Lithuania has published a draft amendment to the Law on Security Contribution (No. XV-283), proposing a reduced 3% rate for seagoing vessel insurance, down from the standard 10% rate that applies to non-life insurance premiums under the current law. The change would bring Lithuania’s treatment of maritime insurance closer in line with several other EU member states that already apply reduced or exempt rates to this class of business under their national insurance premium tax regimes.
If adopted, the reduced rate would take effect 1 January 2027.
The bill has not yet been passed and remains subject to change as it moves through the legislative process. Insurers writing marine and hull policies on Lithuanian-registered vessels should track the amendment’s progress and assess its potential impact on policies coming up for renewal.
