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Insurance and InsurTech license

Pan-European insurance license opening wealthy European insurance market of 500 million consumers and more than 20 million business. Insurance company equity capital – EUR 1 000 000. Insurance broker equity capital requirement starts from EUR 15 000.

Europe is one of the biggest insurance markets in the world having 500 million wealthy consumers traditionally using different insurance products. European insurance companies are world’s oldest insurance institutions. Lithuanian licensed insurance, (re)insurance companies and insurance brokers are allowed to provide services in all 28 European Union (EU) member states without any additional restrictions from other national regulators.

One Insurance and Insurance Agent license for all Europe

A favorable regulatory environment makes Lithuania attractive jurisdiction insurance companies entering European insurance market as well InsurTech and FinTech start-ups introducing innovative insurance products and looking for the possibility to distribute them in a single European insurance market. Lithuanian license opens the ways for non-European insurance companies to sell their insurance products in the European market including big national markets, such as Germany and France. Lithuanian licensed insurance companies provide a significant competitive advantage and open up the European insurance market at significantly lower incorporation and operational costs. Revolut Payments already took an advantage of the recent amendments of the Lithuanian Law on Insurance, allowing the EMI and other financial license holders to obtain Insurance Broker license.

Reasons why Lithuania is top jurisdiction for Insurance licensing

  • Fast licensing process.
  • Companies holding Payment and Electronic Money Institution or other financial licenses can provide Insurance Broker services.
  • Licensing documentation submitted in English.
  • No particular requirement for company top management to reside in Lithuania or Europe
  • Regulatory sandbox.
  • Residence permits for non-European citizens running an innovative business allowing free access to all Schengen zone.

ECOVIS experience in insurance licensing

Being part of ECOVIS International consulting network present in more than 80 counties around the world ECOVIS ProventusLaw currently considered as the most experienced financial licensing advisor in Lithuania. ECOVIS licensed in Lithuania more than 30 finance institutions including big names deVere and Instarem (Nium), Contis Group setting up their European operations in Vilnius. ECOVIS ProventusLaw provides all the necessary services for licensing of insurance companies, insurance brokers and agents, including preparation of licensing documentation, representation at the Bank of Lithuania (Regulator) during the licensing procedure, company incorporation, office registration, advice on IT, HR, compliance and other issues arising during the incorporation of banking business in Europe. After the licensing procedure completed, ECOVIS offers accounting, reporting, audit, compliance, and legal services for the operational business.

Related information:

Pan-European financial advisory license

Specialised Bank license