News archive

On 24 December 2008 extraordinary meeting the Insurance Supervisory Commission approved amendments to the articles of association of PZU Lietuva UAB DK, relating to the increase of insurance undertaking’s authorized capital from 75 406 700 LTL to 90 406 700 LTL.

On 23 Decemer 2008 the Insurance Supervisory Commission considering to FINSALTAS UADBB request and shareholders decision not engage in insurance brokers activity, having regard to subparagraph 3 paragraph 2 Article 150 of the Law on Insurance of the Republic of Lithuania, revoked FINSALTAS UADBB licence to engage in insurance activity (The licence No. 000072).

On 23 December 2008 the Insurance Supervisory Commission decided to incorporate BALTO LINK UADBB to the list of the reinsurance intermediaries.

On 2 December 2008 the Insurance Supervisory Commission decided to incorporate Rizikos cesija UADBB to the list of the reinsurance intermediaries.

On 18 November 2008 the Insurance Supervisory Commission approved candidacy of Agnieszka Smolenska-Micialkiewicz as new member of the Supervisory Board of PZU Lietuva UAB DK and PZU Lietuva gyvybės draudimas UAB.

On 18 November 2008, the Insurance Supervisory Commission on the meeting with INGO BALTIC BDUAB bankruptcy administrator UAB Jupoga "authorized person Mr. Juozas Dzekunskas expressed concern over prolonged INGO BALTIC BDUAB bankruptcy administration. The Insurance Supervisory Commission noticed, they are dissatisfied with quality of INGO BALTIC BDUAB bankruptcy administration and encouraged INGO BALTIC BDUAB administrator authorized person to make the necessary efforts to correct responsible duties. Insurance Supervisory Commission noted that the bankruptcy administrator liable for active bankruptcy administration and the actions necessary for the rational use of the funds to ensure the effective INGO BALTIC BDUAB bankruptcy administration.

On 11 November 2008 the Insurance Supervisory Commission having regard to VIAE NORMA UADBB committed a gross violation of Article 149(6) of Law on Insurance of the Republic of Lithuania, revoked VIAE NORMA UADBB the licence to engage in insurance activity (The licence No. 000002).

On 11 November 2008 the Insurance Supervisory Commission has confirmed the appointment of Karin Josephine Friberg as new member of the Supervisory Board of If draudimas AB.

Since 6th November 2008 Estonian insurance undertaking AS If Eesti Kindlustus have the right to provide non- life insurance services in the Republic of Lithuania by establishing the branch. Branch address – Žalgirio g. 88, Vilnius. Head - Darius Antanas Kamuntavičius.

On 28 October 2008 the Insurance Supervisory Commission having regard to paragraph 4 of Article 20 and paragraph 1 of Article 24 of the Law on Insurance of the Republic of Lithuania approved candidacy of Aurelija Kazlauskienė as member of the Board of Lietuvos draudimas AB.

On 21 October 2008 the Insurance Supervisory Commission warned life insurance and pension fund company Aviva Lietuva for breaching paragraph 7 of Article 15 of Law on the accumulation of pensions (the content and form of the advertisements was not agreed in advance with Insurance Supervisory Commission).

On 30 September 2008, the Insurance Supervisory Commission on the meeting with the heads of Baltijos garantas DUAB discussed the problems of an insurance undertaking financial stability and concerned about prolonged negotiations with strategic investor and therefore, still not enlarged the minimum guarantee fund up to values referred in Law of insurance.
The minimum guarantee fund must be increased until 30 March 2009, in other case, the Insurance Supervisory Commission shall revoke the licence to engage in insurance activity.

On 30 September 2008 the Insurance Supervisory Commission approved candidacies of Jolanta Kulminska-Jaroszynska and Rafal Grodzicki as new members of the Supervisory Board of PZU Lietuva gyvybės draudimas UAB.

On 23 September 2008 the Insurance Supervisory Commission considering to INBRO UADBB violate provisions of Article 147(2) of Law on Insurance of the Republic of Lithuania and consistently was breaching other insurance mediation activity legal acts and in order to ensure protection of the interests of the policyholders, insured, beneficiaries and injured party, having regard to subparagraphs 1 and 2 Article 150 (2) of the Law on Insurance of the Republic of Lithuania and subparagraph 12 Article 197, subparagraph 2 Article 198 (2), revoked INBRO UADBB licence to engage in insurance activity (The licence No. 000057).

