 22.9 per cent. Life assurance premiums increased by 56.0 per cent, those of non-life insurance - by 13.2 per cent.
Insurance claims payments totaled 21.5 mil. Litas, what represent a 24.5 per cent increase from August. In life assurance, claims payments decreased by 13.6 per cent - down to 1.7 mil. Litas; in non-life insurance, increased by 29.3 per cent - up to 19.8 mil. Litas.

2003 10 17 - Claims payments of September totaled an amount of 5.6 mil. Litas

Claims payments of September totaled an amount of 5.6 mil. Litas, if compared to August, thus marking about 1.0 mil. Litas increase.
In the end of September, the compulsory motor third party liability insurance covered 890,563 vehicles under standard insurance contracts, 84,571 - under group insurance contracts, and 40,385 - under frontier insurance contracts.
In January through September of 2003, insurance companies engaged in the compulsory motor third party liability insurance reported 1,542.3 thous. insurance contracts and 169.0 mil. Litas of compulsory insurance premiums:
under standard insurance contracts: 1,012.6 thous. of contracts and 133.7 mil. Litas of insurance premiums;
under group insurance contracts: 22.5 thous. of contracts and 3.7 mil. Litas of insurance premiums;
under frontier insurance contracts: 507.2 thous. of contracts and 31.6 mil. Litas of insurance premiums.
Through the period of January till September of 2003, the written premium income decreased by 21.5 per cent from the amount reported a year before.
In January through September of 2003, claims payments accounted for 30,806 cases and for 46.2 mil. Litas. If compared to the same period of the previous year, the claims payments increased by 123.8 per cent.

2003 10 16 - Acquisition of UAB "Lamantinas" shares authorised

At the extraordinary meeting of 16 October 2003, the Board of the State Insurance Supervisory Authority adopted the decision to authorise a natural person to acquire 100% of UAB "Lamatinas" shares. The authorisation shall be valid until 31 December 2004.

2003 10 08 - A new Law on Insurance of the Republic of Lithuania

In the Official Gazette No. 94 of 8 October 2003, a new Law on Insurance of the Republic of Lithuania announced.

2003 10 08 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 8 October 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution On Resolution No.118 of 25 June 2002 adopted by the Board of the State Insurance Supervisory Authority under the Ministry of Finance On Amendment to the Methodology for Calculation of Solvency Margin, which shall be declared in the nearest issue of the Official Gazette and on the SISA website.

2003 10 08 - A new technical interest rate approved

The Board of the State Insurance Supervisory Authority under the Ministry of Finance, at the meeting of 8 October 2003, adopted a resolution on Maximum Technical Interest Rate - 3,11%. The resolution shall be announced in the nearest issue of the Official Gazette.

2003 10 08 - Amendments to the Terms and Conditions for Pension Funds of UAB Lietuvos Draudimo Gyvybės Draudimas approved

At an extraordinary meeting of the Board of the State Insurance Supervisory Authority under the Ministry of Finance, 8 October 2003, amendments to the Terms and Conditions for the pension funds, such as Conservative, Balanced and Active, which accumulate parts of the state social insurance premiums were adopted. The amendments shall come in force within 30 days. The principal amendments are related to diminishing of the amounts calculated from the pension premiums: UAB Lietuvos Draudimo Gyvybės Draudimas as a member of the pension fund shall be able to discount not more than 6% to cover the due costs from the pension premiums in the pension fund.

2003 10 01 - A new Memorandum of Understanding signed

State Insurance Supervisory Authority under the Ministry of Finance has signed the Memorandum of Understanding with the Financial Supervision Authority of Estonia.

2003 09 30 - AB Lietuvos Draudimas authorised capital increases

On 30 September 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of AB Lietuvos Draudimas relating to the increase of insurance company's authorised capital from 28,196,700 LTL to 112,786,800 LTL.

2003 09 30 - Launch of Lithuanian Green Card on 15 October 2003

15 October 2003 shall be the starting date of concluding international contracts on Compulsory Motor Third Party Liability Insurance (Lithuanian Green Cards) in the Republic of Lithuania. Our membership in the Green Card System shall ensure insurance cover for those who acquire a Lithuanian Green Card throughout the countries of the Green Card System, which have signed bilateral agreements with the Bureau of Lithuania.
Subsequently, at the extraordinary meeting of 29 September 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance with regard to the Law on Insurance Article 25, paragraph 4 and the Board Resolution No.128 of 8 June 2001 On Issue and Revocation of Authorisation to Represent a Foreign State Insurance Company in Concluding Contracts on Compulsory Motor Third Party Liability Insurance, paragraph 15.3, adopted a decision, from 15 October 2003 to revoke the authorisations to distribute insurance policies of the insurers of the Green Card System member states issued for insurance companies of Lithuania.

2003 09 24 - In January through August of 2003, written insurance premiums increased by 13.7 per cent if compared to the reporting period of 2002

According to reports from insurance companies, in January through August of 2003, direct insurance without deductions for reinsurance accounted for 566.9 mil. Litas of insurance premiums (13.7 per cent more than through the reporting period of 2002), 230.6 mil. Litas of claims (42.1 per cent more than through the reporting period of 2002).
Non-life insurance accounted for 432.9 mil. Litas of written premiums and 210.7 mil. Litas of claims payments. If compared to the data reported for the 8 months of 2002, the written premiums showed an increase of 3.0 per cent and a 61.6 per cent in claims payments.
Life assurance amounted to 134.0 mil. Litas of written premiums and 19.9 mil. Litas of claims payments. If compared to the period of January through August of 2002, written premiums of life assurance increased by 70.9 per cent in 2003. Claims payments decreased by 37.4 per cent.
Non-life insurance market growth slowed down because of a 22.3 per cent decrease from the results of the past year in premiums income of Compulsory Motor Third Party Liability Insurance. Apart from written premiums of the compulsory insurance, non-life insurance market went 27.3 per cent up.
According to direct insurance premiums written in January through August of 2003, life assurance market share comprised 23.6 per cent, non-life insurance - 76.4 per cent. A year ago, the shares corresponded to 15.7 per cent and 84.3 per cent, respectively.
In January through August of 2003, concluded insurance contracts reached the number of 2,393 thous., including 17.7 thous. those of life assurance. If compared to the reporting period of 2002, the number of contracts went down by 3.0 per cent: by 43.1 per cent in life and by 2.5 per cent in non-life insurance.
In August, if compared to July, written insurance premiums increased by 32.7 up to 72.9 mil. Litas. Life assurance premiums decreased by 0.1 per cent - down to 16.4 mil. Litas, non-life insurance premiums increased by 46.7 per cent - up to 56.5 mil. Litas.
In August of 2003, if compared to August of 2002, written insurance premiums increased by 46.6 per cent. Life assurance premiums increased by 59.6 per cent, those of non-life insurance - by 43.2 per cent.
Insurance claims payments totaled 17.3 mil. Litas; this represented a 41.4 per cent decrease from July. In life assurance, claims payments decreased by 23.6 per cent - down to 2.0 mil. Litas; in non-life insurance, they decreased by 43.1 per cent - down to 15.3 mil. Litas.

