The Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003

Prospective

PART 2 U.K. PASSPORTING

Passport rights—definitions U.K.

2.—(1) In section 425(1) of the Act (expressions relating to authorisation elsewhere in the single market)(1), in paragraph (a), after ““insurance directives”,”, insert ““insurance mediation directive”,”.

(2) In Schedule 3 to the Act (EEA passport rights)(2)—

(a) in paragraph 1 (the single market directives)—

(i) at the end of sub-paragraph (c), omit “and”; and

(ii) at the end of sub-paragraph (d), insert—

• “; and

  (e)

  the insurance mediation directive.”;

(b) after paragraph 4, insert—

“The insurance mediation directive U.K.

4A.   “The insurance mediation directive” means the European Parliament and Council Directive of 9th December 2002 on insurance mediation (No. 2002/92/EC).”;

(c) in paragraph 5 (EEA firm)—

(i) for “head office”, substitute “relevant office”;

(ii) at the end of sub-paragraph (c), omit “or”; and

(iii) at the end of sub-paragraph (d), insert—

• “; or

  (e)

  an insurance intermediary (as defined in Article 2.5 of the insurance mediation directive), or a reinsurance intermediary (as defined in Article 2.6) which is registered with its home state regulator under Article 3.”;

(d) after paragraph 5, insert—

“5A.   In paragraph 5, “relevant office” means—

(a) in relation to a firm falling within sub-paragraph (e) of that paragraph which has a registered office, its registered office;

(b) in relation to any other firm, its head office.”;

(e) for paragraph 6 (EEA authorisation), substitute—

“6.   “EEA authorisation” means—

(a) in relation to an EEA firm falling within paragraph 5(e), registration with its home state regulator under Article 3 of the insurance mediation directive;

(b) in relation to any other EEA firm, authorisation granted to an EEA firm by its home state regulator for the purpose of the relevant single market directive.”;

(f) in paragraph 7 (EEA right), for “head office”, substitute “relevant office”;

(g) after paragraph 7, insert—

“7A.   In paragraph 7, “relevant office” means—

(a) in relation to a person who has a registered office and whose entitlement is subject to the conditions of the insurance mediation directive, his registered office;

(b) in relation to any other person, his head office.”;

(h) in paragraph 10 (UK firm), for “head office”, substitute “relevant office”; and

(i) after paragraph 10, insert—

“10A.   In paragraph 10, “relevant office” means—

(a) in relation to a firm whose EEA right derives from the insurance mediation directive and which has a registered office, its registered office;

(b) in relation to any other firm, its head office.”.

Commencement Information

I1 Reg. 2 in force at 14.1.2005, see reg. 1(1)

Exercise of rights to establish a branch by EEA firms U.K.

3.—(1) Paragraph 13 of Schedule 3 to the Act (establishment conditions for EEA firms) is amended as follows.

(2) At the beginning of sub-paragraph (1), insert “If the firm falls within paragraph 5(a), (b), (c) or (d),”.

(3) After sub-paragraph (1), insert—

“(1A) If the firm falls within paragraph 5(e), the establishment conditions are that—

(a) the firm has given its home state regulator notice of its intention to establish a branch in the United Kingdom;

(b) the Authority has received notice (“a regulator’s notice”) from the firm’s home state regulator that the firm intends to establish a branch in the United Kingdom;

(c) the firm’s home state regulator has informed the firm that the regulator’s notice has been sent to the Authority; and

(d) one month has elapsed beginning with the date on which the firm’s home state regulator informed the firm that the regulator’s notice has been sent to the Authority.”.

(4) In sub-paragraph (4), in the definition of “permitted activity”, after “consent notice”, insert “or regulator’s notice, as the case may be”.

Commencement Information

I2 Reg. 3 in force at 14.1.2005, see reg. 1(1)

Exercise of rights to provide services by EEA firms U.K.

4.—(1) Paragraph 14 of Schedule 3 to the Act (services conditions for EEA firms) is amended as follows.

(2) In sub-paragraph (1)—

(a) in sub-paragraph (b), for “paragraph 5(a) or (d)”, substitute “paragraph 5(a), (d) or (e)”;

(b) at the end of sub-paragraph (b), omit “and”;

(c) in sub-paragraph (c), for “paragraph 5(d)”, substitute “paragraph 5(d) or (e)”; and

(d) at the end of sub-paragraph (c), insert—

• “; and

  (d)

  if the firm falls within paragraph 5(e), one month has elapsed beginning with the date on which the firm’s home state regulator informed the firm that the regulator’s notice has been sent to the Authority.”.

