General Good Provisions for Insurance Undertakings and Intermediaries

General good provisions
For insurance undertakings
General good provisions regulating insurance distribution in addition to those set out in the Insurance Distribution Directive (Article 11(2)) Information requirements and conduct of business rules IDD Article Specific national legislative provision(s) FoS FoE
Article 17: General principle
Article 18: General information provided by the insurance intermediary or insurance undertaking
Article 19: Conflicts of interest and transparency
Article 90
4 of the Law on Insurance of 19 April 2018.
X
X
Article 20: Advice, and standards for sales where no advice is given
Article 92 of the Law on Insurance of 19 April 2018.
X
X
Resolution No. 03-91 “On the Approval of the Rules of the Disclosure of Information Provided by the Insurance Distributors to the Insured” adopted by the Board of the Bank of Lithuania on 12 June 2018. X X
Article 21: Information provided by ancillary insurance intermediaries
Article 22: Information exemptions and flexibility clause
Article 116 of the Law on Insurance of 19 April 2018.
X
X
Article 158
2
(5) of the Law on Insurance of 19 April 2018.
X
X
Article 158
3
(10) of the Law on Insurance of 19 April 2018.
X
X
Article 23: Information conditions
Article 5 of the Law on Consumer Protection of 19 December 2013
X
X
Article 24: Cross-selling
Article 25: Product oversight and governance requirements
Additional requirements in relation to insurance-based investment products IDD Article Specific national legislative provision(s) FoS FoE
Article 26: Scope of additional requirements
Article 27: Prevention of conflicts of interest
Article 28: Conflicts of interest
Article 29: Information to customers
Article 30: Assessment of suitability and appropriateness and reporting to customers
Article 158
3 of the Law on Insurance of 19 April 2018.
X
X
Scope, registration and organisational requirements IDD Article Specific national legislative provision(s) FoS FoE
Article 1: Scope
Article 2: Definitions
Article 3: Registration
Article 182-186 of the Law on Insurance of 19 April 2018.
X
X
Resolution No. 03-98 “On the Registration of the Insurance, Reinsurance Intermediaries and Ancillary Insurance Intermediaries” adopted by the Board of the Bank of Lithuania on 12 June 2018. X X
Article 10: Professional and organisational requirements
Resolution No. 03-93 “On the Approval of the of Requirements for the Competence of Insurance and Reinsurance Distributors and Development of it, the Criteria of Control and Assessment of the Competence, the Description of the Procedure for the Recognition of Competence” adopted by the Board of the Bank of Lithuania on 12 June 2018. X X
Article 14: Complaints
Other themes
IDD Article
Specific national legislative provision(s) FoS FoE
Article 15: Out-of-court redress
Section 6 of the Law on Consumer Protection of 26 November 2015.
X
X
General good provisions referred to in Article 180 of Solvency II Solvency II Article Specific national legislative provision(s) FoS FoE
Article 35: Information to be provided for supervisory purposes
Article 155: Insurance undertakings not complying with the legal provisions
Article 54, 209(3) of the Law on Insurance of 19 April 2018.
Resolution No. 03-212 “On the Reporting on Unit-linked Insurance” adopted by the Board of the Bank of Lithuania on 5 December 2019. Resolution No. 03-161 “On the Reporting on Insurance and Reinsurance Activities” adopted by the Board of the Bank of Lithuania on 20 October 2022. Resolution No. N-260 “On the Approval of Regulations on the Content of Information to be Published on the Website of an Insurance Undertaking or an Branch of an Insurance Undertaking of Another Member State of the European Union” adopted by the Insurance Supervisory Commission of the Republic of Lithuania on 12 July 2011. X
Article 181: Non-life insurance
Article 92 of the Law on Insurance of 19 April 2018.
X
X
Article 183: General Information for policy holders
Article 92, 93 of the Law on Insurance of 19 April 2018.
X
X
Article 185: Information for policy holders
Article 116 of the Law on Insurance of 19 April 2018.
