TITLE: Lithuanian Bank Suspends Payment Institution AlphaPay and Approves Insurance Rights Transfer
BODY:
On April 22, 2026, the Lithuanian Bank's Financial Market Supervision Committee made several regulatory decisions affecting financial market participants.
The Lithuanian Bank temporarily suspended the operations of payment institution AlphaPay, UAB (formerly NovaPay, UAB) to protect consumer interests. The suspension was triggered by findings that the institution failed to ensure adequate protection of customer funds, lost access to essential information and communications technology (ICT) operational infrastructure required to provide payment services, and lacked appropriate organisational structure, sufficient capacity, and competence necessary for reliable, secure, and stable operations. Consequently, the Lithuanian Bank suspended AlphaPay's payment institution licence and restricted the use of funds held in the institution's accounts containing customer money. AlphaPay must submit comprehensive, accurate, and current financial and operational information and documentation to the Lithuanian Bank by April 30, 2026, and remediate all identified violations and operational deficiencies by May 31, 2026.
In separate actions, the Lithuanian Bank approved joint-stock insurance company Gjensidige's request to transfer rights and obligations under cargo carrier civil liability insurance contracts to Estonian company If P&C Insurance AS, with the transfer deadline set for June 1, 2026. The Lithuanian Bank also updated its public registers by adding insurance broker company UADBB Logi Brokers to the Insurance Brokers Register, reinsurance intermediary GrECo Lietuva, UADBB, to the Reinsurance Intermediaries Register, and consumer credit provider UAB BRC TRUCKS to the Public Consumer Credit Providers Register.