Insurance Intermediaries

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Registration of insurance and reinsurance intermediaries


In order to register with the register of insurance and reinsurance intermediaries, an insurance and reinsurance intermediary shall submit to the Financial and Capital Market Commission (the Commission):


1) an application, in which all the documents attached thereto are listed;
2) information regarding a responsible person (CV, copy of education certificate,  the statement of professional association of insurance and reinsurance intermediaries regarding the knowledge and work experience, the Ministry of Interior’s statement regarding criminal record (if any);
3) information regarding the type of the insurance and reinsurance intermediary (insurance broker or insurance agent);
4) a copy of contract with a credit institution regarding the opening of a separate cash account, which indicates that the monies in the account are monies acquired as a result of insurance and reinsurance intermediary activities;
5) the procedures by which the insurance and reinsurance intermediary ensures the fulfilment of the requirements of Section 17 of the Law (requirements for a responsible person and employees of the legal person directly involved in insurance intermediation);
6) the procedures for the protection of the information system;
7) the procedures for the identification of unusual and suspicious financial transactions;
8) the procedures by which the insurance and reinsurance intermediary examines customer complaints;
9) a civil liability insurance policy or the contract (a copy thereof) with an insurance merchant.


The Financial and Capital Market Commission shall examine an application for entering of an insurance and reinsurance intermediary in a register of insurance and reinsurance intermediaries and take a decision regarding the making of an entry or the refusal to make an entry within a period of 30 days after the receipt of the documents, which have been drawn up in accordance with the requirements specified in the regulatory enactments regulating the procedures for the drawing up of documents.


Activities of Insurance and Reinsurance Intermediaries Law which regulates activities of insurance and reinsurance intermediaries is available on the Commission’s website at: http://www.fktk.lv/en/law/insurance/laws/