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Extra resources for Insurance In The Baltic Countries, No 7 (Technical Report Series:)
As in Lithuania, the supervisor in Estonia has the right to take over insurer management in what is known as a "special regime". A special regime may be established when circumstances enable an activity license to be declared invalid or when there is reasonable suspicion that such circumstances may arise. The objective of a special regime is to ascertain the possibility of bringing the insurer’s activities into compliance with the law and of acting to protect policyholders’ interests. A special regime must be established by a decision of the supervisor, who appoints the special regime trustee.
Integration into the EU in 2004 should point to an optimistic outlook in coming years, with positive signs for the life insurance market, too. As mentioned, the life insurance market has developed at a rate of more than 20% for each of the last three years, and preliminary figures for 2003 are even more significant, including 70% growth for life insurance premiums in Lithuania. ,, 5HIRUPV RI SHQVLRQV V\VWHPV LQ WKH %DOWLF 6WDWHV Looking at the role of life insurance in the UK and Ireland as a provider of old age pensions savings, and considering as well the experience of pension reforms in South America, it becomes clear that pension reforms are important in developing personal responsibility and as a powerful incentive for the development of a life market.
FWXDULHV The function of the actuary as an expert in the evaluation and management of financial risks is quite new in the Baltics; this is still not a well-known profession. Before World War II, a few mathematicians in Estonia and Lithuania specialized in actuarial issues, but the tradition was lost during 50 years under Soviet rule. Requirements for actuaries in life insurance companies were introduced in the legislation in the mid 1990s. By the rationale of the legislation rationale, the actuary’s role is more that of an official than a professional; the actuary is listed along with company officials, including executive officers and the chief accountant.