2003 09 23 - Revocation of a Suspended Broker's Licence

The 23 September 2003 meeting of the Board of the State Insurance Supervsiory Authority under the Ministry of Finance revoked suspension of broker's licence for UAB Draudimo Brokeris Draudimo Variantas.

2003 09 23 - New insurance broker

On 23 September 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Draudimo Konsultantų Grupė.

2003 09 23 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 23 September 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution On Submission of Information On Amounts Calculated from the Pensions Assets, which shall be declared in the nearest issue of the Official Gazette and on the SISA website.

2003 09 19 - Trends in compulsory MTPL remain steady

In the end of August, the compulsory motor third party liability insurance covered 881,560 vehicles under standard insurance contracts, 84,542 - under group insurance contracts, and 35,477 - under frontier insurance contracts.
In January through August of 2003, insurance companies engaged in the compulsory motor third party liability insurance reported 1,397.8 thous. insurance contracts and 160.1 mil. Litas of compulsory insurance premiums:
- under standard insurance contracts: 949.6 thous. of contracts and 129.0 mil. Litas of insurance premiums;
- under group insurance contracts: 22.1 thous. of contracts and 3.7 mil. Litas of insurance premiums;
- under frontier insurance contracts: 426.1 thous. of contracts and 27.5 mil. Litas of insurance premiums.
Through the period of January till August of 2003, the written premium income decreased by 22.3 per cent from the amount reported a year before.
Compulsory insurance income of August of 2003 comprised 8.1 mil. Litas, if compared to August of 2002, thus marking a 10.3 per cent decrease.
In January through August of 2003, claims payments accounted for 27,109 cases and for 40.7 mil. Litas. If compared to the same period of the previous year, the claims payments increased by 160.9 per cent. Claims payments of August totaled an amount of 4.6 mil. Litas.

2003 09 16 - UAB BTA Draudimas authorised capital increases

On 16 September 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB BTA Draudimas relating to the increase of insurance company's authorised capital from 2,000,000 LTL to 3,000,000 LTL.

2003 09 16 - Authorisation to transfer rights and duties provided

On 16 September 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance made a decision to provide UAB Zurich Draudimas with authorisation to transfer rights and duties under insurance contracts to UAB If Draudimas.

2003 09 09 - New insurance brokers activity results

Rresults of insurance brokers' activity for the II quarters of 2003 announced.

2003 09 09 - Memorandum of Understanding with the Financial Services' Supervisory Institution of Germany

On 9 September 2003, the State Insurance Supervisory Authority under the Ministry of Finance signed the Memorandum of Understanding with the Financial Services' Supervisory Institution of Germany, which is aimed to protect policyholders and potential policyholders of insurance companies, and to promote the integrity, stability and efficiency of the insurance industry by providing a framework for co-operation, including channels of communication, increasing mutual understanding, the exchange of information and assistance to the extent permitted by laws, regulation and requirements.

2003 09 09 - Issue of a license to engage in the activity of pensions accumulation

Under a resolution of the Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted on 9 September 2003, UAB ERGO LIETUVA GYVYBĖS DRAUDIMAS was issued a license to engage in the activity of pensions accumulation. The Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted the decision to approve policy conditions for the pension funds accumulating the state social insurance premiums ERGO KONSERVATYVUSIS and ERGO BALANS which belong to UAB ERGO LIETUVA GYVYBĖS DRAUDIMAS.

2003 09 09 - Issue of a license to engage in the activity of pensions accumulation

Under a resolution of the Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted on 9 September 2003, UAB Sampo Gyvybės Draudimas was issued a license to engage in the activity of pensions accumulation. The Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted the decision to approve policy conditions for the pension funds accumulating the state social insurance premiums KONSERVATYVAUS VALDYMO SAMPO PENSIJA, SAMPO PENSIJA 50 and SAMPO PENSIJA 100 which belong to UAB Sampo Gyvybės Draudimas.

2003 09 09 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 9 September 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution On Amendment to the Resolution No.1 of 18 November 1996 of the Board of the State Insurance Supervisory Authority under the Ministry of Finance on Procedure of Licensing for Insurance Broker Activity and on the Format of the Licence, which shall be declared in the nearest issue of the Official Gazette and on the SISA website.

2003 09 02 - UAB Industrijos Garantas authorised capital increases

On 2 September 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Industrijos Garantas relating to the increase of insurance company's authorised capital from 5,000,000 LTL to 7,500,000 LTL.

2003 09 02 - AB Snoro Garantas authorised capital increases

On 2 September 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of AB Snoro Garantas relating to the increase of insurance company's authorised capital from 5,000,000 LTL to 5,100,000 LTL.

2003 08 29 - New quarterly statistics of insurance companies

Quarterly statistical data of life and non-life insurance business declared as of 30 June 2003.

2003 08 28 - Issue of a license to engage in the activity of pensions accumulation

Under a resolution of the Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted on 28 August 2003, UAB Commercial Union Lietuva Gyvybės Draudimas was issued a license to engage in the activity of pensions accumulation. The Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted the decision to approve policy conditions for the pension funds accumulating the state social insurance premiums Europensija and Europensija Plius which belong to UAB Commercial Union Lietuva Gyvybės Draudimas.

2003 08 28 - Issue of a license to engage in the activity of pensions accumulation

Under a resolution of the Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted on 28 August 2003, UAB Lietuvos Draudimo Gyvybės Draudimas was issued a license to engage in the activity of pensions accumulation. The Board of the State Insurance Supervisory Authority under the Ministry of Finance adopted the decision to approve policy conditions for the pension funds accumulating the state social insurance premiums Konservatybus, Aktyvus and Subalansuotas which belong to UAB Lietuvos Draudimo Gyvybės Draudimas.

2003 08 26 - New insurance broker

On 26 August 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Adrauna.

2003 08 26 - UAB Draudimo Brokeris RHEA authorised capital increases

On 26 August 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris RHEA relating to the increase of insurance broker's authorised capital from 21,000 LTL to 200,000 LTL.

2003 08 26 - Permission to carry out insurance broker's activity revoked

On 26 August 2003, the Board of State Insurance Supervisory Authority made decission to revoke permission to carry out insurance broker's activity for UAB Draudimo Brokeris Coverlita.