On 23 September 2008 the Insurance Supervisory Commission considering to SOLIDUS LT UADBB request and shareholder decision not engage in insurance brokers activity, having regard to subparagraph 3 paragraph 2 Article 150 of the Law on Insurance of the Republic of Lithuania, revoked SOLIDUS LT UADBB licence to engage in insurance activity (The licence No. 000109).

On 16 September 2008 the Insurance Supervisory Commission warned VIAE NORMA UADBB for breaching paragraph 4 of Resolution of 1 June 2004 of the Supervisory Commission No. N-79 On Approval of the Procedure for Submission of Financial Statements of Insurance Broker Companies to the Insurance Supervisory Commission of the Republic of Lithuania and paragraph 2 of Resolution of 14 December 2004 No. N-169 On Approval of Statistical Accounting Forms of Insurance Broker Companies and of the Procedure for Completion of Statistical Accounting Forms of Insurance Broker Companies.

On 1 August 2008 the Insurance Supervisory Commission warned BTA draudimas UAB for breaching paragraph 3 of Article 19 of the Law of the Republic of Lithuania on Compulsory Insurance against civil liability in respect of the use of motor vehicles, where the insurer have the duty within 3 months to make reasoned offer of compensation or provide a reasoned reply and evidence releasing from the obligation to pay compensation or entitling to reduce the compensation payable.

On 29 July 2008 the Insurance Supervisory Commission having regard to subparagraph 2 paragraph 1 and paragraph 2 of Article 198 of the Law on Insurance of the Republic of Lithuania warned Baltijos garantas DUAB for systematic Insurance Supervisory Commission obligations noncompliance and 3 article of Resolution of Insurance Supervisory Commission of the Republic of Lithuania No. N-24, 2004 03 09 On rules for assets covering technical provisions of an insurance undertaking (2007 01 16 Resolution of Insurance Supervisory Commission of the Republic of Lithuania No. N-9, wording).
Baltijos garantas DUAB technical provisions were covered by the assets, disregarding diversification requirements.

On 29 July 2008 the Insurance Supervisory Commission having regard to paragraph 4 of Article 20 and paragraph 3 of Article 24 of the Law on Insurance of the Republic of Lithuania approved candidacy of Saulius Tiškevičius as Chief Executive Officer of PZU Lietuva UAB DK.

On 29 July 2008 the Insurance Supervisory Commission having regard to paragraph 4 of Article 20 and paragraph 1 of Article 24 of the Law on Insurance of the Republic of Lithuania approved candidacy of Jaroslaw Kiersznowski as the Chairman of the Board of PZU Lietuva UAB DK.

On 29 July 2008 the Insurance Supervisory Commission issued the licence for activities of a company of insurance brokers to Gerdrauda UADBB.

On 29 July 2008 the Insurance Supervisory Commission resolved to incorporate Marsh Lietuva UADBB to the list of the reinsurance intermediaries.

On 22 July 2008, the Insurance Supervisory Commission enacted:
-for failure to submit financial statement within a prescribed time, warned Amber garantas UADBB;
-for failure to submit financial statement and statistical report within a prescribed time, warned FT Broker UADBB;
-for failure to submit financial statement within a prescribed time, imposed a 1 000 LTL fine on Lagedra UADBB.

On 22 July 2008 the Insurance Supervisory Commission approved candidacies of Bogdan Benczak, Saulius Tiškevičius and Pavel Jaževič as members of the Board of PZU Lietuva UAB DK.

On 22 July 2008 the Insurance Supervisory Commission approved candidacies of Bogdan Benczak and Pavel Jaževič as members of the Board of PZU Lietuva gyvybės draudimas UAB.

Insurance Supervisory Commission given that INBRO UADBB violate paragraph 2 of Article 147 of Law on Insurance of the Republic of Lithuania and paragraph 3 of Article 38 of Law amending the Law on companies of Republic of Lithuania provisions and in order to ensure protection of the interests of the policyholders, insured, beneficiaries and injured party, in meeting on 15 July 2008 suspended INBRO UADBB the licence to engage in insurance brokers activity. Paragraph 2 of 147 Article of Law on Insurance of the Republic of Lithuania prescribe, that the of the company of insurance brokers own capital shall be not less than 4 % of the premiums income through a financial year payable to insurers and not less than EUR 15 000. Pursuant paragraph 3 of Article 38 of Law amending the Law on companies of Republic of Lithuania if the equity capital of the company falls to less than 1/2 of the amount of the statutory capital referred to in the Statutes, the Board (the manager of the company if the Board is not formed) shall convene the General Meeting within 3 months after the day on which it learned or should have learned about the existing situation. Insurance Supervisory Commission obligates INBRO UADBB to correct breach of the Law till 1 September 2008.

