The following Financial Services guidance note Produced in partnership with Rachpal Thind, Partner and Oliver Lewis, Associate of Sidley Austin LLP provides comprehensive and up to date legal information covering:
This Practice Note sets out the passporting rights and related notification requirements of insurance undertakings established in the European Economic Area (EEA). For more information on general passporting rights, see Practice Notes:
EU passporting and Treaty rights; and
Requirements for the exercise of passporting and Treaty rights in the UK
For information on the general conditions required for other UK financial services firms wishing to exercise EEA passporting rights, see Practice Note: Requirements for the exercise of passporting and Treaty rights in the UK.
The Treaty of the Functioning of the European Union (TFEU) provides the general framework for the rights of freedom of establishment and the free movement of services in the European Union (EU) and within the context of the financial services sector (including insurance businesses), such rights are further defined by the Single Market Directives.
The regulatory framework for EEA life and non-life insurers and reinsurers, particularly in relation to supervision, solvency, risk management, governance, reporting and passporting, is set out in Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance, as amended (the Solvency II Directive), which is supplemented by the Commission Delegated Regulation (EU) 2015/35 (the Solvency II Regulation, and together with the
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