In 1995, there were at least 16 insurance companies operating in Latvia. Some of these are fully or partly owned by foreign insurance firms (from Scandinavia, Germany, and the United States). There are several international funds that focus their activities in Latvia: the Baltic Growth Fund, the Baltic Fund, the Baltic Republics Fund, and the New Century Capital Partners. All insurers must be licensed by the Superintendent of Insurance. In Latvia, third-party automobile liability insurance is compulsory.