kindlustusseaduse

Kindlustusseaduse is the Estonian term for the Insurance Act. This legislation governs the principles of insurance activity within Estonia, outlining the rights and obligations of insurance providers and policyholders. It establishes the framework for how insurance companies can operate, the types of insurance products that can be offered, and the requirements for licensing and supervision.

The Act aims to ensure the stability and reliability of the insurance market, protect consumers, and promote fair competition among insurance undertakings. Key aspects covered include the formation of insurance contracts, the procedures for claims handling, solvency requirements for insurers, and rules regarding insurance mediation. It also details the supervision exercised by the Estonian Financial Supervision Authority (Finantsinspektsioon) over the insurance sector.

Furthermore, Kindlustusseaduse addresses various types of insurance, such as life insurance, non-life insurance, and compulsory insurance. It sets out specific provisions for each category to cater to their unique characteristics and risks. The legislation is periodically updated to align with European Union directives and to adapt to the evolving nature of the insurance industry, ensuring that Estonian insurance laws remain consistent with international standards.