PART 2PASSPORTING

Passport rights—definitionsI12

1

In section 425(1) of the Act (expressions relating to authorisation elsewhere in the single market)5, in paragraph (a), after ““insurance directives”,”, insert ““insurance mediation directive”,”.

2

In Schedule 3 to the Act (EEA passport rights)6—

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

    1. a

      the insurance mediation directive.

b

after paragraph 4, insert—

The insurance mediation directive

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

    1. a

      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.