2003 08 21 - Written insurance premiums amounted almost 0.5 milliard Litas during 7 months of 2003

According to reports from insurance companies, in January through July of 2003, direct insurance without deductions for reinsurance accounted for 494.0 mil. Litas of insurance premiums (10.0 per cent more than through the reporting period of 2002), 213.3 mil. Litas of claims (47.3 per cent more than through the reporting period of 2002).
Non-life insurance accounted for 376.4 mil. Litas of written premiums and 195.3 mil. Litas of claims. If compared to the data reported for the 7 months of 2002, the written premiums showed a decrease of 1.2 per cent and a 68.9 per cent increase in claims payments.
Life assurance amounted to 117.7 mil. Litas of written premiums and 18.0 mil. Litas of claims payments. If compared to the period of January till July of 2002, written premiums of life assurance increased by 72.7 per cent. Claims payments decreased by 38.2 per cent.
The decrease in non-life insurance market was reasoned by a 22.8 per cent fall in written premiums of compulsory motor third party liability insurance. Apart from written premiums of the compulsory insurance, non-life insurance market went 22.0 per cent up.
According to direct insurance premiums written in January through July of 2003, life assurance market share comprised 23.8 per cent, non-life insurance - 76.2 per cent. A year ago, the shares corresponded to 15.2 per cent and 84.8 per cent, respectively.
In January through July of 2003, concluded insurance contracts reached the number of 2,119 thous., including 15.7 thous. those of life assurance. If compared to the reporting period of 2002, the number of contracts went down by 4.5 per cent: in life assurance 44.3 per cent and in non-life 4.0 per cent.
In July, if compared to June, written insurance premiums decreased by 10.3 down to 55.4 mil. Litas. Life assurance premiums decreased by 9.4 per cent - down to 16.4 mil. Litas, non-life insurance premiums decreased by 10.6 per cent - down to 39.0 mil. Litas. In July of 2003, if compared to July of 2002, written insurance premiums increased by 16.3 per cent. Life assurance premiums increased by 61.5 per cent, those of non-life insurance - by 4.1 per cent. Insurance claims payments totaled 29.6 mil. Litas, what represent a 52.2 per cent increase from June. In life assurance, claims payments increased by 55.9 per cent - up to 2.6 mil. Litas; in non-life insurance, increased by 51.9 per cent - up to 27.0 mil. Litas.

2003 08 20 - Claims payments exceeded 36 mil. Litas since the beginning of the year

In the end of July, the compulsory motor third party liability insurance covered 867,534 vehicles under standard insurance contracts, 83,826 - under group insurance contracts, and 39,388 - under frontier insurance contracts.
In January through July of 2003, insurance companies engaged in the compulsory motor third party liability insurance reported 1,273.4 thous. insurance contracts and 152.1 mil. Litas of compulsory insurance premiums:
- under standard insurance contracts: 889.9 thous. of contracts and 124.3 mil. Litas of insurance premiums;
- under group insurance contracts: 21.7 thous. of contracts and 3.6 mil. Litas of insurance premiums;
- under frontier insurance contracts: 361.8 thous. of contracts and 24.1 mil. Litas of insurance premiums.
Through the period of January till July of 2003, the written premium income decreased by 22.8 per cent from the amount reported a year before.
Compulsory insurance income of June of 2003 comprised 9.5 mil. Litas, if compared to July of 2002, thus marking a 1.2 per cent decrease.
In January through July of 2003, claims payments accounted for 24,068 cases and for 36.1 mil. Litas. If compared to the same period of the previous year, the claims payments increased by 212.3 per cent. Claims payments of July totaled an amount of 5.1 mil. Litas.

2003 08 18 - The assets of insurance companies’ - 1.3 mld. Litas

The assets of insurance companies’ increased by 3.9 per cent during the quarter and amounted to 1.3 mld. Litas at 30 June 2003: life assurance companies’ - 0.3 mld. Litas, non – life insurance companies’ - 1 mld. Litas.
According to not audited reports, insurance companies earned 12.3 mil. Litas in January through June of 2003. Net total profit of non-life insurance companies was 7.8 mil. Litas (the profit of first half-year of 2002 – 3.9 mil. Litas). Net total profit of life assurance companies amounted to 4.5 mil. Litas (the result of first half-year of 2002 was 7.2 mil. Litas loss). 15 of 21 non-life insurance companies and 5 of 9 life assurance companies have earned profit.

2003 07 30 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 30 July 2003, at the extraordinary meeting, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution No. N-304 On Procedure of Authorisation to Engage in Pension Accumulation Activity, which is declared in the Official Gazette No. 77.

2003 07 30 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 30 July 2003, at the extraordinary meeting, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution No. N-306 On Procedure of Working Out, Amendment and Approval of Terms and Conditions of Pension Funds, which is declared in the Official Gazette No. 77.

2003 07 30 - Co-Resolution adopet by the State Insurance Supervisory Authority under the Ministry of Finance and Securities Commission of the Republic of Lithuania

On 30 July 2003, at the extraordinary meeting, the Board of the State Insurance Supervisory Authority under the Ministry of Finance and Securities Commission of the Republic of Lithuania approved Resolution No. N-305/8 On Standard Conditions of Contracts on Pension, which is declared in the Official Gazette No. 77.

2003 07 29 - New insurance broker

On 29 July 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Draudimo Efektas.

2003 07 29 - Authorization to reorganize insurance company

On 29 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided with the authorisation to reorganize UAB Preventa and UAB Ergo Lietuva.

2003 07 24 - Insurance company UAB Censum has been initiated with a bankruptcy case

On 17 July 2003, the court of Klaipėda district, to satisfy the legal action issued by the State Insurance Supervisory Authority under the Ministry of Finance, passed a decision to initiate a bankruptcy case to the insurance company UAB Draudimo Kompanija Censum. This court decision shall reinforce according to procedure established by the Civil Process Code.
The State Insurance Supervisory Authority under the Ministry of Finance decided to apply to the court for initiation of the bankruptcy case to insurance company UAB Censum taking into account the financial position of the company - actual assets value and obligations.
On 1 July 2003, insurance company UAB Censum had 71 insurance contract in force, including 62 insurance contracts with the expiry term not later than 1 August 2003. Other insurance companies have reinsured the 67 contracts in 100 per cent.

2003 07 22 - Authorisation to engage in the compulsory insurance provided

On 22 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB Baltikums Draudimas with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 07 22 - UAB Draudimo Brokeris Klaimseta authorised capital increases

On 22 July 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Klaimseta relating to the increase of insurance broker's authorised capital from 10,000 LTL to 52,000 LTL.

2003 07 22 - Insurance broker's name will change

On 22 July 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Šiaulių Autodraudimas relating to the change of insurance broker's name to UAB Draudimo Brokeris Esame Kartu.

2003 07 22 - Shareholders of UAB Baltijos Garantas will change

On 22 July 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance made a decission to authorize a private person to purchase 25.09% and UAB Karolinos Turas to purchase 15.02% of shares of UAB Baltijos Garantas.

