Published: 26.11.2022

The Fund for the Protection of the Insured was created in 1999 in order to protect the interests of insured persons in case of an insurance company’s bankruptcy. The assets of the Fund for the Protection of the Insured consist of deductions in the amount of 0.1% of the gross sum of insurance premiums received from natural persons for the classes of insurance specified by law, with the exception of insurance relating to a unit-linked life insurance contract.

Only a policyholder, natural person, may receive insurance indemnity in case of insurer's default:

  • in life insurance, except insurance in relation to a market-linked life insurance contract – in the amount of 100 % insurance indemnity, but not more than 15 000 euro per policyholder;
  • other types of insurance referred to in the Law – 50 % in the amount of insurance indemnity, but not more than 3000 euro per policyholder.

The accumulation of assets in the Fund for the Protection of the Insured and the disbursement of guaranteed insurance indemnities is organised by Latvijas Banka. The guaranteed insurance indemnity from the Fund for the Protection of the Insured shall be disbursed only after initiating a bankruptcy procedure at the insurance company. The creditor’s right to claim against the insurer is exercised by Latvijas Banka.

Members of the Fund for the Protection of the Insured

Members of the life insurance fund

  • Insurance Joint Stock Company "SEB Dzīvības apdrošināšana"
  • Swedbank Life Insurance SE Latvia branch
  • "CBL Life" Insurance Joint Stock Company
  • Compensa Life Vienna Insurance Group SE Latvia Branch
  • Mandatum Life Insurance Company Limited Latvia Branch
  • ERGO Life Insurance SE Latvia Branch

Members of the other insurance types of the fund

  • Balcia Insurance SE
  • Insurance Joint Stock Company "BALTA"
  • "Baltijas Apdrošināšanas Nams" Insurance Joint Stock Company
  • Swedbank P&C Insurance AS Latvia branch
  • If P&C Insurance AS Latvian branch
  • Seesam Insurance AS Latvia branch
  • ERGO Insurance SE Latvia branch
  • Akcine draudimo bendrove "Gjensidige" Latvia branch
  • AAS "BTA Baltic Insurance Company"
  • Nissan International Insurance Ltd