Read the untranslated law here: https://www.vestnesis.lv/ta/id/195480
The Saeima has adopted and the President promulgated the following laws: the activities of insurance and reinsurance intermediaries law to make the activities of insurance and reinsurance intermediaries law (Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 2005, nr. 8; 2007, nr. 24) as follows: 1. Article 1: expressions of the first subparagraph of paragraph 1 and 2 as follows: "1) insurance intermediation, insurance quote, insurance contract, other documents necessary for the conclusion of the preparation the terms of the contract of insurance, including insurance contractual rights and obligations, advocacy, another insurance contract is concluded the steps necessary for the conclusion of the said agreement or or service;
2) reinsurance reinsurance mediation — quote, other reinsurance agreement requires the preparation of documents, the provisions of reinsurance contracts, including the reinsurance treaty, advocacy of rights and obligations, other reinsurance contracts required for the conclusion of the action or the conclusion of the said agreement or service; ";
to supplement the first part with the 16 and 17 the following: "16) in insurance or reinsurance mediation directly involved employees — a person who is entitled to independently, without special supervision of the insurance or reinsurance intermediary to deal with on behalf the insurance or reinsurance mediation;
17) insurance broker's Assistant — a person who is self-employed insurance broker or the insurance or reinsurance mediation directly involved in the management and supervision of the employee do with the insurance or reinsurance mediation-related duties. The insurance broker's Assistant is entitled to accept the insurance or reinsurance mediation decisions. "
2. in article 3: to replace the fourth subparagraph, the word "businessman" with the word "public";
Add to article 4.1 part as follows: "(41) the reinsurance undertaking and not a Member State of the branch of the reinsurer is entitled to engage in reinsurance reinsurance mediation law.";
to supplement the article with the ninth and tenth by the following: "(9) an insurance broker shall be entitled to the labour relations framework to employ the Assistant insurance broker. Insurance broker insurance broker's Assistant.
(10) insurance broker self-employed status and in insurance or reinsurance mediation directly involved employees can not have more than two insurance broker's Assistant. The insurance broker's Assistant is entitled under his contract of employment assigned duties to pass on to third parties. "
3. Supplement article 4 with 2.1 part as follows: "(21) insurance broker registered in insurance and reinsurance mediation directly involved employees and insurance brokers and maintain registry assistants."
4. in article 10: to supplement the first part of paragraph 11 with the following: "11) procedure for insurance broker's Assistant operations management and supervision. ';
to supplement the article with the fourth paragraph as follows: "(4) If the first part of this article 4, 6, 7, 8, 9, 10 or 11 on the official document referred to in paragraph is amended, the insurance and reinsurance broker within five working days after their entry into force shall submit financial and capital market Commission this document or a copy of it."
5. To supplement the law with article 11.1 of the following: ' article 11.1. Insurance broker maintains a registry indicating: 1) in insurance or reinsurance mediation directly involved in the employee's first and last names, as well as the date from which he has started to perform the duties of the employee directly involved;
2 the insurance broker's Assistant) first and last names, as well as the date from which he has started to perform the duties of the broker's Assistant;
3) in insurance or reinsurance mediation directly involved in the employee's name, which control and monitoring the insurance broker's Assistant performs assigned duties, as well as the date from which the insurance broker's Assistant said the management and supervision of staff is employed. "
6. in article 12: put the second part as follows: "(2) insurance against civil liability in respect of the minimum limit of the year must not be less than the equivalent of eur 1 680 300, expressed in LCY after Bank of Latvia exchange rate, but for one insurance event — less than the equivalent of 1 120 200 euro, expressed in LCY after Bank of Latvia exchange rate."
Add to article 2.1 part as follows: "(21) in the second part the minimum limit on insurance against civil liability in respect of the year and one insurance case is reviewed in 2013 and every five years after the previous review. The minimum limit on insurance against civil liability in respect of the year and one insurance event are indexed on the size, which, according to the Statistical Office of the European communities the information given, appears to meet the consumer price index changes the percentages that have occurred during the previous review and until the current review of the day, rounded up to the nearest whole euro. "
7. To supplement the law with article 12.1, as follows: "article 12.1. (1) insurance brokerage: legal persons nominal capital must not be less than the equivalent of 15 000 euros, expressed in LCY by Bank of Latvia exchange rate.
(2) If an insurer's branch of a Member State wishes to engage in the insurance and reinsurance mediation in Latvia, not the insurer of the Member State referred to in the first subparagraph, the amount of money deposited as security for the bank established in the Republic of Latvia. The deposit must be freely available, it may not be difficult, and moving it is possible only with the financial and capital market Commission's permission. "
8. in article 17: Add to article 1.1 and 1.2 of the part as follows: "(11) For the insurance broker who deals with the insurance and reinsurance mediation in another Member State, the insurance and reinsurance mediation directly involved employees can also be a person who meets these persons in the Member State concerned.
