Estonia’s Financial Supervision and Resolution Authority (Finantsinspektsioon) has removed Vagner Insurance Broker AS from the list of insurance brokers after finding serious faults, including obstructing state supervision and providing insurance and mediation services in Ukraine without permission and in breach of the law. As a result, the firm may no longer act as an insurance broker or market insurance contracts. The authority stated that the removal does not affect the validity of insurance contracts intermediated by Vagner Insurance Broker AS, which remain in force. It recommended that contract parties agree any necessary changes to ensure continuity of service, such as arrangements for invoicing policyholders where the broker had previously assisted. The decision was taken under § 190(3)2) and 3) of the Insurance Activities Act, and the firm may appeal to the Tallinn Administrative Court within 30 days of being notified.
Finantsinspektsioon 2025-03-25
Estonia’s Financial Supervision and Resolution Authority removes Vagner Insurance Broker AS from the insurance brokers register for serious breaches
Estonia’s Financial Supervision and Resolution Authority removed Vagner Insurance Broker AS from the list of insurance brokers due to serious violations, including obstructing state supervision and unauthorized operations in Ukraine. Existing insurance contracts remain valid, and parties should arrange necessary changes for service continuity. The decision was made under the Insurance Activities Act, with the firm having the right to appeal within 30 days.