Licensing of reinsurance
Reinsurance is the activity consisting in accepting risks ceded by an insurance merchant, reinsurance merchant or private pension fund.
Reinsurer may start reinsurance business only upon receipt of reinsurance licence.
To receive reinsurance licence, a reinsurance undertaking shall submit an application to Latvijas Banka, accompanied by the information and documentation referred to in the Insurance and Reinsurance Law and Latvijas Banka Regulations No 318 of 23.09.2024. "Regulations on Obtaining Licence of Insurance or Reinsurance, Certain Permits and Provision Information".
Latvijas Banka shall examine an application for obtaining reinsurance operating licence and take a decision within a six-month period after receipt of an application.