On 15 July 2008 the Insurance Supervisory Commission issued the licence for activities of a company of insurance brokers to Bon Life UADBB.

On 8 July 2008 the Insurance Supervisory Commission resolved to incorporate Aon Lietuva UADBB to the list of the reinsurance intermediaries.

On 8 July 2008 the Insurance Supervisory Commission approved candidacies of Andrew Stillie Kirkland, Kaido Kepp, Helle Meineche and Tara Kneafsey as new members of the Supervisory Board of Lietuvos draudimas AB.

From June 30, 2008 Finnish insurance company Nordea Life Assurance Finland Ltd get the right to provide Life Assurance services in the Republic of Lithuania by establishing the branch. Address of the branch – Didžioji str. 18/2, Vilnius. An accredited person - Marius Plitninkas.

On 25 June 2008 the Insurance Supervisory Commission having regard to paragraph 4 of Article 20 and paragraph 1 of Article 24 of the Law on Insurance of the Republic of Lithuania approved candidacy of Kęstutis Motiejūnas as member of the Board of joint stock limited life insurance an pension company "Aviva Lietuva".

On 25 June 2008 the Insurance Supervisory Commission approved candidacies of Kristine Cimziete (chairwoman ), Baiba Mocane, Ermins Sniedze, Jekabs Kaneps, Agita Nitisa as new members of the Supervisory Board of RESO Europa ADB.

On 10 June 2008 the Insurance Supervisory Commission warned REGULA UADBB for breaching paragraph 2 of Article 147 of Law on Insurance of the Republic of Lithuania.

On 10 June 2008 the Insurance Supervisory Commission approved changes to the licence of Seesam Lietuva UADB issuing permission to provide suretyship group insurance, insurance of the fulfillment of trip organizer’s obligations.

On 3 June 2008 the Insurance Supervisory Commission approved candidacy of Mans Edsman as new member of the Supervisory Board.

On 3 June 2008 the Insurance Supervisory Commission, having regard to subparagraphs 1 and 2 paragraph 2 Article 150, paragraph 12 of Article 197, and subparagraph 2 paragraph 1 Article 198 of the Law on Insurance of the Republic of Lithuania revoked licence of Vilnius Re UADBB to engage in insurance activity.

On 3 June 2008 the Insurance Supervisory Commission of the Republic of Lithuania approved changes to the licence of PZU Lietuva UAB DK issuing permission to provide Assistance Insurance.

On 27 May 2008 the Insurance Supervisory Commission approved amendments to the articles of association of Aon Lietuva UADBB, relating to the increase of insurance brokers undertaking’s authorized capital from 200 000 LTL to 450 000 LTL.

On 20 May 2008 the Insurance Supervisory Commission has confirmed the appointment of Helle Meineche as new member of the Supervisory Board of Lietuvos draudimas AB.

On 20 May 2008 the Insurance Supervisory Commission approved candidacies of Saulius Nekrošius as the Head of administration and Laima Jarmalaitė and Ilzė Cirulė as members of the Board of RESO EUROPA ADB.

On 13 May 2008 the Insurance Supervisory Commission, having regard to paragraph 4 of Article 20 and paragraph 1 of Article 24 of the Law on Insurance of the Republic of Lithuania approved candidacies of Elvyra Radavičienė, Lina Liubauskaitė, Živilė Turevičienė and Audrutė Dziskienė as members of the Board of Būsto paskolų draudimas UAB.

On 13 May 2008 the Insurance Supervisory Commission, having regard to paragraph 4 of Article 20 and paragraph 1 of Article 24 of the Law on Insurance of the Republic of Lithuania approved candidacy of Julius Kondratas as member of the Board of Lietuvos draudimas AB.

On 13 May 2008 the Insurance Supervisory Commission approved amendments to the articles of association of AMBER GARANTAS UADBB, relating to the increase of insurance brokers undertaking’s authorized capital from 52 000 LTL to 72 000 LTL.

E–DRAUDIMAS UADBB has changed its name. On 6 May 2008, E–DRAUDIMAS UADBB registered the new wording of the Articles of association and changed its name into IIZI UADBB.

