Estonia's Financial Supervision and Resolution Authority (Finantsinspektsioon) announced that Harju County Court upheld its decision to fine IIZI Kindlustusmaakler AS EUR 24,000 for a misdemeanour under the Insurance Activities Act. The case concerned breaches of the prohibition on transferring the marketing of insurance, the intermediary’s duty to act in the client’s insurance interests, and other statutory requirements, with the authority stating that the conduct endangered clients’ interests. The maximum fine for a legal entity for this offence at the time it was committed was EUR 32,000, while the current maximum for such an act could be up to EUR 400,000. IIZI Kindlustusmaakler AS appealed the authority’s 3 June decision, and on 28 November the court confirmed it as correct and appropriate, requiring the company to pay the fine and defence costs; the company may further challenge the decision as permitted by law.
Finantsinspektsioon 2025-03-25
Estonia's Financial Supervision and Resolution Authority fines IIZI Kindlustusmaakler EUR 24,000 as Harju County Court upholds misdemeanour decision
Estonia's Financial Supervision and Resolution Authority announced that Harju County Court upheld its decision to fine IIZI Kindlustusmaakler AS EUR 24,000 for breaches under the Insurance Activities Act. Violations included improper marketing transfers and failing to act in clients' insurance interests, endangering clients. The court confirmed the decision, allowing for further legal challenges by the company.