Information about operations of insurance intermediary

ABLV Bank, AS, renders insurance intermediation service in the capacity of insurance agent.1

ABLV Bank, AS:
registration No.: 50003149401
legal address: 23 Elizabetes Street, Riga, LV-1010
tel.: (+371) 6777 5222
e-mail: ablvinsurance@ablv.com
Person in charge of insurance intermediation: Gints Pumpurs

ABLV Bank, AS is registered as an insurance agent with the Register of Insurance and Reinsurance Intermediaries maintained by the Financial and Capital Market Commission (hereinafter referred to as the Commission). The said Register is publicly available, official, and any person may get acquainted with the same at the Commission’s home page http://www.fktk.lv, as well as check the registration of ABLV Bank, AS.

ABLV Bank, AS holds no direct or indirect interest in any insurance entity or non-member state insurer having a branch of non-member state insurer established in the Republic of Latvia. No insurance entity, its parent company, or non-member state insurer having a branch of non-member state insurer established in the Republic of Latvia holds direct or indirect interest in ABLV Bank, AS.

The information on the procedure for consideration of customer complaints and resolution of disputes regarding insurance intermediation services is available at ABLV Bank, AS Internet home page https://www.ablv.com/en/legal/complaints. ABLV Bank, AS provides written reply to the customer’s complaint within 30 days after the same is submitted. ABLV Bank, AS may extend the term for providing the reply on the instances and according to the procedures set forth in the Republic of Latvia effective normative acts.

As a credit institution and insurance agent, ABLV Bank, AS may not give advice or produce an offer on the basis of the offer analysis.

As an insurance agent, ABLV Bank, AS cooperates with several insurance entities in accordance with made cooperation agreements.

As an insurance agent, ABLV Bank, AS obtains remuneration, the amount of which varies from 0% to 42% of the insurance premium set forth in the insurance agreements. Customers can contact ABLV Bank, AS to obtain the information on remuneration of ABLV Bank, AS under particular offered insurance agreement.

ABLV Bank, AS informs of the following:

  • deductible is the amount set in the insurance policy in monetary or percentage terms representing the part of value of the object of insurance, and in case of loss occurrence this amount is deducted from the insurance compensation payable by the insurer or is covered by the policy holder;
  • underinsurance is the situation where the insurance amount is below the value of the object of insurance as at the moment of entering into the insurance agreement. If the object of insurance is underinsured, the ratio of the insurance compensation payable by the insurer to the loss amount will be equal to the ratio of the insurance amount to the actual value of the object of insurance as at the moment of entering into the insurance agreement;
  • overinsurance is the situation where the insurance amount exceeds the actual value of the object of insurance as at the moment of entering into the insurance agreement. In case of overinsurance, the insurer will pay the insurance compensation not exceeding the loss amount.

Information about distance agreements on insurance services2

The insurance agreements through the intermediary of ABLV Bank, AS are made in the form of distance agreements as well.
The insurance services are provided by the insurer stipulated in the insurance agreement (hereinafter referred to as the Insurer). The information about the insurance entities that ABLV Bank, AS, cooperates with pursuant to the made agreements is available at the bank’s Internet home page.

Our cooperation partners:

  • AAS Gjensidige Baltic,
  • Seesam Insurance, AS Latvian branch,
  • AAS "BTA Baltic Insurance Company",
  • Compensa TU S.A. VIG Latvian branch,
  • ERGO Insurance SE Latvian branch.

The transactions with the Insurer are performed through the intermediary of ABLV Bank, AS as the insurance agent. The address and contact information of ABLV Bank, AS are provided above.

ABLV Bank, AS hereby informs that the insurance services mean the services under which property is insured against the risks stated in the insurance policy.

The total price of the insurance services is the insurance premium paid by the policy holder to the Insurer according to the way of payment, term, and amount set forth in the insurance agreement, and the amount of the insurance premium is calculated taking into account the type and value of the object of insurance, as well as other criteria set by the Insurer. The amount of the insurance premium under entering into particular type of distance agreement on insurance is stated in the insurance offer and/or insurance policy. The insurance premium is not subject to value added tax or other taxes and duties. The procedure for payment of the insurance premium and rendering of the insurance services is set forth in the respective distance agreement on insurance. ABLV Bank, AS hereby informs that other taxes and (or) expenses may apply that are not charged by the Insurer or withheld through the intermediary of the Insurer.

A policy holder who is a consumer may exercise the right of withdrawal, i.e., unilaterally withdraw from the distance agreement within 14 days. In case of exercising the said right of withdrawal, the policy holder shall send a written notice on the same to the Insurer and ABLV Bank, AS by post till the end of the abovementioned period supposed for exercising the right of withdrawal. The payment for the service rendered to the policy holder according to the insurance agreement may be requested by the Insurer to be made by the policy holder without unreasonable delay. If the policy holder does not supply the notice on exercising the right of withdrawal before the end of the respective period as stated above, the insurance agreement shall be effective.

Please note that exercising of the right of withdrawal might result in the borrower’s violation of the provisions of the loan agreement made between the borrower and ABLV Bank, AS, pursuant to which the borrower has to ensure that the property is insured throughout the term of the loan agreement being effective. If you inform the Insurer about occurrence of an insured risk within 14 days after entering into distance agreement on insurance, this shall be deemed to constitute the waiver of the right of withdrawal, and the insurance agreement shall be effective. If you supply the notice on exercising the right of withdrawal within 14 days after entering into distance agreement on insurance and then inform the Insurer about occurrence of an insured risk, the right of withdrawal shall be deemed exercised, and the insurance agreement shall not be effective.

The minimum period of insurance offered and stipulated in the distance agreement is one year.

The rights of the parties to unilateral early termination of the insurance agreement are set forth in the insurance agreement and in the Law on Insurance Contracts.

The relations between the Insurer, ABLV Bank, AS, and the policy holder before entering into the insurance agreement are regulated by normative acts of the Republic of Latvia.

Pursuant to provisions of the insurance agreement, the laws of the Republic of Latvia shall be applicable to the disputes concerning performance under the insurance agreement, and resolution of such disputes shall be within the competence of the courts of the Republic of Latvia. The complaints regarding violation of the consumer rights can be addressed to the Consumer Rights Protection Centre, address: 55 Brīvības Street, Riga, LV-1010.

The provisions of the insurance agreement are provided in Latvian. The information supplied pursuant to the Cabinet Regulations No. 648 Regulations regarding Distance Contracts for the Provision of Financial Services of 21 October 2014 can be obtained in Latvian, Russian, and English. The language of communication during the distance agreement being effective will be Latvian, Russian, or English.

1 Information about operations of the insurance intermediary has been prepared in accordance with the Activities of Insurance and Reinsurance Intermediaries Law of 17 March 2005.
2 Information about distance agreements has been prepared in accordance with the Cabinet Regulations No. 648 Regulations regarding Distance Contracts for the Provision of Financial Services of 21 October 2014.