| Abstract [eng] |
Unit-Linked Life Insurance: Regulatory Issues SUMMARY Unit – linked life insurance is a permanent, cumulative life insurance, which essentially involves two different transactions, i. e. insurance and investment. In this case, part of the insurance premium is invested and the policyholder is responsible for the investment. This type insurance has conceptual differences not only from traditional life insurance, but also from financial instruments. Although there is an opinion that unit – linked life insurance does not correspond to the functions of the doctrine, the author of the Master's thesis is of the opinion that these functions are not fully implemented in accordance with the violations of legal requirements. Among other things, in the Master's thesis is analysed the issues of unit - linked life insurance regulation that was distinguished of the Bank of Lithuania. As well as the regulatory issues that was identified at European Union level. Analysis of these problems shows that most of these regulatory issues are inadequately defined, and that the proposed improvements in regulation are ineffective and should be considered as superfluous in the light of the legal regulations in force at that time. Among other things, the reform of the Law on Insurance of the Republic of Lithuania is considered as not guaranteeing real protection of consumer rights. Thus, one of the main problems of unit - linked life insurance, which in fact creates the major part of the problems identified by the Bank of Lithuania, is finally considered by the author. In the third part is presented and analysed possible ways of solving existing regulatory issues, which were not identified by the Bank of Lithuania and not established in recently enacted European Union legislation, i. e. Directive and Regulation. |
