Insurance In The Baltic Countries, No 7 (Technical Report by Organisation for Economic Co-Operation and Development

By Organisation for Economic Co-Operation and Development

Booklet by means of agency for fiscal Co-Operation and improvement

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A contract is qualified for tax relief if it involves payments of the insurance pension after 55 years of age. No personal income tax is applied to pension benefits paid under a pension policy, while lump sum benefits are taxed at the rate of 10% instead of the regular 26%. In Latvia, premiums for endowment insurance are not subject to personal income 34 tax if the contract term is five years or longer, with a ceiling of 10% of annual income. The payout under such a policy is also tax-free. It is important to note that the ceilings are a composite of contributions under a life insurance policy and contributions to the voluntary pension fund.

EU Statistics in Focus. Industry, trade and services. Theme 4 – 43/2002. Stapel. The GDP of the Candidate Countries. EU Statistics in Focus. Theme228/2001. Galgoczi. Wage trends in Central and Eastern Europe. ILO, Labour Education 2002/3, N 128, pp. 39-44. Capital Markets and Financial Intermediation in the Baltic States, IMF Country report Nr. 03/115, 2003. OECD Recommendation of the Council on the Assessment of Reinsurance Companies. OECD Council, 1998. G. Dickinson. Encouraging a Dynamic Life Insurance Industry: Economic Benefits and Policy Issues.

Consequently, each of the Baltic States, as results show, has achieved a different level of progress in the transformation process. An integral part of the transition process in each of the three states has involved the development of a viable domestic financial-services sector, whose three main pillars – banking, capital markets and insurance – are essential elements in the functioning of a dynamic market economy. While often overlooked by its more glamorous colleagues, the insurance sector plays a pivotal role in the functioning of an efficient and effective financial-services sector, both as a provider of risk coverage and as an institutional investor in the local and global economy (Pye, 2003; OECD, 1997; Skipper, 1997; EBRD, 1996).

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