2003 07 21 - Insurance market growth reasoned by life assurance

According to reports from insurance companies, in January through June of 2003, direct insurance without deductions for reinsurance accounted for 438.6 mil. Litas of insurance premiums (9.3 per cent more than through the reporting period of 2002), 183.8 mil. Litas of claims (48.4 per cent more than through the reporting period of 2002).
Non-life insurance accounted for 337.3 mil. Litas of written premiums and 168.3 mil. Litas of claims. If compared to the data reported for the 6 months of 2002, the written premiums showed a decrease of 1.8 per cent and a 70.0 per cent increase in claims payments.
Life assurance amounted to 101.3 mil. Litas of written premiums and 15.4 mil. Litas of claims payments. If compared to the period of January till June of 2002, written premiums of life assurance increased by 74.6 per cent. Claims payments decreased by 37.7 per cent.
The decrease in non-life insurance market was reasoned by a 23.9 per cent fall in written premiums of compulsory motor third party liability insurance. apart from written premiums of the compulsory insurance, non-life insurance market went 24.9 per cent up.
According to direct insurance premiums written in January through June of 2003, life assurance market share comprised 23.1 per cent, non-life insurance - 76.9 per cent. A year ago, the shares corresponded to 14.4 per cent and 85.6 per cent, respectively.
In January through June of 2003, concluded insurance contracts reached the number of 1,951 thous., including 13.7 thous. those of life assurance. If compared to the reporting period of 2002, the number of contracts went down by 0.9 per cent: in life assurance 44.5 per cent and in non-life 0.3 per cent.
In June, if compared to May, written insurance premiums increased by 0.8 up to 61.8 mil. Litas. Life assurance premiums increased by 11.5 per cent - up to 18.1 mil. Litas, non-life insurance premiums decreased by 3.0 per cent - down to 43.7 mil. Litas.
In June of 2003, if compared to June of 2002, written insurance premiums increased by 18.8 per cent. Life assurance premiums increased by 73.1 per cent, those of non-life insurance - by 5.1 per cent.
Insurance claims payments totalled 19.4 mil. Litas, what represent a 69.3 per cent decrease from May. In life assurance, claims payments decreased by 20.9 per cent - down to 1.6 mil. Litas; in non-life insurance, they fell by 71.0 per cent - down to 17.8 mil. Litas.

2003 07 21 - In January through June of 2003, written premiums of compulsory insurance decreased by 23.9 per cent from the respective period of the previous year

In the end of June, the compulsory motor third party liability insurance covered 847,209 vehicles under standard insurance contracts, 83,053 - under group insurance contracts, and 37,879 - under frontier insurance contracts.
In January through June of 2003, insurance companies engaged in the compulsory motor third party liability insurance reported 1,136.4 thous. insurance contracts and 142.6 mil. Litas of compulsory insurance premiums:
- under standard insurance contracts: 823.2 thous. of contracts and 118.6 mil. Litas of insurance premiums;
- under group insurance contracts: 21.2 thous. of contracts and 3.6 mil. Litas of insurance premiums;
- under frontier insurance contracts: 292.0 thous. of contracts and 20.4 mil. Litas of insurance premiums.
Through the period of January till June of 2003, the written premium income decreased by 23.9 per cent from the amount rported a year before.
Compulsory insurance income of June of 2003 comprised 10.2 mil. Litas, if compared to June of 2002, thus marking a 16.5 per cent decrease.
In January through June of 2003, claims payments accounted for 20,739 cases and for 31.0 mil. Litas. If compared to the same period of the previous year, the claims payments increased by 306.7 per cent. Claims payments of June totalled an amount of 4.2 mil. Litas.

2003 07 15 - Authorisation to engage in the compulsory insurance provided

On 15 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB Baltic Polis with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 07 15 - Authorisation to engage in the compulsory insurance provided

On 15 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB ERGO Lietuva with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 07 15 - New insurance broker

On 15 July 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Euromaksas.

2003 07 15 - New insurance broker

2003 07 15 - Authorisation to transfer rights and duties provided

On 15 July 2003, at an extraordinary meeting, the Board of the State Insurance Supervisory Authority under the Ministry of Finance made a decision to provide UAB Preventa with authorisation to transfer rights and duties under effective non-life insurance contracts to UAB ERGO Lietuva.

2003 07 15 - Authorisation to transfer rights and duties provided

On 15 July 2003, at an extraordinary meeting, the Board of the State Insurance Supervisory Authority under the Ministry of Finance made a decision to provide UAB "Preventa" with authorisation to transfer rights and duties under effective life insurance contracts to UAB "ERGO Lietuva Gyvybės Draudimas".

2003 07 08 - Authorisation to engage in the compulsory insurance provided

On 8 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB If Draudimas with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 07 08 - Authorisation to engage in the compulsory insurance provided

On 8 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided AB Lietuvos Draudimas with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 07 08 - Authorisation to engage in the compulsory insurance provided

On 8 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB Lindra with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 07 08 - Authorisation to engage in the compulsory insurance provided

On 8 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB NORD/LB Draudimas with the authorisation to engage in Compulsory Lawyer's Professional Liability Insurance.

2003 07 08 - New insurance broker

On 8 July 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Dataksas.

2003 07 08 - New insurance broker

2003 07 08 - Insurance broker's name will change

On 8 July 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Prodomenas relating to the change of insurance broker's name to UAB Draudimo Brokeris Draudimo Variantas.

2003 07 08 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 8 July 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution No. N-269 On Maximum Technical Interest Rate, which is declared in the Official Gazette No. 69.

2003 06 30 - Authorisation to engage in the compulsory insurance provided

On 30 June 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB Lindra with the authorisation to engage in Compulsory Construction Planner's Liability Insurance.

2003 06 30 - Authorisation to engage in the compulsory insurance provided

On 30 June 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB NORD/LB Draudimas with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 06 30 - Authorisation to engage in the compulsory insurance provided

2003 06 30 - UAB Draudimo Brokeris Arlina authorised capital increases

On 30 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Arlina relating to the increase of insurance broker's authorised capital from 10,000 LTL to 60,000 LTL.

2003 06 30 - UAB Draudimo Brokeris Draustuva authorised capital increases

On 30 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Draustuva relating to the increase of insurance broker's authorised capital from 10,400 LTL to 24,800 LTL.

2003 06 30 - UAB Draudimo Brokeris Kompensa authorised capital increases

On 30 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Kompensa relating to the increase of insurance broker's authorised capital from 24,900 LTL to 55,000 LTL.

2003 06 30 - UAB Lamantinas authorised capital increases

On 30 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Lamantinas relating to the increase of insurance company's authorised capital from 2,000,000 LTL to 3,000,000 LTL.

