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 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 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.

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.