Information about operations of insurance intermediary

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

ABLV Bank, AS in liquidation:
Registration No.: 50003149401
Legal address: Building 1, 7 Skanstes Street, Riga, LV-1013
Tel.: (+371) 6777 5222
E-mail: ablvinsurance@ablv.com

ABLV Bank, AS in liquidation (hereinafter — the Company) is registered as an insurance agent with the registers maintained by AAS BTA Baltic Insurance Company and the Latvian branches of ERGO Life Insurance SE and Compensa Vienna Insurance Group ADB Latvian branch (hereinafter — Insurance Merchants). The said registers are publicly available, official, and any person may get acquainted with them at websites of the Insurance Merchants:

Any person has the right to ascertain the status of the Company as a credit institution in liquidation that is entitled to render insurance intermediation services. This can be found at the Financial and Capital Market Commission’s website.

The Company holds no direct or indirect interest in the form of 10 or more percent of the number of voting shares or the share capital in any local insurance entity or foreign insurance company, which has a branch established in the Republic of Latvia and whose services are distributed by the Company.

No local insurance entity or foreign insurance company, which has a branch established in the Republic of Latvia and whose services are distributed by the Company, holds direct or indirect interest in the form of 10 or more percent of the number of voting shares or share capital in the Company.

Information on the procedure, which in accordance with the Insurance and Reinsurance Distribution Law determines how customer complaints are considered and disputes regarding insurance intermediation services are resolved, is available at the Company’s website.

The Company provides a written reply to the customer’s complaint within 20 days after its submission. If due to objective reasons it is not possible within the mentioned period, the Company is obligated to inform about the necessity to extend the term for the reply and provide a reasonable deadline for it.

The Company is not entitled to provide advice on insurance products intended for sale or to produce an offer based on a comprehensive insurance offer analysis.

In accordance with the Insurance and Reinsurance Distribution Law, the Company is entitled to engage in insurance distribution in the name and interests of several local insurance entities or branches of foreign insurance companies. The Company has a contractual right to engage in insurance distribution in the interests of the following Insurance Merchants:

  • AAS “BTA Baltic Insurance Company”, legal address: 11 Sporta Street, Riga, LV-1013, Latvia;
  • ERGO Life Insurance SE Latvian branch, legal address: 50 Skanstes Street, Riga, LV-1013, Latvia;
  • Compensa Vienna Insurance Group ADB Latvian branch, legal address: 87H Vienības avenue, Riga, LV-1004, Latvia.

As an insurance agent, the Company receives remuneration, which is not included in the insurance premium and not paid by the customer directly. The amount of such remuneration varies from 0% to 42% of the insurance premium set forth in the insurance agreements. Customers can contact the Company to receive information on the Company’s remuneration for a particular offered insurance agreement.

The Company 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 Services

Insurance agreements through the intermediation of the Company are also concluded in the form of distance agreements. The Insurance Merchant stipulated in the insurance agreement provides the insurance services. Information about the Insurance Merchants that the Company cooperates with pursuant to the concluded agreements is available at the Company’s webpage.

Insurance Merchants the Company cooperates with:

  • Compensa Vienna Insurance Group ADB Latvian branch;
  • AAS "BTA Baltic Insurance Company";
  • ERGO Insurance SE Latvian branch.

Regarding conclusion of insurance agreements and acceptance of insurance policies issued by insurance merchants, which have not been included in the list, the Company decides individually.

Transactions with the Insurance Merchants are performed through the Company as the insurance agent.

The address and contact information of the Company are provided above.

The Company hereby informs that insurance services are the services under which property is insured against risks stated in the insurance policy.

The total price for the insurance services is the insurance premium paid by the policyholder to the Insurance Merchant in the way, terms and amount set forth in the insurance agreement. The amount is calculated taking into account the type and value of the object of insurance, as well as other criteria set by the Insurance Merchant.

The amount of the insurance premium for entering into a particular type of distance agreement is stated in the respective 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. The Company hereby informs that other taxes and (or) expenses that are not charged by or paid through the Insurance Merchant may apply.

A policyholder, 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 policyholder shall send a written notice on the same to the Insurance Merchant and the Company by post by the end of the abovementioned period supposed for exercising the right of withdrawal.

The Insurance Merchant may request payment for the services already provided to the policyholder in accordance with the insurance agreement to be made without unjustified delay. If the policyholder 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 the right of withdrawal might result in the policyholder’s violation of the loan agreement made between the policyholder (who is also considered a borrower under the loan agreement) and the Company, pursuant to which the borrower has to ensure that the property is insured throughout the term of the loan agreement being effective.

If the policyholder (borrower) informs the Insurance Merchant about occurrence of an insured risk within 14 days after entering into distance agreement on insurance, this shall be deemed to be a waiver of the right of withdrawal and the insurance agreement shall be effective. If the policyholder (borrower) supplies the notice on exercising the right of withdrawal within 14 days after entering into distance agreement on insurance and then informs the Insurance Merchant 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 Insurance Merchant, the Company and the policyholder before entering into insurance agreement are regulated by the normative acts of the Republic of Latvia. Pursuant to the provisions of the insurance agreement, the laws of the Republic of Latvia shall be applicable to 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.

*Information about the operations of the insurance intermediary has been prepared in accordance with the Insurance and Reinsurance Distribution Law of 23 May 2019.

*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.