2003 06 25 - Insurance market affected by vacation time

According to insurers' reports, in January through May of 2003, it was written 376.9 mil. Litas of premiums without deductions for reinsurance, i.e. 7.8 per cent more than through the corresponding period of the previous year; claims payments amounted to 164.4 mil. Litas, that is 57.3 per cent more than through the same period a year ago.
Non-life insurance registered 293.7 mil. Litas of written premiums and 150.6 mil. Litas of claims payments. As compared to the 5 months of 2002, written premiums fell down by 2.7 per cent and paid claims increased by 82.9 per cent up.
Life assurance accounted for 83.2 mil. Litas of written premiums and 13.8 mil. Litas of claims payments. As compared with the 5 months of 2002, life assurance written premiums marked a 74.9 per cent growth. Claims payments fell down by 37.8 per cent.
The fell down in non-life insurance was subject to decreased insurance premiums in Compulsory MTPL insurance. Non-life insurance written premiums excluding Compulsory MTPL insurance premiums increased by 27.4 per cent.
Increase of paid claims in non-life insurance was due to the claim paid to AB Ekranas.
Direct life assurance premiums in January through May of 2003 amounted to 22.1 per cent of th market share, whereas non-life - 77.9 per cent. While in the previous year, the market was split into 13.6 per cent of life assurance share and 86.4 per cent of non-life insurance share correspondingly.
In the 5 months of 2003, insurers concluded 1,644 thous. of insurance contracts, including 11.5 thous. in life assurance. The decrease in total amount of contracts comprised 2.5 per cent if compared to the corresponding period in the previous year. Number of insurance contracts in life assurance decreased by 44.9 per cent, while in non-life insurance it decreased by 1.9 per cent.
In May, compared to April, written premiums fell by 30.6 per cent down to 61.3 mil. Litas. Life assurance premiums decreased by 1.0 per cent down to 16.2 mil. Litas and non-life decreased by 37.3 per cent down to 45.0 mil. Litas.
In May of 2003, compared to May of 2002, written premiums increased by 26.5 per cent and life assurance premiums increased by 68.0 per cent.
In May, claim payments amounted to 63.3 mil. Litas, i.e. 177.7 per cent more than in April. Life assurance marked a 38.1 per cent decrease in claims payments: down to 2.1 mil. Litas, non-life - a 214.9 per cent increase: up to 61.2 mil. Litas.

2003 06 24 - UAB Draudimo Brokeris Genvita authorised capital increases

On 24 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Genvita relating to the increase of insurance broker's authorised capital from 10,000 LTL to 100,000 LTL.

2003 06 24 - UAB Investicijų Draudimo Brokeris authorised capital increases

On 24 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Investicijų Draudimo Brokeris relating to the increase of insurance broker's authorised capital from 50,000 LTL to 200,000 LTL.

2003 06 24 - Shareholders of UAB Ergo Lietuva will change

On 24 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance made decission to issue permission for ERGO International AG to purchase 99.99% of shares of UAB Ergo Lietuva.

2003 06 24 - Shareholders of UAB Ergo Lietuva Gyvybės Draudimas will change

2003 06 23 - Compulsory insurance written premiums of May of 2003 were 5.2 per cent up from the last year

In the end of May of 2003, compulsory Motor Third Party Liability standard insurance contracts covered 832,534, group insurance contracts covered 80,737 and frontier insurance contracts covered 51,535 motor vehicles.
In January through May 2003, 11 insurance companies engaged in the Compulsory Motor Third Party Liability Insurance accounted for 1,007.6 thous. of compulsory insurance contracts and 132.4 mil. Litas of premiums:
under standard insurance contracts: 757.9 thous. of contracts and 112.0 mil. Litas of insurance premiums;
under group insurance contracts: 20.6 thous. of contracts and 3.5 mil. Litas of insurance premiums;
under frontier insurance contracts: 229.2 thous. of contracts and 17.0 mil. Litas of insurance premiums.
In January through May of 2003, written insurance premiums decreased by 24.5 per cent if compared to the same period of the previous year.
Insurance premiums written through May of 2003 totalled 13.2 mil. Litas thus performing an increase of 5.2 per cent, if compared to May of 2002.
In January through May of 2003, insurers accounted for 17,633 of insurance claims payments amounting in 26.8 mil. Litas. In May, insurance claims comprised 4.9 mil. Litas.

2003 06 17 - New insurance broker

On 17 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Efektyvus Sprendimas.

2003 06 17 - UAB Biznio Draudimo Brokeris authorised capital increases

On 17 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Biznio Draudimo Brokeris relating to the increase of insurance broker's authorised capital from 12,000 LTL to 32,800 LTL.

2003 06 17 - New insurance brokers activity results

Rresults of insurance brokers' activity for the Ist quarter of 2003 announced.

2003 06 13 - Investment portfolio of insurance companies was close to 1 bil. Litas

On 31 March 2003, total investment portfolio of insurance companies amounted to 991.3 mil. Litas.
In a year, the investment portfolio of non-life insurance companies increased by 11.1 per cent, if compared to the data for 31 March 2002, and on 31 March 2003, totalled 736.2 mil. Litas. Ii included 3.4 per cent of invsetments abroad, and 96.6 per cent in Lithuania.
As to the investment portfolio of life assurance companies, it increased by 47.3 per cent since 31 March 2002 and comprised 255.1 mil. Litas. The investments were split into 12.3 per cent abroad and 87.7 per cent in Lithuania.
The investment structure is still dominated by investments in the Government and municipal securities. Through the 1st quarter of 2003, non-life insurers' investments into the securities decreased by 4 percentage points, down to 64.3 per cent of the managed investment portfolio, while that of life insurers' showed an increase of 3.1 percentage points, up to 86.9 per cent of the managed investment portfolio.

2003 06 10 - UAB Baltijos Garantas authorised capital increases

On 10 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Baltijos Garantas relating to the increase of insurance company's authorised capital from 3,000,000 LTL to 3,500,000 LTL.

2003 06 03 - New insurance broker

On 3 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Draudimo Brokeris Mes Kartu.

2003 06 03 - UAB Baltikums Draudimas authorised capital increases

On 3 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Baltikums Draudimas relating to the increase of insurance company's authorised capital from 5,243,463 LTL to 5,600,519 LTL.

2003 06 03 - UAB Draudimo Brokeris Socialinės Garantijos authorised capital increases

On 3 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Socialinės Garantijos relating to the increase of insurance broker's authorised capital from 10,000 LTL to 200,000 LTL.

2003 06 03 - UAB Draudimo Brokeris Viralita authorised capital increases

On 3 June 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Draudimo Brokeris Viralita relating to the increase of insurance broker's authorised capital from 111,500 LTL to 200,100 LTL.

2003 05 27 - Amendments to the Articles approved

On 27 May 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved amendments to the Articles of Association of UAB Lietuvos Žemės Ūkio Banko Draudimas on the following:
- company renaming into UAB NORD/LB Draudimas;
- increase of the authorised capital from 4.000.000 LTL up to 6.000.000 LTL;
- changing of the company address into Vilniaus g. 28, LT-2001 Vilnius, Lithuania.

2003 05 27 - Insurance company's name will change

On 27 May 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of UAB Lietuvos Žemės Ūkio Banko Gyvybės Draudimas relating to the change of insurance company's name to UAB NORD/LB Gyvybės Draudimas.

2003 05 27 - AB Lietuvos Draudimas authorised capital increases

On 27 May 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance approved the amendments to articles of association of AB Lietuvos Draudimas relating to the increase of insurance company's authorised capital from 23,099,230 LTL to 28,196,700 LTL.

2003 05 27 - Authorisation to engage in the compulsory insurance provided

On 27 May 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance provided UAB BTA Draudimas with the authorisation to engage in Compulsory Contractor's Liability Insurance.

2003 05 27 - Authorisation to engage in the compulsory insurance provided

2003 05 27 - New insurance broker

On 27 May 2003, the Board of State Insurance Supervisory Authority under the Ministry of Finance has issued permission to carry out insurance broker's activity for the insurance broker UAB Insurance Broker Rizikos Cesija.