(12) the insurance broker's Assistant can be incapacitated individual who: 1) reached eighteen years of age;
2) acquired secondary education;
3) is a person of impeccable reputation and which is not covered by any of the circumstances referred to in the fourth subparagraph. ";
Add to article 2.1 part as follows: "(21) to the insurance agent, who dealt with the insurance mediation in another Member State directly involved in mediation of insurance employees may also be a person who meets these persons in the Member State concerned.";
to make the fourth part of the introductory paragraph as follows: "(4) For insurance and reinsurance intermediaries in the responsible person, in insurance or reinsurance mediation directly involved employees and insurance broker's Assistant may not be the person:".
9. Express article 18, first paragraph (1) of the following: "1) do not meet this law article 17, first, second, or 1.1, part 2.1 or to be the subject of one of this law, article 17 of the fourth part points;".
10. the supplement to chapter III article 19.1 the following: ' article 19.1. Insurance broker shall ensure that the annual report would be made public after it is approved no later than a year following the reporting year may 15. Insurance broker annual report can be made public their homepage on the internet or choose releasing information through other appropriate media or location. "
11. Article 20: Supplement to article 2.1 part as follows: "(21) on the associated insurance agent who deals with the mediation of insurance in another Member State directly involved in mediation of insurance employees may also be a person who meets these persons in the Member State concerned.";
to make the fourth subparagraph by the following: "(4) the insurance and the Member insurer trader branch is responsible for the associated insurance agents and insurance intermediation workers directly involved with this article, the first part of the second and 2.1 requirements."
12. Supplement article 24, third subparagraph with the following text: "providing services of insurance intermediaries, the insurance broker is obliged to inform the client of all evaluated insurance quotes and insurance broker remuneration the amount of which would be received from the insurer's insurance in case of conclusion of the contract. Insurance broker insurance broker remuneration rates can specify both in monetary terms and in terms of the percentage of insurance premiums. "
13. To supplement article 26 of the fourth subparagraph by the following:
"(4) If an insurance broker in article 24 of this law and article 25 referred to in the second paragraph of information issued in accordance with the first and second parts requirements and at the same time inform the client in writing as to the place where this information is published, and the client's right to require that information be in writing issued to him, considered that the insurance broker has fulfilled this law, article 24 and article 25 of the second part."
14. in article 41: Add to the second part of the sentence the following wording: "insurance and reinsurance broker is obliged to cooperate with the financial and capital market Commission surveillance. ';
to supplement the article with the fourth paragraph as follows: "(4) the financial and capital market Commission of administrative acts issued in accordance with this law, you can appeal to the administrative court. The court case as a Court of first instance. The case is being heard in the three judges. Administrative District Court judgment may be appealed by submitting appeals. "
15. Express article 45, first subparagraph, the first sentence as follows: "(1) If insurance and reinsurance intermediary's failure to comply with article 3 of this law, the second, fifth and tenth parts, the first part of article 4, article 10, first paragraph, 7, 8, 9, 10 and 11, and fourth subparagraphs, article 12 of the seventh paragraph of article 16, third paragraph, article 18, first subparagraph of the first paragraph of article 21.1, article 24 25. the first and second subparagraph, and article 41 of the first, second and third part claims or insurance and reinsurance intermediary's activities do not comply with this law, in article 1, first paragraph, 5., 6., 7., paragraphs 16 and 17 of the requirements of the financial and capital market Commission on insurance and reinsurance intermediary fines of up to 10 000 lats. "
16. transitional provisions be supplemented with 9, 10, 11, 12 and 13 by the following: "9. Insurance and reinsurance intermediaries until august 31, 2009. the insurance contract for insurance and reinsurance intermediaries civil liability with this law article 12 of part two of the amendments relating to insurance against civil liability in respect of the minimum limit for the year (eur 1 680 300 equivalent in local currency) and one insurance case (1 120 200 euro in lats equivalent).
10. Article 41 of this law the fourth part shall enter into force on October 1, 2009. If the application for the financial and capital market Commission administrative Administrative District Court submitted to the 2009 September 30, a decision on the application shall be adopted, as well as the appearance of the proposed administrative and judicial decision in this case and adopted in accordance with the administrative appeal process, the provisions of the Act.
11. insurance broker, insurance broker employing assistants, their actions according to this law, in article 1, first paragraph, paragraph 17, article 3 of the ninth and tenth parts of article 2.1 of part 4, article 10, first paragraph, point 11, 11.1, and article 17, article 1.2 part provided with the January 1, 2010.
12. insurance brokers that employ insurance broker's Assistant, this law, article 10, first paragraph, the procedure laid down in paragraph 11 of the financial and capital market Commission until 30 September 2009.
13. insurance brokers — legal persons who up to this law, article 12.1 entry into force is a registered insurance and reinsurance intermediaries in the register, the principal compliance with this law, article 12.1 provides up to 31 December 2009. "
The Parliament adopted the law of 16 July 2009.
President Valdis Zatlers in Riga V 2009 July 30 Editorial Note: the law shall enter into force on 13 august 2009.
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