On 6 May 2008 the Insurance Supervisory Commission issued the permission to Gjensidige Baltic AAS to acquire 100 % shares of insurance company RESO Europa ADB.

On 15 April 2008 the Insurance Supervisory Commission warned Industrijos garantas UADB for breaching paragraph 2 of Article 19 of the Law of the Republic of Lithuania on Compulsory Motor Third Party Liability Insurance of Vehicle Owners.
If within 30 days it is impossible to investigate the circumstances as necessary to establish the fact of the insured event and to assess the size of the damage, compensation shall be paid within 14 days of the date when the investigation of such circumstances could have been completed by making a reasonable effort but not later than within 3 months of the date when the claim was presented (except where damages are awarded by a decision in criminal, administrative or civil proceedings).

On 15 April 2008 the Insurance Supervisory Commission approved amendments to the articles of association of Efektyvus sprendimas UADBB, relating to the increase of insurance brokers undertaking’s authorized capital from 120 000 LTL to 133 000 LTL and Esame kartu UADBB, relating to the increase of insurance brokers undertaking’s authorized capital from 100 000 LTL to 150 000 LTL.

On 8 April 2008 the Insurance Supervisory Commission warned REGULA UADBB for breaching paragraphs 4 and 6 of Article 149 of Law on Insurance of the Republic of Lithuania and subparagraph 9.1 of The Insurance Supervisory Commission resolution No.N-30 of 9 March 2004, that Insurance intermediares must provide information to the clients.

27 March 2008 Vilnius district court decision to institute bankruptcy proceedings against Baltikums draudimas ADB come into force. After the effective date of the court decision, all non-life insurance contracts cancelled, except compulsory motor third party liability contracts shall terminate. Compulsory motor third party liability (CMTPL) insurance contracts are valid 30 days after the bankruptcy.
ISC remind drivers, that after the expiry of CMTPL contracts, they have to conclude new insurance contracts.
From 27 March 2007 policyholders shall acquire the right of credit claim to the paid share of the insurance premium for the period from the institution of bankruptcy proceedings until the end of the period of the insurance contract provided for in the insurance contract, or other amounts, insurance undertaking indebted under insurance contracts.
Assets covering insurance technical provisions of an insurance undertaking in liquidation in the case of bankruptcy may only be used to satisfy credit claims of the policyholders, insured, beneficiaries and injured party, which arise from insurance contracts.
Policyholders of other Non-life insurance contracts have to apply to the liquidator Verslo konsultantai UAB authorized person Alvydas Mogenis (tel. No. (8~5) 239 53 25) address Švitrigailos 11 D, Vilnius and to fill a credit claim, submit the list to the court for approval.
Creditors shall file their claims within 45 days after the decision of the Court to institute bankruptcy become effective. The court shall have the right to accept creditors’ claims filed not within the time limits if the court recognizes the reasons for not observing the set time limit as valid.

On 13 March 2008 the Insurance Supervisory Commission, considering request of insurance undertaking in liquidation Draudimo kompanija Neris UAB liquidator Andrius Beniušis, revoked the licence to engage in insurance activity.
On 2007 06 05 extraordinary general shareholders’ meeting Draudimo kompanija Neris UAB made decision to transfer rights and obligations under insurance contracts to Euler Hermes Kreditversicherungs-AG branch office and to liquidate the insurance undertaking.
Draudimo kompanija Neris UAB suspended its insurance activity-starting year 2005.
It should be note, that after decision to withdraw the licence to engage in insurance activity, the liquidator in the manner established by law has the right to apply to the administrator of the Register of Legal Persons for removal of the undertaking from the Register.

On 12 March 2008, Vilnius district court decided to initiate the procedure of bankruptcy against Baltikums draudimas ADB. Insurance Supervisory Commission of the Republic of Lithuania informs, as a court has declared bankruptcy against Baltikums draudimas ADB, decision would take effect in 10 days. All non-life insurance contracts will be cancelled, except compulsory motor third party liability contracts.
Compulsory motor third party liability insurance contracts are valid 30 days after the bankruptcy. All insurance benefits under the insurance contracts will pay The Motor Insurers’ Bureau of the Republic of Lithuania.
Following the institution of bankruptcy proceedings, non-life insurance contracts shall terminate.
The policyholders of other contracts shall acquire the right of credit claim to the paid share of the insurance premium for the period from the institution of bankruptcy proceedings until the end of the period of the insurance contract provided for in the insurance contract.
After the effective date of the court ruling concerning the institution of bankruptcy proceeding, the managing bodies of enterprise shall lose their powers. Administrator appointed by the court direct activities of the enterprise in bankruptcy.
Committee of creditors’ representatives formed by the ISC is representing the interests of policyholders.