2003 05 22 - Life assurance market growth ahead of the non-life

According to insurers' reports, in January through April of 2003, direct insurance without deduction for reinsurance accounted for 339.4 mil. Litas of premiums (12.9 per cent more than in the same period of 2002), 101.1 mil. Litas of claims payments (28.1 per cent more than in the same period of the previous year).
Non-life insurance totalled 272.5 mil. Litas of written premiums and 89.4 mil. Litas of claims payments. If compared to the data of the four months of 2002, both written premiums and claims payments accounted an icrease of 3.7 per cent and 48.4 per cent accordingly.
Life assurance reported 66.9 mil. Litas of premiums and 11.7 mil. Litas of claims payments. If compared to the figures of January through April of 2002, life assurance marked a 76.7 per cent increase of premiums. Claims payments decreased by 37.3 per cent.
Life assurance market growth has overstepped the non-life remarkably. A small growth of 3.7 per cent of non-life insurance market was mainly reasoned by a remarkable decrease in the number of standard compulsory MTPL insurance contracts: from 814.3 thous. in January through April of 2002 down to 678.0 thous. in the same period of 2003) as well as by lower premiums of the insurance due to the right established by the Law on Compulsory MTPL Insurance. Apart from written premiums of compulsory insurance that decreased by 26.7 per cent, non-life insurance market showed an increase of 53.2 per cent.
In January through April of 2003, written direct life assurance premiums resulted in 19.7 per cent of insurance market and that of non-life - in 80.3 per cent. In the previous year the market shares split in 12.6 per cent and 87.4 per cent accordingly.
Concluded insurance contracts totalled in 1,359 thous. including 9.4 thous. of life assurance contracts. If compared to the results of 2002, the number of new contracts fell down by 4.3 per cent: by 45.2 per cent in life assurance and 8.3 per cent in non-life insurance.
In April, if compared to March, written insurance premiums increased by 18.1 per cent up to 112.0 mil. Litas. Life assurance premiums decreased by 2.0 per cent down to 16.4 mil. Litas; those of non-life insurance increased by 22.4 per cent up to 95.6 mil. Litas.
In April, claims payments comprised 22.8 mil. Litas, i.e. 1.3 per cent more than in March. Life assurance claims payments decreased by 3.9 per cent down tto 19.4 mil. Litas.

2003 05 20 - Candidature of insurance company's manager approved

On 20 May 2003, the Board of State Insurance Supervisory Authority approved Jaroslav Aleksander Ogierman's candidature as the manager of UAB Lindra - Gyvybės Draudimas.

2003 05 20 - UAB Draudimo Brokeris Sėkmės Partneris authorised capital increases

On 20 May 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance accepted amendments to the Articles of Association of UAB Draudimo Brokeris Sėkmės Partneris concerning its authorised capital increase from 10.000 Lt iki 20.300 Lt.

2003 05 20 - UAB Draudimo Brokeris Balto Link authorised capital increases

On 20 May 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance accepted amendments to the Articles of Association of UAB Draudimo Brokeris Balto Link concerning its authorised capital increase from 12.500 Lt iki 55.000 Lt.

2003 05 19 - Compulsory insurance premiums written in January through April of 2003 marked a 26.7 per cent decrease from last year

In the end of April 2003, compulsory MTPL insurance covered 803.581 motor vehicles under standard, 77.382 - under group, and 43.519 - under frontier insurance contracts.
In January through April of 2003, 11 insurance companies engaged in Compulsory MTPL insurance concluded 868.2 thous. contracts and wrote 119.2 mil. Litas of premiums:
standard insurance: 678.0 thous. of contracts writing 102.9 mil. Litas of premiums;
group insurance: 18.9 thous. of contracts writing 3.3 mil. Litas of premiums;
frontier insurance: 171.3 thous. of contracts writing 13.0 mil. Litas of premiums.
Insurance premiums written in January through April of 2003 decreased by 26.7 per cent, if compared to results of the same period of last year. The decrease was subject to a significant fall in the number of standard insurance contracts: from 814.3 thous. in January through April of 2002 down to 678,0 thous. in 2003 as well as to decreased insurance premiums amounts due to the right of decrease granted by the Law on Compulsory MTPL Insurance.
In April of 2003, written premiums amounted to 42.8 mil. Litas, thus marking a 42.0 per cent decrease from April of 2002.
In January through April of 2003, claims payments counted 14,263 cases and amounted to 21.9 mil. Litas. In April, claims payments comprised 4.6 mil. Litas.

2003 05 13 - UAB BONUM PUBLICUM authorised capital increases

On 13 May 2003, the Board of State Insurance Supervisory Authority approved the amendment of articles of association of UAB BONUM PUBLICUM relating to the increase of insurance company's authorised capital from 4,010,000 LTL to 5,010,000 LTL.

2003 05 06 - UAB Lindra - Gyvybės Draudimas authorised capital increases

On 6 May 2003, the Board of State Insurance Supervisory Authority approved the amendment of articles of association of UAB Lindra - Gyvybės Draudimas relating to the increase of insurance company's authorised capital from 4,000,000 LTL to 4,650,000 LTL.

2003 04 28 - Investment portfolio of insurance companies keeps growing

As of 31 December 2002, total investment portfolio of insurance companies comprised 935.6 mil. Litas.
Non-life insurers increased their investment portfolio by 20.2 per cent and on 31 December 2002, totaled 693.1 mil. Litas. The investments were split in investment abroad by 3.5 per cent and in Lithuania by 96.5 per cent.
The investment portfolio managed by life assurers increased by 50.1 per cent through a year, and on 31 December 2002, comprised 242.5 mil. Litas. The investments were split in investment abroad by 12.8 per cent and in Lithuania by 87.2 per cent.
Investment into Government and municipal bonds still keeps growing in the investment portfolio of insurance companies. Non-life insurers increased the investment share by 8.7 percentage points and on 31 December 2002 comprised 68.3 per cent, and life assurers - by 6.7 percentage points thus comprising 83.8 per cent. Other investments did not reflect a remarkable change.

2003 04 22 - Life assurance market keeps growing

According to insurers' reports as for January through March of 2003, direct insurance accounted for 227.4 mil. Litas of written premiums (16.4 per cent more than for the same period in the year before) and for 78.3 mil. Litas of claims payments (43.0 per cent more than in January through March of 2002).
Non-life insurance totalled 176.8 mil. Litas of written insurance premiums and 69.9 mil. Litas of claims payments. If compared to the accounts for the same three months of the previous year, both written premiums and claims payments showed an increase of 5.6 and 68.9 per cent accordingly.
Life assurance accounted for 50.5 mil. Litas of written premiums and 8.4 mil. Litas of claims payments. If compared to the data for January through March of 2002, life assurance marked an increase of written premiums of 80.7 per cent. Claims payments fell down by 37.2 per cent.
According to direct insurance premiums written in January through March of 2003, life assurance market comprised 22.2 per cent and non-life - 77.8 per cent. In the previous year, the proportion stood at 14.3 and 85.7 per cent.
In January through March of 2003, insurance contracts amounted to 861.9 thous., including 7.9 thous. of life assurance contracts. This marked a 8.7 per cent increase from the same period of the previous year.
In March in comparison with February, written premiums jumped by 62.3 per cent up to 94.9 mil. Litas. Life assurance premiums increased by 2.7 per cent up to 16.7 mil. Litas, and non-life insurance premiums - by 85.3 per cent amounting to 78.1 mil. Litas. A remarkable growth of non-life insurance was determined by the increase of Compulsory Motor Third Party Liability Insurance premiums. If compared to February reports, increase of written insurance premiums amounted to 186.1 per cent, whereas if compared to results of March of 2002, written insurance premiums decreased by 30.2 per cent.
In March, claims payments amounted to 22.5 mil. Litas, i.e. 33.6 per cent less than in February. Life assurance saw a 20.2 per cent decrease of claims payments down to 2.3 mil. Litas, and non-life insurance saw a 34.8 per cent decrease - down to 20.2 mil. Litas.

