20-06-2012 16:13 Lithuania
Eksporto Kreditu Draudimo Brokeris to be deprived of brokerage license
Under the request of the Lithuania-based insurance brokerage enterprise Eksporto Kreditu Draudimo Brokeris submitted to the Bank of Lithuania, the Board of the Bank of Lithuania decided to withdraw the license of an insurance brokerage enterprise issued to the company by the resolution of the Insurance Supervisory Commission of the Republic of Lithuania of December 14, 2004, the Bank of Lithuania said in a statement.
Eksporto Kreditu Draudimo Brokeris does not have any obligations to insurance enterprises or policyholders, writes LETA/ELTA.
The Republic of Lithuania Law on Insurance provides that the phrase "insurance broker" may not be used by any legal entities, except insurance brokerage companies, therefore, Eksporto Kreditu Draudimo Brokeris shareholders made a decision on June 5, 2012, to change the name of the company to Konstenerga and submitted the draft articles of association of the company after the change of the name and type of activity to the Bank of Lithuania.
Source: The Baltic Course