Branch of Swedish insurance undertaking Länsförsäkringar International Försäkringsaktiebolag authorized to provide Non Life Insurance services in the Republic of Lithuania from 6 March 2008. Address of the branch – Gynėjų str. 16, Vilnius. Branch Manager in Lithuania Katerina Pavlidi.

On 26 February 2008 the Insurance Supervisory Commission warned BTA draudimas UAB for violations detected during inspection. During integrated inspection detected, that insurance undertaking breached the Law of Insurance and resolutions of Insurance Supervisory Commission establishing requirements concerning calculation of the solvency margin, establishment of technical provisions, their cover by assets, financial accounts formation, internal audit, Chief Actuary functions implementation and the management of claims.
BTA draudimas UAB is liable to eliminate detected law breaches.

On 21 February 2008 the Insurance Supervisory Commission of the Republic of Lithuania (hereinafter –ISC) has decided to file a petition to the court for bankruptcy of Baltikums draudimas ADB.
This decision was made after evaluation on available resources of Baltikums draudimas ADB. Disposing on this, without additional shareholders and other investor’s contribution, insurance undertaking won’t have the opportunity to perform such activities or retire from insurance market fulfilling insurance obligations.
ISC, taking into account deteriorating Baltikums draudimas ADB position, undertook all the necessary actions in order to protect the rights and interests of the policyholders, insured persons, beneficiaries and the injured party.
As was informed before, Baltikums draudimas ADB has failed to form minimum guarantee fund and on 28 March 2007 the Insurance Supervisory Commission decided to abolish Baltikums draudimas ADB the part of licence providing the right to engage compulsory motor third party liability insurance.
As Baltikums draudimas ADB has failed to carry out reorganization plan, was made decision from 10 November suspend the part of the licence to engage accident insurance, sickness insurance, Casco insurance and property insurance.
On 11 December 2007 the Insurance Supervisory Commission suspended Baltikums draudimas ADB the licence to engage in insurance activity. This decision was made considering to financial situation does not comply with the provisions of the legal acts of the Republic of Lithuania. Insurance undertaking had the right to engage in the activities of insurance and reinsurance mediation.
Insurance undertaking prior to the bankrupt proceedings, must assumes obligations of all insurance contracts of the insurance undertaking, their administration and claims payment. Baltikums draudimas ADB insurance claims paid totaled to LTL 22.3 m in 2007, insurance claims paid in January 2008 totaled to - LTL 1.04 m.
The number of valid insurance contracts from 182,2 thousands in March 2007 significantly waned and ISC experts evaluate insurance undertaking will dispose 9 thousands insurance contracts in March 2008.
ISC informs, after the court will make a decision for Baltikums draudimas ADB bankruptcy, within a 10-day the decision was made, non-life insurance contracts will be invalid, except compulsory motor third party liability contracts. Compulsory motor third party liability insurance contracts validity continues 30 days after the court order to declare the enterprise bankruptcy.
Upon the institution of bankruptcy proceedings, all insurance benefits under the insurance contract will pay The Motor Insurers‘ Bureau of the Republic of Lithuania.

On 19 February 2008 the Insurance Supervisory Commission Resolution NO. N-19 of February 12 2008 ON AMENDMENT OF RESOLUTION OF THE INSURANCE SUPERVISORY COMMISSION OF THE REPUBLIC OF LITHUANIA NO.107 OF 7 SEPTEMBER 2004 ON CONTENTS AND FORM OF SCHEME OF OPERATIONS OF THE INSURANCE UNDERTAKING AND BRANCH OF THE INSURANCE UNDERTAKING OF A NON-MEMBER COUNTRY IN THE REPUBLIC OF LITHUANIA AND ORDER OF SUBMISSION OF SCHEME OF OPERATIONS TO THE INSURANCE SUPERVISORY COMMISSION OF THE REPUBLIC OF LITHUANIA published in Official Gazette No. 20 comes into force.

On 5 February 2008 the Insurance Supervisory Commission warned Baltijos garantas DUAB for breaching paragraphs 2 and 8 of Article 82 of Law on Insurance of the Republic of Lithuania.