X
X
Other general good provisions (not related to IDD and Solvency II), such as money-laundering and taxation provisions, which are relevant for insurance distributors doing cross-border business Underlying Article from EU legislation, if applicable Specific national legislative provision(s) and or links to the relevant websites of the Ministries where further information on the rules can be found FoS FoE
Article 98 of the Law on Insurance of 19 April 2018.
X
X
Article 115
1 of the Law on Insurance of 19 April 2018.
X
X
Article of 126(3) of the Law on Insurance of 19 April 2018.
X
X
Prevention of money laundering and terrorist financing:
https://fntt.lrv.lt/en/money-laudering-prevention/ ; https://www.lb.lt/en/prevention-of-money-laundering-and-terrorist-financing . X X Personal income tax:
https://finmin.lrv.lt/en/competence-areas/taxation/main-taxes/corporate-income-tax-1/ . Corporate income tax:
https://finmin.lrv.lt/en/competence-areas/taxation/main-taxes/corporate-income-tax/ . X X Security contribution:
https://e-seimas.lrs.lt/portal/legalAct/lt/TAD/00499bd04b7b11f0a19dcea0bcc863ad?positionInSearchResults=0&searchModelUUID=fcf32c8e-23b5-4422-9e19-6c6d5fa0f099 (in Lithuanian) X X For insurance intermediaries General good provisions regulating insurance distribution in addition to those set out in the Insurance Distribution Directive (Article 11(2)) Information requirements and conduct of business rules IDD Article Specific national legislative provision(s) FoS FoE
Article 17: General principle
Article 18: General information provided by the insurance intermediary or insurance undertaking
Article 19: Conflicts of interest and transparency
Article 20: Advice, and standards for sales where no advice is given
Article 21: Information provided by ancillary insurance intermediaries
Article 22: Information exemptions and flexibility clause
Article 158
2
(4) of the Law on Insurance of 19 April 2018.
X
X
Article 158
2
(5) of the Law on Insurance of 19 April 2018.
X
X
Article 158
3
(10) of the Law on Insurance of 19 April 2018.
X
X
Article 23: Information conditions
Article 5 of the Law on Consumer Protection of 19 December 2013.
X
X
Article 24: Cross-selling
Article 25: Product oversight and governance requirements
Additional requirements in relation to insurance-based investment products IDD Article Specific national legislative provision(s) FoS FoE
Article 26: Scope of additional requirements
Article 27: Prevention of conflicts of interest
Article 28: Conflicts of interest
Article 29: Information to customers
X
X
Article 30: Assessment of suitability and appropriateness and reporting to customers
Article 158
3 of the Law on Insurance of 19 April 2018.
X
X
Scope, registration and organisational requirements IDD Article Specific national legislative provision(s) FoS FoE
Article 1: Scope
Article 2: Definitions
Article 3: Registration
Article 182-186 of the Law on Insurance of 19 April 2018.
X
X
Resolution No. 03-98 “On the Registration of the Insurance, Reinsurance Intermediaries and Ancillary Insurance Intermediaries” adopted by the Board of the Bank of Lithuania on 12 June 2018. X
Article 10: Professional and organisational requirements
Resolution No. 03-93 “On the Approval of the of Requirements for the Competence of Insurance and Reinsurance Distributors and Development of it, the Criteria of Control and Assessment of the Competence, the Description of the Procedure for the Recognition of Competence” adopted by the Board of the Bank of Lithuania on 12 June 2018. X
Article 14: Complaints
Other themes
IDD Article
Specific national legislative provision(s) FoS FoE
Article 15: Out-of-court redress
Section 6 of the Law on Consumer Protection of 26 November 2015.
X
X
General good provisions referred to in Article 180 of Solvency II Solvency II Article Specific national legislative provision(s) FoS FoE Other general good provisions (not related to IDD and Solvency II), such as money-laundering and taxation provisions, which are relevant for insurance distributors doing cross-border business Underlying Article from EU legislation, if applicable Specific national legislative provision(s) and or links to the relevant websites of the Ministries where further information on the rules can be found FoS FoE Prevention of money laundering and terrorist financing:
https://fntt.lrv.lt/en/money-laudering-prevention/ ; https://www.lb.lt/en/prevention-of-money-laundering-and-terrorist-financing . X X