Finantsinspektsioon fined IIZI Kindlustusmaakler AS 24,000 euros

27/09/2024

Finantsinspektsioon fined IIZI Kindlustusmaakler AS (registry code 10641929) 24,000 euros for a misdemeanour, as the company breached the prohibition on transferring the marketing of insurance, the duty for the intermediary to act in the insurance interests of the client, and the requirements set by law.

The Insurance Activities Act states that an insurance intermediary may not transfer the marketing of insurance. The insurance intermediary also has an obligation to act in the interests of the client and to act within the requirements set by law, with its due diligence corresponding to the level of complexity of the insurance contract, and with the foresight and competence expected of the intermediary. As IIZI Kindlustusmaakler AS endangered the interests of clients, it committed a misdemeanour under § 261 (2) of the Insurance Activities Act and must pay a fine of 24,000 euros.

The maximum fine for a legal entity for such a breach at the time the breach occurred was 32,000 euros. IIZI Kindlustusmaakler AS may dispute the decision as allowed by law.

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