Published: 16.11.2022 Updated: 09.03.2023

Licensing of reinsurance

Reinsurance is the activity consisting in accepting risks ceded by an insurance merchant, reinsurance merchant or private pension fund.

Reinsurer may start reinsurance business only upon receipt of reinsurance licence.

To receive reinsurance licence, a reinsurance undertaking or reinsurer of non-member state shall submit an application to Latvijas Banka, accompanied by the information and documentation referred to in the Insurance and Reinsurance Law and the Financial and Capital Market Commission Regulations No 179 of 29.09.2020. "Procedures for Submission of Information and Documents for Obtaining Insurance or Reinsurance Licences, Individual Insurers or Reinsurers Operating Authorisation and Agreement and for Provision of Information and Notifications".

Latvijas Banka shall examine an application for obtaining reinsurance operating licence and take a decision within a six-month period after receipt of an application.