Latvia Insurance Information

CIA link to demographic/economic data on Latvia

General Latvia Insurance Information

• Compulsory Insurance:
  Third Party Automobile Liability.
• Non-Admitted Insurance:
  Prohibited.
• Policy Wordings & Rates / Tariffs Controlled:
  Third Party Automobile Liability.
• Policy Language:
  
• Types of Insurance Restricted to Government Institutions:
  
• Policy Currency:
  Latvian lat (LVL)
• Currency Restrictions / Exchange Controls:
  All foreign currency transactions must be done with banks approved by the Bank of Latvia.
• Policy Period:
  
• Cancellation Provisions:
  
• Premium Taxes, etc. paid by Insured:
  0.8% - 1.0% - all lines.
• Insurance Companies:
  The are no real controls here for foreign companies - Licenses are relatively easy to obtain. All insurers being duly licensed by the Superintendent of Insurance must have each class approved.
• Brokers:
  
• Brokerage Commissions:
  
• Broker of Record Letters:
  
• Reinsurance:
  
• Local Natural Hazards:
  Windstorm in the East.
• Other Information:
  

Property Insurance

• Fire:
  
• All Risk:
  
• Coinsurance:
  
• Blanket Insurance:
  
• Business Interruption:
  
• Replacement Cost:
  
• Discount for fire protection equipment / systems:

Boiler & Machinery / Machinery Breakdown / Engineering

• Wordings:
  

General / Public Liability

• Available Wordings:
  
• Comments:
  

Automobile / Motor

• Compulsory Limits:
  
• Comments:
  

Workers’ Compensation

• Comments:
  There is no Workers’ Compensation/Employer’s Liability insurance.

Marine

• Available Wordings:
  

Crime

• Available Coverages: