PART IIExercise of Passport Rights by EEA Firms

Changes relating to EEA firms

Insurance firms: changes to branch details6

1

An insurance firm which has established a branch in the United Kingdom in exercise of an EEA right must not make a change in any of the details referred to in regulation 2(5)(a) to (c) with respect to the branch, unless the relevant requirements have been complied with.

2

Where the relevant requirements have been complied with, the firm’s permission is to be treated as varied accordingly.

3

For the purposes of this regulation, the relevant requirements are those of paragraph (4) or (if the change is occasioned by circumstances beyond the firm’s control) paragraph (5).

4

The requirements of this paragraph are that—

a

the firm has given a notice to the Authority and to its home state regulator stating the details of the proposed change;

b

the Authority has received from the home state regulator a notice stating that it has approved the proposed change;

c

the period of one month beginning with the day on which the firm gave the Authority the notice mentioned in sub-paragraph (a) has elapsed; and

d

either—

i

a further period of one month has elapsed; or

ii

the Authority has informed the home state regulator of any consequential changes in the applicable provisions (within the meaning of paragraph 13 of Schedule 3).

5

The requirements of this paragraph are that the firm has as soon as practicable (whether before or after the change) given a notice to the Authority and to its home state regulator, stating the details of the change.

6

The Authority must, as soon as practicable—

a

acknowledge receipt of the documents sent under paragraph (4) or (5); and

b

in the case of a notice under paragraph (5), inform the firm’s home state regulator of any consequential changes in the applicable provisions (within the meaning of paragraph 13 of Schedule 3).