Yesterday, on the 10th of June, the Council of the Financial and Capital Market Commission (FCMC) decided to grant licences to provision of insurance services to the subsidiary company of BTA Insurance Company SE – IJSC BTA Baltic Insurance Company.
Obtaining licences are due to BTA Insurance Company SE business plans and previously announced reorganization. In the outcome, the newly established IJSC BTA Baltic Insurance Company is going to keep on distributing insurance services in the Baltic States, while BTA Insurance Company SE will take care of maintaining services in other European countries.
To complete the reorganization, BTA Insurance Company SE yet needs to obtain the FCMC’s permit to a part of the insurance portfolio – Latvia, Lithuania and Estonia – be transferred to IJSC BTA Baltic Insurance Company, which is going to provide services to the customers in the Baltic States. This decision might be made by the FCMC, after consulting the Lithuanian and Estonian market regulators, any time soon.
The licences granted to BTA Baltic Insurance Company, listed by type, are available for viewing on the FCMC’s website: http://www.fktk.lv/lv/tirgus-dalibnieki/apdrosinasana/apdrosinasanas-sabiedribam-pie.html
The range of insurance services provided by BTA to its customers in the Baltic States is not going to shrink, also the covered risks, security, availability of services and the high customer service standards will remain on the high level as by now, retaining the quality achieved and yet keeping improving it.
The reorganization of BTA is conducted without causing any inconvenience or imposing additional duties for customers and business partners of BTA. The current insurance and cooperation contracts will remain in effect with BTA Baltic, as commitments will be taken over by the assignee, which means that the current rights and obligations of BTA with respect to the Baltic States markets will pass over to the new company of BTA.
Information prepared by:
Public Relations Manager
BTA Insurance Company SE
Telephone: +371 67025661, mobile phone +371 27828796