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Governance, Risk and Compliance-The Estonian Insurance Industry

Governance, Risk and Compliance-The Estonian Insurance Industry

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Executive Summary

Timetric's 'Governance, Risk and Compliance-The Estonian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Estonia.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Estonia, including:

An overview of the insurance regulatory framework in Estonia.

The latest key changes, and changes expected in the country's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Estonia.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.


The report covers details of the insurance regulatory framework in Estonia.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy

Gain insights into the insurance regulatory framework in Estonia.

Track the latest regulatory changes, and expected changes impacting the Estonian insurance industry.

Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights

The Estonian insurance industry is regulated by the Estonian Financial Supervision Authority (EFSA).

Composite insurance is not allowed in Estonia. However, a life insurance company can underwrite accident and health insurance.

The new Solvency II norm became effective from January 1, 2016.

Motor third-party liability insurance, professional indemnity insurance for insurance intermediaries and aviation liability insurance are some of the key classes of compulsory insurance.

Non-admitted insurance is not permitted in Estonia. However, the insurance companies from EEA member states and reinsurers are permitted to operate without license.

1 Introduction

1.1 What is this Report About?

1.2 Definitions

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Regulations and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability Insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Social security system

2.4.3 Professional indemnity insurance for alternative investment fund managers

2.4.4 Professional indemnity insurance for notaries

2.4.5 Professional indemnity insurance for auditors

2.4.6 Professional indemnity insurance for clinical trials

2.4.7 Professional indemnity insurance for barristers

2.4.8 Professional indemnity insurance for trustees

2.4.9 Professional indemnity insurance for bailiffs

2.4.10 Professional indemnity insurance for assayers

2.4.11 Professional indemnity insurance for insurance intermediaries

2.4.12 Professional indemnity insurance for railway undertakings

2.4.13 Professional indemnity insurance for individuals/companies engaged in handling liquid fuel

2.4.14 Professional indemnity insurance for internet service providers

2.4.15 Professional indemnity insurance for employees of fire and rescue services

2.4.16 Air carriers and aircraft operators insurance

2.4.17 Liability insurance for waste management companies

2.4.18 Liability for ships with respect to oil pollution

2.4.19 Liability insurance against the transport of hazardous and noxious substances by sea

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors (IAIS)

2.5.2 European Insurance and Occupational Pensions Authority (EIOPA)

2.5.3 Federation of European Risk Management Associations (FERMA)

2.5.4 Estonian Financial Supervision Authority

2.5.5 Estonian Insurance Association (Eesti Kindlustusseltside Liit-EKsL)

2.5.6 The Estonian Traffic Insurance Fund (Eesti Liikluskindlustuse Fond-LKF)

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Types of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margins

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Corporate tax

2.8.3 VAT

2.8.4 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution (ADR)

3 Appendix

3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: Estonia-The Three Pillars of Solvency II

Figure 2: Estonia-Insurance Supervision and Control at Various Levels

Figure 3: Estonia-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Insurance Industry Definitions

Table 2: Estonia-Insurance Regulatory Framework Key Features

Table 3: Estonia-Life Insurance Regulatory Framework

Table 4: Estonia-Property Insurance Regulatory Framework

Table 5: Estonia-Motor Insurance Regulatory Framework

Table 6: Estonia-Liability Insurance Regulatory Framework

Table 7: Estonia-Daily Rate of Automatic Motor Insurance Cover

Table 8: Estonia-Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 9: Estonia-Corporate Tax Rates for the Financial Year 2016

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