It is a pleasure to present the Autumn issue of our Insurance Legal Update. Although the economic environment where insurers and other market players operate has become harsh, the insurance market still remains active. Insurers are trying to restructure their Baltic operations in order to find the most efficient model in the current environment. The cross-border merger of If P&C Insurance Baltic subsidiaries advised by the Sorainen team is a highlight of this process.

The regulatory environment is also subject to several amendments; however, these look rather minor in relation to anticipated implementation of the Solvency II Framework Directive, adopted in April.

Regulatory reform is also familiar to Belarusian insurers. The Belarusian insurance market faces amendments in the liability insurance regime – more types of liability insurance will be compulsory, so that the level of protection for injured third parties will become higher.

These are just a few developments out of those described below. I hope this Autumn issue will give you some important hints as to where the legal environment and market players are moving. Sorainen is proud to be with you during these processes in this challenging time!

Yours sincerely,

Tomas Kontautas
Partner, Head of Sorainen Regional Insurance Team
tomas.kontautas@sorainen.lt

Amendments to the Insurance and Reinsurance Intermediaries Law

Mandatory insurance instead of licensing

Dr Tomas Talutis publishes a book on independent insurance intermediaries