What is the notification procedure for UK insurance intermediaries wishing to operate in other EEA states?
The notification procedure for UK firms wishing to exercise passport rights under the IMD in other EEA states is set out in Schedule 3 of FSMA. Chapter 13 of SUP explains how this procedure works. If an EEA state does not want information about intermediaries wishing to passport into its country, a UK intermediary will be able to set up a branch or provide cross-border services in that country, once it has notified us that it wishes to do so (SUP 13.3.2AG – branches; SUP 13.4.3G(4)(b) – cross-border services). The notification procedure is slightly different where the other EEA state wants the passporting information. In this case, the UK intermediary must notify us of its intention. We will then pass the information to the relevant supervisory authority. The intermediary can begin its passported activities in that EEA state one month after we have informed it that the information has been passed to the other supervisory authority. UK firms have passporting rights even if another EEA s
