25/03/2025
Finantsinspektsioon issued a precept to Salva Kindlustuse AS (registry code 10284984) on 16 December requiring the insurer to remedy deficiencies identified during an on-site inspection. One deficiency found by Finantsinspektsioon was that the insurance company has not always ensured the separation and independence of its lines of defence at the level of the management board and of units. Several of the insurance company’s internal rules did not meet the requirements and the internal rules were not always followed.
The on-site inspection looked at the organisation of management systems, delegation of activities and key functions at the insurance company. It also looked at the operation of the system for assessing the suitability of managers and other people with responsibility for carrying out key functions, and how claims for damages under motor third-party liability insurance, optional vehicle insurance, travel insurance and home insurance were handled and compensated. The precept listed the shortcomings in the organisation of management system, delegation of activities and key functions, and in the handling and compensation of damages under motor third-party liability insurance, optional vehicle insurance, travel insurance and home insurance.
Precepts may be appealed at the Tallinn Administrative Court within 30 days of notification of the administrative decision.