Resolutions of the Board of the Bank of Lithuania
Licence of an insurance brokerage company withdrawn for UADBB “Biznio draudimo brokeris”
Due to a gross violation of legal acts, the Board of the Bank of Lithuania withdraw the insurance brokerage company licence of UADBB “Biznio draudimo brokeris” issued by the Insurance Supervisory Commission of the Republic of Lithuania on 16 November 2004.
The procedure of withdrawal of the licence was initiated by the request of the insurance brokerage company UADBB “Biznio draudimo brokeris”. However, taking into consideration the fact that funds held in the separate bank account of the company, which, according to the provisions of Paragraph 6 of Article 164 of the Republic of Lithuania Law on Insurance, is dedicated only for making payments between the insurers and the policyholders, were used for other purposes, the Board of the Bank of Lithuania withdraw the licence on the grounds of a gross violation of the said legal act.
The Bank of Lithuania, as a supervisory authority, notes that strict observance of legal acts regulating the insurance mediation activity is a necessary precondition for a fair insurance mediation business and for confidence of insurers, insured, beneficiaries and third parties in the insurance mediation institution, therefore, any violations are not and will not be tolerated.
The Bank of Lithuania instructed the company to return to the Bank of Lithuania the original licence of an insurance brokerage company within five business days.
The Bank of Lithuania adopted the General Regulations for Internal Management of Banks
The Board of the Bank of Lithuania approved the General Regulations for Internal Management of Banks, which define the main principles and requirements for ensuring efficient internal management of banks and strengthening responsibility of bank management bodies for reliable and safe operation. For more detailed information, please see a separate press release.
Management company licence of UAB LORDS LB ASSET MANAGEMENT supplemented
The Board of the Bank of Lithuania decided to supplement the activity licence of a management company operating under the Republic of Lithuania Law on Collective Investment Undertakings, issued by the decision of the Securities Commission of the Republic of Lithuania of 23 December 2008, by granting the right to UAB LORDS LB ASSET MANAGEMENT to manage private capital collective investment undertakings.
The licence that was valid up to now granted the right to manage only real estate collective investment undertakings.
Licence issued to LTL Kredito unija
The Board of the Bank of Lithuania decided to issue a licence to LTL Kredito unija, which grants the right to provide the licensed financial services specified in Clauses 1 and 2 of Article 4(2) of the Republic of Lithuania Law on Credit Unions: to accept deposits and other repayable funds from non-professional market participants, to process payment orders of customers, to perform credit and debit transfers, to issue and/or accept payment instruments, to make money remittances.
Two new sample coins approved
The Board of the Bank of Lithuania approved the sample 10 litas commemorative coin from the series “Lithuanian Science” and the sample 50 litas commemorative coin dedicated to the 150th birth anniversary of Maironis (Jonas Mačiulis), which were produced by UAB Lietuvos monetų kalykla (Lithuanian Mint).
Graphic designs and plaster models of these coins were created by Rytas Jonas Belevičius.
The issue of these coins into circulation is planned for the third quarter of 2012.