Governance, Risk and Compliance - The Estonian Insurance Industry

 Table of Content

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Regulations and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability Insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social security system
2.4.3 Professional indemnity insurance for alternative investment fund managers
2.4.4 Professional indemnity insurance for notaries
2.4.5 Professional indemnity insurance for auditors
2.4.6 Professional indemnity insurance for clinical trials
2.4.7 Professional indemnity insurance for barristers
2.4.8 Professional indemnity insurance for trustees
2.4.9 Professional indemnity insurance for bailiffs
2.4.10 Professional indemnity insurance for assayers
2.4.11 Professional indemnity insurance for insurance intermediaries
2.4.12 Professional indemnity insurance for railway undertakings
2.4.13 Professional indemnity insurance for individuals/companies engaged in handling liquid fuel
2.4.14 Professional indemnity insurance for internet service providers
2.4.15 Professional indemnity insurance for employees of fire and rescue services
2.4.16 Air carriers and aircraft operators insurance
2.4.17 Liability insurance for waste management companies
2.4.18 Liability for ships with respect to oil pollution
2.4.19 Liability insurance against the transport of hazardous and noxious substances by sea
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
2.5.3 Federation of European Risk Management Associations (FERMA)
2.5.4 Estonian Financial Supervision Authority
2.5.5 Estonian Insurance Association (Eesti Kindlustusseltside Liit – EKsL)
2.5.6 The Estonian Traffic Insurance Fund (Eesti Liikluskindlustuse Fond – LKF)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Corporate tax
2.8.3 VAT
2.8.4 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Estonia – Insurance Regulatory Framework Key Features
Table 3: Estonia – Life Insurance Regulatory Framework
Table 4: Estonia – Property Insurance Regulatory Framework
Table 5: Estonia – Motor Insurance Regulatory Framework
Table 6: Estonia – Liability Insurance Regulatory Framework
Table 7: Estonia – Daily Rate of Automatic Motor Insurance Cover
Table 8: Estonia – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 9: Estonia – Corporate Tax Rates for the Financial Year 2016

List of Figures

Figure 1: Estonia – The Three Pillars of Solvency II
Figure 2: Estonia – Insurance Supervision and Control at Various Levels
Figure 3: Estonia – Insurance Regulatory Frameworks for Company Registration and Operation 

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