What passporting rights do insurers, reinsurers and insurance and reinsurance intermediaries have?
Insurers – already have passporting rights under the Third Non-Life and Consolidated Life Directives. If they have already submitted a notification under those directives, they do not need to take further action. Insurers do not have passport rights under the IMD. Reinsurers – firms that only carry on reinsurance are not covered by the Third Non-Life Directive, Consolidated Life Directive or the IMD. So they do not have passport rights. A Reinsurance Directive is under negotiation and is expected to give them such rights once in force. Insurance and reinsurance intermediaries – have passporting rights under the IMD from 14 January 2005.