2003 04 18 - Compulsory insurance written premium decreased significantly

In the end of March 2003, there were 764,484 vehicles covered by compulsory Motor Third Party Liability Insurance under standard contracts, 69,267 - under group insurance contracts and 40,885 - under border contracts.
Through January and March of 2003, 11 insurers running compulsory Motor Third Party Liability Insurance concluded 518.1 thous. contracts thus writing 76.5 mil. Litas of premiums:
standard insurance contracts totalled 394.0 thous. and accounted for 65.5 mil. Litas of premiums;
group insurance contracts totalled 9.1 thous. and accounted for 1.8 mil. Litas of premiums;
border insurance contracts totalled 115.0 thous. and accounted for 9.2 mil. Litas of premiums.
In March of 2003, written premiums of compulsory insurance amounted to 46.1 mil. Litas thus representing a 30.2 per cent decrement compared to the result of March, 2002. Written premiums decreased by 14.1 per cent through January and March of 2003 compared to January and March, 2002. The main reasons of premium decrement - decrement in number of standard insurance contracts and discount of insurance premiums under the standard insurance contracts.
Through January and March of 2003, there were 11,269 claims payments that amounted to 17.3 mil. Litas. In March of 2003 conducted 3,835 claims payments that amounted to 5.5 mil. Litas.

2003 04 09 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 4 April 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution On Maximum Technical Interest Rate, which is declared in the Official Gazette No. 34-1418, 9 April 2003 and on the SISA website.

2003 03 24 - New preliminary insurance brokers activity results

Prelliminary results of insurance brokers' activity for 2002 announced.

2003 04 20 - Claims payments for January through February of 2003 increased by 46.7 per cent from the same period of the previous year

According to insurers' reports, in January through February of 2003, insurers wrote 132.4 mil. Litas pf premiums without deductions for reinsurance (38.3 Litas more than through the same period of the previous year); claims payments amounted to 55.8 mil. Litas (46.7 per cent more than through the same period a year ago).
Non-life insurance sector registered 98.7 mil. Litas of written premiums and 49.7 mil. Litas of claims payments. If compared to the two-month period of 2002, the increase was accounted for both - written premiums and claims paid by 27.8 and 77.3 per cent accordingly.
Life assurance accounted for 33.7 mil. Litas of written premiums and 6.1 mil. Litas of claims payments amount. If compared to January through February of 2002, life assurance marked a 85.4 per cent growth of written premiums. Claims payments fell down by 38.9 per cent. Annual insurance premiums under new contracts amounted to 8.0 mil. Litas.
Direct life insurance premiums for January through February of 2003 determined a 25.5 per cent market share, whereas non-life - 74.5 per cent. In the previous year, the market was split into 19.1 per cent of life assurance and 80.9 per cent of non-life insurance markets.
In January through February of 2003, insurers concluded 0.4 mil. of insurance contracts, including 6.3 thous. in life assurance. The increase in the contracts amount comprises 31.2 per cent if compared to the same period in the previous year.
In February, if compared to January, written premiums amount decreased by 23.6 per cent down to 57.4 mil. litas. Life assurance premiums decreased by 7.8 per cent down to 16.2 mil. Litas, and non-life - by 28.4 per cent down to 41.2 mil. Litas.
In February, claims payments amounted to 33.9 mil. Litas, i.e. 54.4 per cent more than in January. Life assurance marked a 13.1 per cent decrease in claims payments - down to 2.8 mil. Litas, whereas non-life - a 66.2 per cent increase - up to 31.0 mil. Litas.

2003 03 19 - Paid up compulsory insurance claims increase rapidly

In the end of February 2003, there were 818.998 vehicles covered by compulsory Motor Third Party Liability Insurance under standard contracts, 69.049 - under group insurance contracts, and 32.419 - under border contracts.
Through January and February of 2003, 11 insurers running compulsory Motor Third Party Liability Insurance concluded 216.9 thous. contracts thus writing 30.4 mil. Litas of premiums:
· standard insurance contracts totalled 148.9 thous. and accounted for 24.9 mil. Litas of premiums;
· group insurance contracts totalled 2.0 thous. and accounted for 0.4 mil. Litas of premiums;
· border insurance contracts totalled 66.0 thous. and accounted for 5.1 mil. Litas of premiums.
In February of 2003, written premiums of compulsory insurance amounted to 16.1 mil. Litas thus representing a 18.5 per cent growth compared to results of February of 2002.
Through January and February of 2003, there were 7,799 claims payments that amounted to 12.2 mil. Litas. February marked another biggest amount of claims payments since the compulsory insurance reinforcement.

2003 03 18 - Insurance broker's name will change

On 18 March 2003 the Board of State Insurance Supervisory Authority approved amendment to the articles of association of UAB Naujojo Forumo Draudimo Brokeris relating to the change of insurance broker's name to UAB Draudimo Brokeris Coverlita.

2003 03 04 - Shareholders of UAB If Draudimas will change

On 4 March 2003, the Board of State Insurance Supervisory Authority made decission to issue permission for If P&C Insurance Company Ltd. to purchase 100% of shares of UAB If Draudimas.

2003 02 25 - Permission to carry out insurance broker's activity revoked

On 25 February 2003, the Board of State Insurance Supervisory Authority made decission to revoke permission to carry out insurance broker's activity for UAB Draudimo Brokeris Ukralitos Draudimas.

