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. Cross-border insurance business can be conducted in two ways;

  • Where the undertaking establishes a Branch operation to conduct business on a ‘freedom of establishment’ basis 
  • Where the undertaking writes business from the Home state to the Host state on a ‘freedom of services’ basis 

The Central Bank is responsible for the financial supervision of (re)insurance undertakings, including that of the business they pursue 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 359 of 1994 (as amended) & SI 360 of 1994 (as amended). Further information relating to the process can be found in the General Protocol.

Freedom of Establishment

An insurance undertaking intending to pursue business 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 on a freedom to provide services basis must first notify the Central Bank, indicating the nature of the risks or commitments it proposes to cover. Where the Central Bank notifies an EU/EEA supervisory body of an undertakings 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

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