Regulatory Alerts2021-09-27
Peer-to-Peer Insurance Guidelines
The Bank of Lithuania issued these guidelines to establish regulatory requirements for peer-to-peer insurance service providers, distinguishing them from conventional insurers due to their limited liability structure. The document mandates strict consumer protection measures, including clear disclosures that P2P services are not insurance contracts and the provision of standardized key product information. It further requires providers to maintain sound governance, robust business continuity plans, and transparent accounting to safeguard pooled funds and ensure market integrity.
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