[203B Insurance distribution directive: enhanced supervision of UK firms by an EEA regulator]
[203B Insurance distribution directive: enhanced supervision of UK firms by an EEA regulator]

[(1)     This section applies where—

(a)     a UK firm is exercising a right derived from the insurance distribution directive in an EEA State other than the United Kingdom, and

(b)     that EEA State is the firm's primary place of business.

(2)     The appropriate regulator may agree with the host state regulator for that EEA State that the host state regulator may exercise relevant functions in relation to the UK firm.

(3)     In this section—

“appropriate regulator” means—

(a)     where the relevant UK firm is a PRA-authorised person, the FCA or the PRA;

(b)     in any other case, the FCA;