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Deadlines of data processing

Act; provision
 Deadline
(years)
Specification Comments
Expiry of claims arising from insurance contracts
Subsections 475 (1) and (2) of the Law of Obligations Act 3 (10) Expiry of a claim arising from an insurance contract (from the end of the calendar year during which the claim falls due). A claim expires in any case 10 years after the end of the calendar year during which the claim fell due. Applies to liability insurance, as no other expiry deadline has been stipulated in the Act with which mandatory insurance was established.
Subsection 475 (3) of the Law of Obligations Act 1 Expiry of the policyholder’s right of claim (does not file an action for compulsory performance) if the insurer notifies them about the denial of the claim.
The premise is the insurer’s obligation to inform about the legal consequences of the relevant deadline.

Limitation period for right of recourse by solidary obligor
Subsection 70 (2) of the Law of Obligations Act 6 months The right of recourse by the insurer shall
not expire before six months have passed from the performance of the obligation or an action being filed against them.
Obligation to preserve accounting documents
§ 12 of the Accounting Act 7 Accounting ledgers, journals, contracts, financial statements, reports and other business documents that are necessary for reconstructing business transactions during audits as well as business documents relating to long-term liabilities or rights and electronic accounting registers.
Preservation of data for the prevention of money laundering and terrorist financing
§ 26 of the Money Laundering and Terrorist Financing  Prevention Act 5 The originals or copies of the documents that serve as the basis for identification and verification of persons, and the documents serving as the basis for the establishment of a business relationship (after the termination of a business relationship). The documents prepared with regard to a transaction on any data medium and the documents and data serving as the basis for the notification obligation (after making the transaction or performing the duty to report). The data of the document prescribed for the digital identification of a person, information on making an electronic enquiry to the identity documents database, and the audio and video recording of the procedure of identifying the person and verifying the person’s identity (after termination of the business relationship).
Claims in motor insurance
Subsection 36 (2) of the Motor Insurance Act 1 Within 12 calendar months after the expiry of the contract the insurer under the last contract of the person who caused damage or the insurer of the injured party must compensate the injured party for damage if the person who caused the damage failed to abide by the prohibition on engaging a vehicle in traffic and damage was caused by the use of the vehicle. The damage caused to the injured party shall be compensated for by the fund in the cases stipulated in the Motor Insurance Act.
Subsection 59 (3) of the Motor Insurance Act 3 The insurer has the right to recover damage compensated for due to the occurrence of an insured event (after compensation for damage).

PZU is AB "Lietuvos draudimas" Estonian Branch trademark in Estonia. AB "Lietuvos draudimas" is Lithuanian insurance company, that is part of the international PZU Group. Before entering into an insurance contract, please examine the terms and conditions or dial +372 622 4599 for additional information.