Passporting In and Out for Insurance Brokers / Intermediaries

The European Union (Insurance Distribution) Regulations 2018 sets out the principle of a single registration for insurance brokers/ intermediaries and this provides that a firm may provide the services for which it is registered in Ireland, throughout the European Union, either through the establishment of a branch office or the free provision of services on a cross border basis (i.e. without establishing a permanent presence).

In this regard, the appropriate European Regulatory authorities engage in practical co-operation for the purpose of facilitating the passport notification process for insurance intermediaries.

Branch

An insurance broker / intermediary wishing to establish a branch in another Member State must communicate certain information to the Central Bank as agreed under a supervisory protocol between the Regulatory Authorities in Europe responsible for Insurance supervision.

As the role of Branch Manager of a branch established in another Member State is prescribed as a Pre-Approval Controlled Function (PCF), which requires the prior approval of the Central Bank, an online Individual Questionnaire must be completed in respect of the individual proposed for this role. Further information on the Individual Questionnaire is available on the Fitness and Probity area of this website.

Where the Central Bank is satisfied with the information provided, the notification must be transmitted to the Regulatory Authority of the host Member State within one month of its receipt.

Cross Border

An insurance broker / intermediary wishing to avail of the free provision of services on a cross border basis must communicate certain information to the Central Bank as agreed under the supervisory protocol referred to above.

Where the Central Bank is satisfied with the information provided, the notification must be transmitted to the Regulatory Authority of the host Member State within one month of its receipt.

An insurance broker / intermediary is required to notify the Central Bank of any change in respect of the provision of cross border services or the operation of a branch at least one month before implementing the proposed change so that the appropriate notification can be made.

Please note that firms intending to provide advice on or arrange personal or occupational pensions in the UK may need to seek permission from the Financial Conduct Authority (FCA) under Part 4A of the Financial Services and Markets Act 2000 (as amended) (FSMA). Please contact the FCA in relation to this matter. Read more on the FCA's website.

Firms passporting into EU Member States should ensure they are compliant with the Host Member States laws and regulations.

Notification should be sent to:

Passporting Notifications
Retail Intermediaries Section
Consumer Protection - Insurance & Intermediaries
Central Bank of Ireland
PO Box 559
New Wapping Street
North Wall Quay
Dublin 1

E-mail: [email protected]