Insurance: Changes in supervision procedures of insurance companies and civil litigations.

In order to implement the Directive 2009/138 /EC adopted on 25 November 2009 by the European Parliament and Council (Solvency II), Saeima adopted the Law on Insurance and Reinsurance, which provides a number of significant changes in the insurance and reinsurance regulatory framework.

Dispute resolution in court may be affected by the recent amendments in the Civil Procedure Law, which mainly focus on ensuring discipline and good faith of the parties as well as efficiency enhancement in the course of civil proceedings. Also, there has been an important conclusion expressed in the recent case-law, according to which not every breach of substantive law can be the basis for the Court of Cassation to set aside the judgment. The potential impact of the infringement on the outcome of the case as a whole have to be evaluated in every case.

For more information in English, please see our INSIDER.

by Jānis Kubilis, Partner, Latvia

Team

Related Experience

Successful representation of BAO in disputes for collection of insurance indemnity against Compensa Vienna Insurance Group and BTA Baltic Insurance Company.

Advising BAO AS, a leading Latvian waste management company, with its filing of an appeal to the Procurement Monitoring Bureau regarding the results of a high-profile tender.

Advising East Capital Real Estate Fund IV on the various legal aspects of its EUR 83,000,000 (approximate) acquisition of 100% of the shares in Deglava Real Estate SIA (a subsidiary of ICA Gruppen (Sweden)), which owns a modern 94,000 square meters logistical and office center in Riga.  The transaction is one of the largest and most significant real estate transactions to occur in Latvia during 2023.

Representing VW dealers in several follow-on antitrust damages litigations.