Estonia: Insurance Laws and Products

On 9 February 2005 the Riigikogu adopted the Act Amending the Securities Market Act, Financial Supervisory Authority Act, Estonian Central Register of Securities Act, Money Laundering and Terrorist Financing Prevention Act and Credit Institutions Act.

On 25 November 2004, the Riigikogu adopted the Credit Institutions Act Amendment Act. Once again, European Union law required the changes. These changes bring increased regulatory detail, particularly regarding activity licences and the acquisition of a qualifying holding.

On 8 December 2004, the Riigikogu adopted a new Insurance Activities Act.Once again, accession required the new law, as the regulation of insurance activity, insurance intermediation, and supervision thereof is covered by European Union directives.