kindlustusseadusest

The Kindlustusseadus, or Insurance Act, is the primary legislation governing insurance activities in Estonia. It sets out the rules for insurance companies, insurance intermediaries, and insurance contracts, aiming to protect the interests of policyholders and ensure the stability of the insurance market. The act defines various types of insurance, including life insurance and non-life insurance, and outlines the requirements for obtaining an insurance license and operating as an insurer.

Key aspects covered by the Kindlustusseadus include the formation and supervision of insurance undertakings, solvency requirements, and rules for the conduct of insurance business. It also details the rights and obligations of both insurers and insured parties, specifying requirements for insurance policies, claims handling, and dispute resolution. The act emphasizes transparency and fairness in insurance relationships, ensuring that consumers are provided with clear and accurate information about insurance products and services.

The Financial Supervision Authority (Finantsinspektsioon) is responsible for overseeing the implementation and enforcement of the Kindlustusseadus. This includes licensing insurance companies, monitoring their financial health, and ensuring compliance with regulatory requirements. The act also addresses issues related to insurance intermediaries, such as insurance brokers and agents, defining their registration, professional competence, and conduct of business rules. Overall, the Kindlustusseadus plays a crucial role in establishing a robust and trustworthy insurance sector in Estonia.