2019-12-06
More information on unit-linked life assurance products
The Bank of Lithuania has decided to take new measures in order to increase transparency in the unit-linked life assurance market. With more information on costs and charges applied to unit-linked life assurance products and the results of investment strategies available, current and potential clients of life assurance companies will find it easier to compare different products and their benefits. Moreover, it will encourage life assurers to create higher value-added products by reducing costs applied to their products and seeking higher investment returns.
As of 2020, the Bank of Lithuania will collect more information on unit-linked life assurance products and will publish its summaries and reviews on the Bank of Lithuania website.
Therefore, by 31 May of each calendar year, companies engaged in distribution of the mentioned products will have to provide the Bank of Lithuania with the required information by completing the approved reporting forms.
Bank of Lithuania issues two new electronic money institution licences
The Board of the Bank of Lithuania issued an electronic money institution licence to UAB Speedyteller and Elcoin, UAB.
Having secured an electronic money institution licence, UAB Speedyteller intends to provide certain services set forth in the Republic of Lithuania Law on Payments: services enabling cash withdrawals from a payment account as well as all operations required for operating a payment account, direct debit transactions, and payment card transactions or transactions using a similar means of payment. Under its licence the company will be also authorised to issue payment instruments and/or acquire payment transactions. UAB Speedyteller plans to provide services across the European Union. Its sole shareholder and beneficial owner is a UK citizen.
Having been granted an electronic money institution licence, Elcoin, UAB also intends to provide certain services for natural and legal persons as set forth in the Republic of Lithuania Law on Payments. The company plans to issue payment cards that may be both linked to the accounts opened with the company or accounts denominated in other currencies and used for payment in local currency or cash withdrawals at ATMs. Consumers will also be able to track their payment history using a mobile app. Elcoin, UAB will carry out activities across the European Union. It is owned by a Latvian citizen.