"This is a significant event in the insurance market as such an insurance business license was last issued 14 years ago. The decision of Austria's largest insurance class to base its undertaking's registered office in Lithuania shows investors' confidence in the business climate and proper regulatory environment in our country," said Ingrida SIMONYTE, member of the Board of the Bank of Lithuania.
The founder of the new insurance undertaking is Austria's class Vienna Insurance Group AG.
COMPENSA Vienna Insurance Group, UADB intends to engage in the activities of 14 insurance classes within the non-life insurance branch. This undertaking was also entitled to engage in three types of compulsory insurance activities within the general liability insurance class.
The license of COMPENSA Vienna Insurance Group, UADB, specifying all allowed insurance activities, is published on the website of the Bank of Lithuania. The business classes for which the company was licensed are:
- Voluntary insurance
- accident insurance
- sickness insurance
- land vehicles other than railway transport, insurance
- Railway vehicle insurance
- ships (seagoing and inland) insurance
- cargo insurance
- assets (excluding insurance law 7 Paragraph 3 of Article 3, 4, 5, 6 and 7)
- Insurance against fire and natural forces
- Property insurance against other risks (with the exception of the Insurance Law Article 7, paragraph 3 of 8)
- the land vehicles related liability insurance
- with ships (seagoing and inland) related to the management of civil liability insurance
- general liability insurance
- financial loss insurance
- legal expenses insurance
- legal assistance insurance
- Compulsory insurance
- Motor Third Party Liability Insurance
- insurance brokers Civil Liability Insurance
- contractor's third party liability compulsory insurance
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