(3) In sub-paragraph (2), after “it must”, insert “, unless the firm falls within paragraph 5(e),”.

Commencement Information

I3 Reg. 4 in force at 14.1.2005, see reg. 1(1)

Exercise of rights to establish a branch by UK firms U.K.

5.—(1) Paragraph 19 of Schedule 3 to the Act (exercise of passport rights by UK firms to establish a branch) is amended as follows.

(2) At the beginning of sub-paragraph (1), insert “Subject to sub-paragraph (5A),”.

(3) For sub-paragraph (5), substitute—

“(5) The third is—

(a) if the EEA right in question derives from the insurance mediation directive, that one month has elapsed beginning with the date on which the firm received notice, in accordance with sub-paragraph (11), that the Authority has given a consent notice;

(b) in any other case, that either—

(i) the host state regulator has notified the firm (or, where the EEA right in question derives from any of the insurance directives, the Authority) of the applicable provisions; or

(ii) two months have elapsed beginning with the date on which the Authority gave the consent notice.”.

(4) After sub-paragraph (5), insert—

“(5A) If—

(a) the EEA right in question derives from the insurance mediation directive, and

(b) the EEA State in which the firm intends to establish a branch has not notified the Commission, in accordance with Article 6(2) of that directive, of its wish to be informed of the intention of any UK firm to establish a branch in its territory,

the second and third conditions do not apply (and so the firm may establish the branch to which its notice of intention relates as soon as the first condition is satisfied).”.

(5) After sub-paragraph (7), insert—

“(7A) If—

(a) the firm’s EEA right derives from the insurance mediation directive,

(b) the first condition is satisfied, and

(c) the second condition applies,

the Authority must give a consent notice, and must do so within one month beginning with the date on which it received the firm’s notice of intention.”.

Commencement Information

I4 Reg. 5 in force at 14.1.2005, see reg. 1(1)

Exercise of rights to provide services by UK firms U.K.

6.—(1) In paragraph 20 of Schedule 3 to the Act (exercise of passport rights by UK firms to provide services), after sub-paragraph (3A), insert—

“(3B) If the firm’s EEA right derives from the insurance mediation directive and the EEA State in which the firm intends to provide services has notified the Commission, in accordance with Article 6(2) of that directive, of its wish to be informed of the intention of any UK firm to provide services in its territory—

(a) the Authority must, within one month of receiving the notice of intention, send a copy of it to the host state regulator;

(b) the Authority, when it sends the copy in accordance with sub-paragraph (a), must give written notice to the firm concerned that it has done so; and

(c) the firm concerned must not provide the services to which its notice of intention relates until one month, beginning with the date on which it receives the notice under sub-paragraph (b), has elapsed.”.

(2) In paragraph 21 of that Schedule (offences relating to exercise of passport rights), in sub-paragraph (1)(b), for “sub-paragraph (1) or (4B)”, substitute “sub-paragraph (1), (3B)(c) or (4B)”.

Commencement Information

I5 Reg. 6 in force at 14.1.2005, see reg. 1(1)

Authority’s public record U.K.

7.  After paragraph 24 of Schedule 3 to the Act, insert—

“Information to be included in the public record U.K.

25.   The Authority must include in the record that it maintains under section 347 in relation to any UK firm whose EEA right derives from the insurance mediation directive information as to each EEA State in which the UK firm, in accordance with such a right—

(a) has established a branch; or

(b) is providing services.”.

Commencement Information

I6 Reg. 7 in force at 14.1.2005, see reg. 1(1)

Amendments to the Passport Rights Regulations U.K.

8.—(1) The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001(3) are amended as follows.

(2) In regulation 1(2) (interpretation), after the definition of “insurance firm”, insert—

““insurance intermediary” means an EEA firm falling within paragraph 5(e) of Schedule 3;”.

(3) In regulation 3 (provision of services: contents of regulator’s notice), after paragraph (3), insert—

“(4) In the case of an insurance intermediary, the prescribed information is that the firm intends to carry on insurance mediation or reinsurance mediation (in each case, within the meaning of the insurance mediation directive) by providing services in the United Kingdom.”.

(4) In regulation 10 (applications for approval under section 60 by EEA firms), after “consent notice”, insert “or regulator’s notice”.

Commencement Information

I7 Reg. 8 in force at 14.1.2005, see reg. 1(1)

(1)

Amended by S.I. 2000/2952.

(2)

Amended by the Enterprise Act 2002 (c . 40) Schedule 25, S.I. 2000/2952 and S.I. 2001/1376.

(3)

S.I. 2001/2511; amended by S.I. 2002/765.