Passporting In/Out

Freedom of Services/Establishment - Outwards Notifications

It is possible for an insurance undertaking authorised in one EU/EEA state to conduct business in another EU/EEA state.

This business can be conducted in two ways – if the undertaking;

  • Establishes a Branch operation and conduct business on a ‘freedom of establishment’ basis
  • Writes business from the Home state to the Host state on a ‘freedom of services’ basis

The Central Bank of Ireland (“Central Bank”) is responsible for the conduct of business of (re)insurance undertakings business pursued either through branches or under the freedom to provide services.

The Central Bank is also responsible for notifying other EU/EEA States of an Irish undertaking’s intention to operate in their jurisdiction. The procedures for passporting are set out in SI 485 of 2015 (European Union (Insurance and Reinsurance) Regulations 2015).

Freedom of Establishment

An insurance undertaking intending to pursue business in another jurisdiction on a freedom of establishment basis should review the process outlined in our Guidelines for the Establishment of an EEA Branch.

Freedom to Provide Services

An insurance undertaking intending to pursue business under the freedom to provide services must first notify the Central Bank, indicating the nature of the risks or commitments it proposes to cover. The details of the information required in such a notification is set out in FoS Commencement – Checklist of Information required.

Where the Central Bank notifies an EU/EEA supervisory body of an undertaking's intention to conduct business in their jurisdiction, the EU/EEA supervisory body will, within a specific timeframe, reply to the Central Bank advising of any general good requirements to be observed by the undertaking.

Freedom of Services/Establishment - Inwards Notifications 

Notifications regarding insurance undertakings authorised and supervised in other EU/EEA States intention to pursue business in Ireland on a FoE/FoS basis should be sent to:

Passport Notification
Insurance Directorate
Central Bank of Ireland
P.O Box 559
New Wapping Street
North Wall Quay
Dublin 1

Email [email protected]

Once an insurance undertaking is notified to the Central Bank by an equivalent EU/EEA supervisory body, they are added to our Register of service providers or branch establishments.

https://registers.centralbank.ie/DownloadsPage.aspx

In addition they are advised of our General Good Requirements and Consumer Protection Code.