As of 30 April 2015 the SEB Loan Protection insurance conditions shall change

AS SEB Elu- ja Pensionikindlustus in cooperation with UAB DK „PZU Lietuva“ Estonian branch will change the SEB Loan Protection insurance conditions.

The new terms and conditions enter into force as of 30 April 2015 and shall apply to all valid SEB Loan Protection insurance agreements.

You can view the updated terms and conditions here:

Upon disagreeing with the changes, the client has the right to terminate the concluded SEB Loan Protection insurance agreement at the latest on 29 April 2015. If the client does not notify us of the wish to terminate the agreement, we will regard this as acceptance of these changes and, as of 30 April 2015, the new terms and conditions shall apply to agreement(s) concluded with the client.

Most significant changes in the SEB Loan Protection insurance conditions

1. We have regulated more precisely in which cases the disputes are resolved in Estonian court and in which cases in foreign courts (clauses 2.9.1-2.9.5).

• Disputes with clients living in a European Union Member State are resolved in the court of the client’s place of residence; for other clients, the disputes are resolved in an Estonian court.
• If upon entering into the agreement, the client’s place of residence and location was in Estonia, but after entering the agreement the client moves abroad or upon filing an action the client’s place of residence or location is not known to the insurer, the dispute shall be resolved in an Estonian court.

2. We specified processing of personal data (clause 4).

• The goals of processing client data (entering into an agreement; performing an agreement; conducting analyses; managing risks; providing group services; complying with requirements arising from the law) have been described more precisely.
• Moreover, it has been outlined on which different legal grounds the client data is processed. In order to ensure improved intelligibility, a separate clause highlights the processing of client data on legal grounds (e.g. to prevent money laundering) and the processing of a client data by consent in order to provide the client with quality service and manage and hedge risks.

3. We specified the differences in providing services to US persons (clauses 5.1.8; 7.7).

• The insurer has the right to refuse to sign an agreement, if it becomes evident that the client is a US person. The aim of the revisions is to prevent conflicts with current US legislation that obligates financial institutions to report on providing services for US persons or restricts providing certain services to US persons completely.

4. In addition, we have revised the insurance conditions with regard to meeting the requirements of preventing money laundering and we have specified the provisions concerning information exchange between the parties (clause 7).

5. We changed the name of Codan Forsikring A/S Estonian branch and RSA Kindlustus into UAB DK "PZU Lietuva" Estonian branch and PZU Kindlustus, respectively, since starting from 31 October 2014, the entire activity of Codan Forsikring A/S Estonian branch, including all insurance contracts, were delivered to UAB DK "PZU Lietuva" Estonian branch during the transfer of the company.


More information about the changes made to the conditions and explanations on their significance can be obtained by contacting us by phone on 665 8020 or e-mail at kindlustusleping@seb.ee.