D.A.S. Õigusabikulude Kindlustus obtains activity licence
The Financial Supervision Authority issued an activity licence to D.A.S. Õigusabikulude Kindlustuse AS (D.A.S. Legal Expenses Insurance Company) for legal expenses insurance. D.A.S is a member of ERGO Kindlustusgrupp (ERGO Insurance Group), the trademark of which is represented in fourteen European countries. This is the first insurance undertaking in Estonia specialising in legal expenses insurance. As of 1 January 2007, for any insurer wishing to offer accident insurance, sickness insurance, insurance of land vehicles, railway rolling stock, aircraft, ships and goods in transit, as well as fire and natural forces insurance, insurance of other property, and assistance, financial loss or legal expenses insurance in a member state of the European Union, the minimum own funds requirement is at least 2.2 million euros.
BACKGROUND INFORMATION The Financial Supervision Authority conducts state supervision over banks, insurance undertakings, investment firms and funds operating in Estonia under a licence, as well as over the securities market. In respect of branches of banks and insurance undertakings operating in Estonia, primary supervision is conducted by the supervisory authority in the country of origin of the credit institution or insurance undertaking. Lessors and credit offices are not under the supervision of the Financial Supervision Authority. The objective of the Financial Supervision Authority's activities is enhancing the reliability and transparency of the financial sector, minimising systemic risks and ensuring that banks, investment firms or insurance undertakings are not exploited for criminal purposes. The Financial Supervision Authority protects the interests of clients and investors in preserving their investments, analysing and observing how the own funds requirements and obligations set out in laws are fulfilled by participants in the financial market.