What is the notification procedure for incoming EEA insurance intermediaries wishing to operate in the UK?
The notification procedure for incoming EEA firms wishing to exercise passport rights under the IMD in the UK is also set out in Schedule 3 to the FSMA. Chapter 5 of the Authorisation manual (AUTH) explains how an EEA firm qualifies for authorisation under this schedule. An incoming EEA firm that wishes to carry on business in the UK through a branch or on a cross-border basis under the IMD should first contact its home state regulator and ask it to notify us of its intention. Once the home state regulator informs the firm that it has sent the notice to us – and one month has elapsed from then – the firm can start its passported activities in the UK. If the intermediary’s head office is in an EEA state that has not yet implemented the IMD, we cannot accept a passporting notification from it. We will only be able to do this once the directive has been implemented and the intermediary is registered in accordance with it. In such a case, the firm could consider exercising Treaty rights un
