The Estonian Financial Supervision and Resolution Authority imposed a EUR 10,000 fine on Salva Kindlustuse AS for providing false information to policyholders and breaching requirements on advertising financial services. The authority found that Salva Kindlustuse AS ordered advertising for third-party motor insurance from Europark Estonia OÜ between 24 October 2023 and 9 April 2024 that did not meet the Advertising Act requirement to present the terms of financial services and the need to consult an expert if necessary. It also determined that Salva Kindlustuse AS incorrectly informed motor third-party liability policyholders that Europark Estonia OÜ was the insurance agent for the signed contracts. The fine was imposed under section 254(2) of the Insurance Activities Act, and the decision may be challenged as permitted by law.
Finantsinspektsioon 2025-03-25
Estonian Financial Supervision and Resolution Authority fines Salva Kindlustuse for misleading policyholders and non-compliant motor insurance advertising
The Estonian Financial Supervision and Resolution Authority fined Salva Kindlustuse AS EUR 10,000 for providing false information to policyholders and breaching advertising requirements. The company misrepresented Europark Estonia OÜ as the insurance agent and failed to meet the Advertising Act's standards for financial service terms. The fine was imposed under section 254(2) of the Insurance Activities Act and may be contested legally.