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Fintech, characterized by technology-driven financial innovation, is rapidly evolving in Latvia. This innovation aims to revolutionize traditional business models, processes, and services, ultimately delivering superior, more efficient, and modern financial solutions to Latvian consumers.
The Financial and Capital Market Commission (FCMC) recognizes FinTech as a strategic direction and actively supports innovation in the financial sector. Together with other public institutions, the FCMC endeavors to foster a conducive environment for FinTech, encouraging the provision of innovative financial services and attracting new companies to Latvia.
The regulatory sandbox, a key initiative, allows existing or potential financial market participants to test innovative financial products, services, or business models under the supervision of the FCMC. This sandbox promotes the development of innovative solutions that enhance the financial market’s integrity, expand options for consumers and investors, and ensure the safe adoption of financial services.
Latvia’s financial and capital market is witnessing innovation driven by both regulatory frameworks and market participants’ initiatives. Technologies such as artificial intelligence, biometric data, robo-advisors, and machine learning are shaping the landscape, alongside regulatory developments like the second payment service directive and strong customer authentication.
Latvia stands out as a prominent destination for fintech companies, recognized for its startup-friendly environment. Latvia-based fintechs enjoy global reach, establishing operations worldwide and leveraging benefits such as low costs, access to local banking infrastructure, and streamlined licensing processes offered by the FCMC. Additionally, Latvia’s startup ecosystem offers advantages like expedited startup visas, favorable tax regimes, and stock options regulation to attract tech talent.
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In Liechtenstein, the Fintech sector operates within the framework of anti-money laundering legislation and licensing requirements. The Due Diligence Act (SPG) plays a crucial role in preventing money laundering and terrorist financing, covering licensed financial intermediaries like banks, asset managers, as well as entities not subject to financial market regulations such as real estate brokers.
The creation of the Transaction Systems and Trustworthy Technology Service Providers Act (TVTG) delegates the registration and supervision of new service providers operating on TT systems (e.g., blockchain) to the Financial Market Authority (FMA). The TVTG also aligns with FATF recommendations, ensuring supervision under the Due Diligence Act for relevant services.
According to Article 12(1) of the TVTG, individuals or entities based in Liechtenstein intending to offer TT services professionally must apply for registration with the FMA before commencing operations. This requirement extends to Token Issuers issuing tokens exceeding CHF 5 million within a 12-month period.
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Finantsinspektsioon issues and withdraws operating licenses for insurance companies and enters insurance brokers in the list of insurance intermediaries. An operating license issued by Finantsinspektsioon does not have an expiry date. The main types of insurance are non-life insurance and life insurance. In both non-life and life insurance, a contract is signed in order to hedge risks, while life insurance is also for collecting savings.
A company needs to have a license to engage in insurance activities, and companies established in Estonia receive Our operating license from Finantsinspektsioon (EFSA).
Applying for an Operating License as an Insurance Company
To apply for an operating license as an insurance company, the management board members of a business must apply in writing and submit the data and documents listed in the Insurance Activities Act.
The operating license is issued once the data and documentation submitted meet the requirements and show clearly that the applicant for a license has sufficient means and organisational capacity for insurance activities and that the interests of the policyholders, the insured, and the beneficiaries are sufficiently protected. The decision to issue an operating license or to refuse it is taken by Finantsinspektsioon within three months after all the necessary documentation and data have been received and the requirements have been met, but not later than six months after the application for the operating license has been received.
The fee for applying for an operating license as an insurance company is 1000 euros.
Providing Cross-Border Insurance Services in Estonia
An insurer from a European Union member state that wants to provide cross-border insurance services in Estonia must adhere to the requirements of the Insurance Activities Act and the Motor Insurance Act and any other legislation derived from them such as regulations issued by the government, the Ministry of Finance, and the Ministry of Social Affairs, and the guidelines of Finantsinspektsioon.
An insurance company providing insurance services in Estonia must also follow requirements in the Money Laundering and Terrorist Financing Prevention Act and legislation derived from that, including the guidelines of Finantsinspektsioon.
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An insurance intermediary specializes in intermediating insurance contracts and earns a fee for doing so. Insurance intermediaries in Estonia are divided into insurance brokers and insurance agents. The roles of an insurance broker and an insurance agent are fundamentally different, as an insurance broker represents the interests of the policyholder, while the agent represents the interests of the insurance company.
Registration of Insurance Intermediaries
Insurance agents are listed under the insurance company that authorized Our activity. The insurance company is responsible for the correctness of the entries in the list.
For an insurance broker to be entered in the list of insurance intermediaries, an application must be submitted in writing to Finantsinspektsioon. The decision of whether to accept the entry in the list or to refuse it is taken by Finantsinspektsioon within one month after the documents and data required by law have been submitted.
Registration of Insurance Agents in the List of Insurance Intermediaries
Insurance agents are entered into the list of intermediaries by the insurance company we represent or by Finantsinspektsioon in certain circumstances defined by law. The insurer enters the insurance agent into the list of intermediaries immediately after signing a contract with the agent.
Registration of Insurance Brokers in the List of Insurance Intermediaries
In order to be entered in the list of intermediaries, an insurance broker shall submit to the Financial Supervision Authority a written application and all the information and documents required. An applicant shall promptly notify the Financial Supervision Authority of any changes in the information and documents specified in subsection 187 (1) of the Insurance Activities Act when becoming aware of the fact that caused the change or after changing the information and documents.
Providing Cross-Border Insurance Intermediation Services in Estonia
An insurance intermediary from a European Union member state that wants to provide cross-border insurance intermediation services in Estonia must adhere to the requirements of the Insurance Activities Act and the Motor Insurance Act and any other legislation derived from them such as regulations issued by the government, the Ministry of Finance, and the Ministry of Social Affairs, and the guidelines of Finantsinspektsioon. The provision of insurance intermediation services must also adhere to the Law of Obligations Act and the Consumer Protection Act.
An insurance intermediary providing services in Estonia must also follow requirements in the Money Laundering and Terrorist Financing Prevention Act and legislation derived from that, including guidelines of Finantsinspektsioon.
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