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Please make sure you view the key information alongside your search results. This section details information that must be considered before accepting a risk in the chosen country.

Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice.

Lithuania** Please see Lloyd's Authorisation for details of Lloyd's licensing status

Pre-placement considerations

Lloyd's authorisation

Insurance

Lloyd’s underwriters are authorised to write:

  • All classes of insurance except motor third party liability and term life from this territory on a freedom of services basis. 
  • All classes of insurance except motor third party liability and term life in this territory on an establishment basis.

Lloyd’s underwriters can accept insurance for the classes listed below, on a freedom of services and establishment basis:

Last updated: 22 Mar 2016


Reinsurance

Lloyd's underwriters are permitted to write all classes of reinsurance originating in Lithuania.
Last updated: 14 Mar 2014

Definition of risk location

A risk is located in a European Union or European Economic Area member state if it is:

Insurance

(a) A building (and its contents issued under the same policy) situated in that member state;

(b) A motor vehicle, ship, yacht or aircraft registered in that member state;

(c) A travel policy for four months or less taken out in that member state.

For any other type of insurance (including a life insurance) it is a risk of this member state if the insured is habitually resident in the member state or a business or an organisation if the establishment to which the contract relates is situated in that member state.

Reinsurance

A reinsurance of an insurer located in that member state.

For general guidance on identifying the location of a risk please refer to the risk locator.

Last updated: 14 Mar 2014

Compulsory classes

The following classes are compulsory in Lithuania:
  • Motor third party liability.
  • Liability cover for building construction, reconstruction, repair, renovation (modernisation), demolition or handling of cultural heritage buildings.
  • Building designers' liability for architects and engineers.
  • Building technical supervisors' liability.
  • Contractor's liability for expert examination of building design and construction
  • Healthcare institutions' liability, i.e., medical malpractice for healthcare professionals.
  • Professional liability cover for lawyers, bailiffs, notaries/consulate employees acting as notaries, auditors, insurance intermediaries/brokers, bankruptcy/restructuring administrators, customs' intermediaries, property and land surveyors, commercial agents, financial adviser firms, firms which provide certification services for qualified certificates.
  • Professional indemnity for biomedical researchers.
  • Clinical trials.
  • Liability insurance for aircraft operators.
  • Tour operators' bonds.
  • Workers' compensation (part of the social security system [SoDra], but non-pecuniary damage claims are not covered).
  • Railway operator's liability (a financial guarantee or insurance).
  • Shipments of waste (a financial guarantee or insurance).
  • Protection and Indemnity (P&I) cover for commercial vessels of 300 GT (gross tonnage) or more where the vessel is registered in Lithuania or is registered in another country and enters a port in Lithuania. 
  • Public liability for vessels licensed to carry more than 12 passengers in respect of injury to passengers and damage to their luggage, where the vessel is registered in Lithuania or is registered in another country and enters a port in Lithuania.
  • Third party liability for warehouses.
  • Third party liability for entities that operate nuclear energy (for nuclear damage).
  • Third party liability for entities that collect, transport, store, dispose or use hazardous waste.
  • Third party liability for damage caused by ships that transport dangerous and harmful materials or transport petroleum as cargo.
  • Suretyship insurance of small radioactive manufacturers (for commitment to deal with sealed sources).
  • Suretyship insurance for entities that collect, transport, store, dispose or use non-hazardous waste.
  • Professional indemnity for alternative investment fund managers (or own funds).

The policy wordings for some compulsory classes are mandated in Lithuanian law. The policy wordings for other compulsory classes must comply with the requirements of Lithuanian law for that type of risk and may be subject to approval by the Bank of Lithuania, at its request.

Last updated: 16 May 2017

Global contracts and compulsory cover
Last updated: 14 Mar 2014


Routes into Lloyd's

Coverholders

Lloyd's requirements for a coverholder carrying on Lithuanian business on behalf of a Lloyd's managing agent

Binding authority held by a coverholder in Lithuania
Last updated: 28 Sep 2016

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Binding authority held by a coverholder outside Lithuania, in another EEA Member State 
Last updated: 03 Aug 2016

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Binding authority held by a coverholder outside Lithuania and outside the EEA
Last updated: 03 Aug 2016

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Reinsurance
Last updated: 28 Sep 2016

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Open market correspondents

Open market correspondents in Lithuania do not require Lloyd's registration.

Managing agents must ensure that any insurance broker in Lithuania from whom they receive open market business is registered with the Bank of Lithuania.  
Last updated: 16 Mar 2015

Intermediary regulation

Lithuania has implemented the EU Insurance Mediation Directive (Directive 2002/92/EC) by way of the Law on Insurance 2003 (as amended and supplemented).

There are two categories of insurance intermediary in Lithuania; insurance brokers and insurance agents. The categories are mutually exclusive so an insurance broker may not act as an insurance agent and vice versa. Both categories are regulated by the insurance supervisor, the Bank of Lithuania and both may be Lloyd’s coverholders.

Last updated: 21 Mar 2016

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Insurance documentation

Pre-contractual notification

What's new

New complaints notice wef 1 July 2017 - LSW1849A. 
Pre-contractual information
Last updated: 16 May 2017


Insurance documents

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 03 Oct 2016


Market Reform contract guidance

This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

The guidance below relates to insurance (i.e. not reinsurance).

Last updated: 14 Mar 2014


Language of contract

Insurance documents must be in Lithuanian.

Last updated: 23 Mar 2016


Choice of law

To meet contract certainty requirements, the insurance contract must contain a choice of law clause.
Last updated: 14 Mar 2014


Jurisdiction

To meet contract certainty requirements, the insurance contract must contain a jurisdiction clause.

The Revised Brussels I Regulation 1215/2012/EU applies and determines the jurisdiction applicable.

Insurance of large risks: The underwriter can agree with the insured the jurisdiction that will apply to the contract.

Insurance of mass risks: In the event of a dispute, the rules in the Revised Brussels I Regulation determine the EU member state(s), in which a party can bring an action.

Reinsurance: The underwriter can agree with the reinsured the EU member state whose jurisdiction will apply to the contract.

Last updated: 07 Jan 2015


Service of suit

This information is secured Secure item
Last updated: 14 Mar 2014