Asmens duomenų apsauga > Review of procurement
 
Review of the company`s insurance activities Spausdinti El. paštas
15 April 1999. The Minister of Finance issued an order and approved The Regulations for Insurance of Housing mortgages No. 001:
the insured mortgage cannot exceed 80% of the housing price, but 90% for young families;
rates of insurance fees depended on the term of insurance contract and made up 2-12%;
not a single mortgage was insured under the aforementioned regulations.
16 May 2000. The State Insurance Supervisory Commission under the Ministry of Finance issued a permit to insure mortgages according to The Regulations for Insurance of Housing mortgages No. 002:
            the insurance contract guarantees 100% of outstanding mortgage;
            the insurance contract is valid throughout the period of mortgage contract validity;
            the insured housing mortgage cannot exceed 95% of the housing value; minimal insurance fee rates depended on the duration of mortgage, the initial contribution and the age of housing; the rate was from 1.6% to 6.3%;
           it was allowed to increase the insurance fee considering specific insurance risk (part of insured mortgage, purpose of mortgage, liquidity of mortgaged property, stability of income of mortgage recipient, risk of falling real estate prices) but only up to 5 times.
     The first long-term housing mortgages (up to 25 years) were granted in Lithuania only in 2000. The Company insured the first housing mortgages in July of the same year.
     By the end of 2000, the company already had cooperation agreements with all main commercial banks of Lithuania.
     At the beginning of 2001, residents willing to build detached residential houses also started to make use of more favourable housing mortgage conditions. Insurance of housing mortgages for construction of detached residential houses was offered.
24 April 2001. The State Insurance Supervisory Commission under the Ministry of Finance issued a permit to change the rates of insurance fees in the Regulations for Insurance of Housing mortgages No. 002:
         -insurance fee rates depended only on the initial contribution and made up from 2.22% to 5.93%;
        -it was possible to increase the insurance fee considering specific insurance risk (part of insured mortgage, purpose of mortgage, liquidity of mortgaged property, stability of income of mortgage recipient, risk of falling real estate prices) but only up to 100%;
        -new insurance agreements according to these insurance regulations cannot be concluded since 1 July 2002.
27 February 2002. The State Insurance Supervisory Commission under the Ministry of Finance issued a permit to insure mortgages under the Regulations for Insurance of Housing mortgages No. 003:
          -the insurance contract guarantees up to 30% of the outstanding housing mortgage of the insurer and the outstanding interest for up to 4 months.
          -the insurance contract is valid throughout the period of mortgage contract validity.
          -the insured housing mortgage cannot exceed 95% of the housing value.
          -minimum insurance fee rates depended only on the initial contribution and made up from 1.38% to 3.3%.
          -it was allowed to increase insurance fee considering specific insurance risk (part of insured mortgage, purpose of mortgage, liquidity of mortgaged property, stability of income of mortgage recipient, risk of falling real estate prices) but only up to 100%.
13 May 2005. The Company’s Board approved the Regulations for Insurance of Housing mortgages No. 004:
       -the insurance contract guarantees 100% of the mortgage and repayment of interest for 2 months;
        -the insurance contract remains valid until the ratio of the outstanding part of the insured housing mortgage and the market value of the mortgaged real estate becomes equal to 66%;
        -the amount of insured mortgage cannot exceed 100% of the housing value; and 95% of the housing value if mortgage recipients are eligible for the state support;
         -insurance fee rates depend only on initial contribution and make up from 0.68% to 1.71%.
27 October 2005. The Company’s Board approved the Regulations for Insurance of mortgages for Modernisation of Multi-apartment Houses No. 005:
        -100% of the mortgage insured; 
        -the insurance contract is valid throughout the period of mortgage contract;
        -the insured mortgage cannot exceed 90% of the investment amount;
        -insurance fee can be onetime and calculated from the insurance amount;
        -the rate of insurance fee makes up 6.84%;
9 February 2006. The Company’s Board approved amendments of Appendix 1 (insurance fee rate) to the Regulations for Insurance of mortgages for Modernisation of Multi-apartment Houses No. 005:
      -insurance fee rates depend on the number of owners of apartments and other premises in the multi-apartment house to be renovated who approved the decision to modernise their multi-apartment house;
      -the rate of insurance fees makes up from 5.18 to 6.84 per cent.
29 may 2007. The Company’s Board approved amendments of the Regulations for Insurance of mortgages for Modernisation of Multi-apartment Houses No. 005:
     -the insured mortgage cannot exceed 95% of the investment amount;
     -insurance fee can be onetime or periodical;
     -insurance fee rates make up from 0.37% to 0.52%;
     -insurance fee is calculated from the outstanding mortgage at the end of each calendar year plus expenditures for administration of the insurance contract.
 

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