Licensing of reinsurance
Reinsurance is the activity consisting in accepting risks ceded by an insurance merchant, reinsurance merchant or private pension fund.
Reinsurer may start reinsurance business only upon recording it in the Commercial Register, receipt of reinsurance licence in compliance with the provisions of Reinsurance Law.
To receive reinsurance licence, a reinsurance undertaking of reinsurer of non-member state shall submit an application to the Financial and Capital Market Commission (the Commission), accompanied by the information and documentation referred to in the Reinsurance Law and the Commission’s Regulations for Issuing Reinsurance Licences of 19.12.2008.
The Commission shall examine an application for reinsurance licence within a three-month period after receipt of the required documentation.
The Commission shall without delay notify the reinsurance undertaking or reinsurer of non-member state of the decision taken and issue the licence not later than within three business days.
Reinsurance Law is available on the Commission’s website only in Latvian.