The following Financial Services Q&A Produced in partnership with Clare Swirski, corporate insurance partner and Amera Dooley, PSL of Clifford Chance provides comprehensive and up to date legal information covering:
This Q&A considers the impact of Brexit on passporting in the insurance sector, what options are available to insurers to continue to access the European Economic Areas (EEA) and the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance.
The activity of providing insurance on a cross-border basis within the EEA is described as 'passporting' and, under Solvency II, a (re)insurance undertaking authorised in one Member State can provide (re)insurance into another Member State either by:
providing services only (ie with no permanent physical presence in the EEA state)—a right provided by Article 56 TEFU
setting up an establishment there, usually described as a 'branch'—a right provided under Article 49 TEFU
A (re)insurance undertaking that has 'passported' by one of the above means, will be supervised in respect of prudential matters by the Member State in which it has its head office and is authorised. This is its 'home state' and the Member State in which or in respect of which the undertaking exercises its passport is referred to as the 'host state'.
Under Solvency II, a passport is available to insurers carrying on direct insurance business only, or a combination of direct and reinsurance business. To take advantage of Solvency II passporting rights,
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