2003 02 21 - Direct insurance, in January 2003, accounted for 37.8 per cent of insurance premium, which was more than in January 2002

According to insurers' reports for January 2003, direct insurance accounted for 75.0 mil. Litas of written premiums without deductions for reinsurance (37.8 per cent more than in January 2002) and for 21.9 mil. Litas of claims payments (10.3 per cent more than in January 2002).
Non-life insurance resulted in 57.5 mil. Litas of written premiums, and 18.7 mil. Litas of claims payments. If compared to January 2002, the written premiums as well as claims payments increased thus marking a 26.0 and 35.1 per cent growth accordingly.
Life assurance presented 17.5 mil. Litas of written premiums, and 3.3 mil. Litas of claims payments. If compared to January 2002, life assurance has marked an increase of 98.9 per cent. Claims payments amount decreased by 46.1 per cent. Premiums for one-year period under new concluded contracts accounted for 6.2 mil. Litas.
January 2003 counted 202.0 thous. insurance contracts, including 4.9 thous. of life assurance contracts. If compared to January 2002, the number of concluded insurance contracts increased by 40.6 per cent (in non life insurance and life assurance increased by 40.5 and 41.5 per cent accordingly).
According to written premiums in direct insurance in January 2003, life assurance market share increased by 7.2 per cent and accounted for 23.4 per cent, while non-life accounted for 76.6 per cent. Life assurance market share accounted for 9.8 per cent according to premiums for one-year period under new concluded contracts.
Non-life insurance market growth was determined by increase in premium volume in Motor TPL insurance, land motor vehicles (other than railway rolling stock) insurance and Suretyship insurance.
Due to amendments to legislation concerning tax exemptions, life assurance sector marked a remarkable increase in written premiums.

2003 02 20 - January of 2003 marked the biggest claims payments amount since introduction of compulsory Motor TPL insurance

In the end of January 2003, the Compulsory Motor TPL insurance covered 808,539 motor vehicles under standard, 68,328 under group, and 28,447 under border insurance contracts.
11 insurance companies running compulsory Motor TPL insurance, in January 2003, accounted for 99,110 concluded contracts amounting to 14.3 mil. Litas of written insurance premiums:
standard insurance: 69,707 of contracts amounting to 11.8 mil. Litas of premiums;
group insurance: 774 of contracts amounting to 152 thous. Litas of premiums;
border insurance: 28,629 of contracts amounting to 2.3 mil. Litas of premiums.
In January 2003, if compared to January 2002, number of concluded contracts increased by 128.5 per cent and written insurance premiums increased by 51.0 per cent.
Through January of 2003, claims payments totalled to 3,796 accounting for 5.7 mil. Litas, including 50 claims payments that accounted for 88,346 Litas under border insurance cover.

2003 02 19 - New quarterly statistics of insurance companies

Preliminary quarterly statistical data of life and non-life insurance business declared as of 31 December 2002.

2003 02 18 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 18 February 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution On Granting Permission to Carry Out Compulsory Liability Insurance of Construction Planners, which shall be declared in the nearest issue of the Official Gazette and on the SISA website.

2003 02 18 - New Resolution adopted by the State Insurance Supervisory Authority under the Ministry of Finance

On 18 February 2003, the Board of the State Insurance Supervisory Authority under the Ministry of Finance approved Resolution On Granting Permission to Carry Out Compulsory Contractors' Liability Insurance, which shall be declared in the nearest issue of the Official Gazette and on the SISA website.

2003 02 04 - Permission to carry out insurance broker's activity revoked

On 4 February 2003, the Board of State Insurance Supervisory Authority made decission to revoke permission to carry out insurance broker's activity for UAB Draudimo Brokeris Britbalt Eastern.

2003 01 20 - Written insurance premiums for 2002 totalled to over 740 mil. Litas

The year 2002 was remarkable for a rapid insurance market growth. Non-life insurance increase was mainly reasoned by the introduced compulsory Motor Third Party Liability Insurance, and life assurance - the changed legislative base in respect of tax exemptions.
According to insurers' reports for 2002, direct insurance accounted for 740.5 mil. Litas of written premiums without deductions for reinsurance (i.e. 67.3 per cent more than in 2001) and for 263.2 mil. Litas of claims payments (55.7 per cent more than in 2001).
Non-life insurance resulted in 601.3 mil. Litas of written premiums, and 220.3 mil. Litas of claims payments. If compared to 2001, the written premiums as well as claims payments increased thus marking a 71.9 and 63.6 per cent growth accordingly.
Life assurance presented accounted for 139.2 mil. Litas of written premiums, and 42.8 mil. Litas of claims payments. If compared to 2001, life assurance has marked an increase for 49.9 per cent. Claims payments amount increased by 24.7 per cent.
According to written premiums in direct insurance in 2002, life assurance market accounted for 19 per cent and non-life - for 81 per cent. In the previous year, the market shares corresponded to 21 and 79 per cent.
In 2002, direct insurance written premiums per capita comprised 213.1 Litas, including 173 Litas for non-life insurance and 40 Litas for life assurance. If compared to the direct insurance premiums written in 2001, per capita ratio comprised 126.9 Litas, including 100.3 Litas for non-life insurance and 26.6 Litas for life assurance.
The year 2002 counted 3.4 mil. insurance contracts, including 83.9 thous. of life assurance contracts. In January through November, it was counted 47,547 of life assurance contracts, whereas in December it was more than in any other month in 2002, i.e. 36,365 contracts.
In December, if compared to November, written insurance premiums grew by 32.2 per cent amounting to 65.2 mil. Litas. Life assurance premiums increased by 76.0 per cent up to 24.2 mil. Litas, non-life insurance premiums climbed by 15.3 per cent up to 41,0 mil. Litas. The Law on Residents' Income Taxation that came into force on 1 January 2003 mainly reasoned this remarkable growth of life assurance. According to the Law, insurance only the benefits due to the contracts concluded by 1 January 2003 for not shorter than a 10-year period.
In December claims payments totalled to 30.1 mil. Litas, which means 23.4 per cent more than in November. Life assurance saw a 5.2 per cent increase in claims payments, i.e. up to 2.8 mil. Litas, and non-life insurance marked a 25.6 per cent increase up to 27.3 mil. Litas.

2003 01 17 - In 2002, Compulsory Motor TPL insurance accounted for 242.6 mil. Litas of written insurance premiums

In the end of 2002, the Compulsory Motor TPL insurance covered 834.981 motor vehicles under standard, 69.921 under group, and 30.746 under border insurance contracts.
Eleven insurance companies, which are engaged in the Compulsory Motor TPL insurance, 2002 ended up with 1.834,8 thous. concluded compulsory insurance contracts amounting to 242,6 mil. Litas of written insurance premiums:
standard insurance: 1.145,5 thous. of contracts amounting to 190,6 mil. Litas of premiums;
group insurance: 20.4 thous. of contracts amounting to 4.0 mil. Litas of premiums;
border insurance: 669,0 thous. of contracts amounting to 48,1 mil. Litas of premiums.
Premiums written for compulsory insurance through December comprised 8.2 mil. Litas, including 39,8 per cent of compulsory insurance border contracts.
Through 2002, claims payments amounted to 25.618 and accounted for 36,9 mil. Litas. The amount tends to grow constantly. And in December, the growth of claims payments amount comprised 16,1 per cent.

2003 01 07 - New insurance broker

On 7 January 2003, the Board of State Insurance Supervisory Authority has issued permission to carry out insurance broker's activity for the insurance broker UAB Insurance Broker Draudimo Kryptis.

2003 01 07 - Permission to carry out insurance broker's activity revoked

On 7 January 2003, the Board of State Insurance Supervisory Authority made decission to revoke permission to carry out insurance broker's activity for UAB Draudimo Brokeris EUROPE MARINE INSURANCE INTERNATIONAL.