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 receipt of reinsurance licence.
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 Law on Insurance and Reinsurance and the Regulations No 5 on the Issue of Reinsurance Licences, Obtaining Permits Regulating the Operation of Individual Reinsurance Companies, Documentation Harmonization and Reporting of 06.01.2016 approved by the Board of the Financial and Capital Market Commission.
The Commission shall examine an application for obtaining reinsurance operating licence and take a decision within a six-month period after receipt of an application.
Law on Insurance and Reinsurance is available on the Commission’s website only in Latvian.