Latvia Proposes Insurance Law Amendments to Boost Supervision, Transparency
The Ministry of Finance has proposed amendments to the Insurance and Reinsurance Distribution Law to enhance supervision and set professional standards for distributors. The changes aim to improve competition, transparency, and customer protection, while aligning with EU norms and trends.
The draft law seeks to clarify the registration process and review supervision fees. Currently, fees range from 150 to 1,000 euros per year, but the ministry plans to reassess them to ensure they cover necessary resources for high-quality supervision. The amendments also address the growing sale of car insurance quotes through digital channels and new EU legislation on sustainability and disclosure requirements.
After going through the full parliamentary procedure, these amendments aim to create a modern, transparent, and customer-oriented car insurance distribution environment in Latvia that complies with EU norms and trends. The changes are expected to promote competition among distributors while removing unjustified obstacles to their operations.
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