GIM10080 - Non-resident insurers: regulatory background: EEA insurers: no assets or regulatory returns required in UK

EEA insurers not required to hold assets in the UK

Neither an EEA firm with a branch in the UK or providing services, nor a Treaty firm, is under an obligation to have assets in the UK of any particular value or indeed at all. It is however subject to UK regulatory requirements which it is in the “general good” for it to be subject to. This includes matters such as consumer protection and conduct of business rules.

EEA insurers not required to make regulatory returns in the UK

An EEA insurer (whether an EEA firm or a Treaty firm) is not required to make any form of regulatory return to the FSA. It must provide to its home state regulator information about the transactions carried out through an establishment (branch) and by way of provision of services in other member states. This information must consist of details of premiums, claims and commissions for each of the groups of classes of general business concerned (Article 44.2 EC Third Non-Life Directive). This information is not usually in the public domain, and is only forwarded to the host state regulator in aggregate form. But the information ought to be available from a branch in the UK of a company. The returns required by the FSA of UK companies with EEA branches etc are Forms 91 to 94 (see Appendix 9.7 IPRU(INS)), and it can be expected that similar returns are made to other EEA regulators by companies established in those states.