What happens if I do not want to open an Insurance Service office in the EC, but just want to contract my company’s services from Barbados to an entity in the EC and travel there when necessary? Is that circumstance covered under the EPA?
February 09 2012 | Insurance Services
A Barbadian services provider can provide insurance and insurance related services from here to a consumer in the EC. This access is subject to the following conditions in the following countries:
Austria, Belgium, Czech Republic, Denmark, Spain, Finland, France, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Poland, Portugal, Romania, Slovakia, Sweden, Slovenia & United Kingdom: No commitment for direct insurance services except for insurance risk relating to: (i) Maritime shipping and commercial aviation and space & freight (including satellite), with such insurance to cover any or all of the following goods being transported, the vehicle transporting the goods and any liability arising there from; and (ii) goods in transit.
In Austria, promotional activity and intermediation on behalf of a subsidiary not established in the Community or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited. Compulsory air insurance, except for insurance of international commercial air transport, can be underwritten only by a company established in the Community or by a branch established in Austria.
A higher premium tax is due for insurance contracts (except for contracts on reinsurance and retrocession) which are written by a subsidiary not established in the Community or by a branch not established in Austria. Exception from higher tax can be granted.
In Denmark, compulsory air transport can only be underwritten by firms established in the Community. No persons or companies may for business purposes in Denmark assist in effecting direct insurance for persons resident in Denmark, for Danish ships or property in Denmark, other than insurance companies licensed by Danish law or by Danish competent authorities.
Bulgaria has made no commitment for direct insurance, except for services supplied by foreign suppliers to foreign persons in the territory of the Republic of Bulgaria. Transport insurance, covering goods, insurance vehicles as such, and liability insurance regarding risks located in the Republic of Bulgaria may not be underwritten by a foreign insurance company directly. A foreign insurance company can conclude insurance contracts only through a branch. Activities related to deposit insurance and similar compensation schemes, as well as mandatory insurance schemes can also be undertaken.
In Spain, for actuarial services, residency is required in addition to three years of relevant work experience.
Romania stipulates that reinsurance on the international market is allowed only if the reinsured risk cannot be placed on the domestic market.
In Portugal, air and maritime transport insurance, covering goods, aircraft, hull and liability can be underwritten only by firms established in the EC. Only persons or companies established in the EC may act as intermediaries for such insurance businesses in Portugal.
In France, insurance of risks relating to ground transport may be carried out only by insurance firms established in the Community.
In Germany, compulsory air insurance policies can be underwritten only by a subsidiary established in the Community or by a branch established in Germany. If a foreign insurance company has established a branch in Germany, it may conclude insurance contracts in Germany relating to international transport only through the branch established in Germany
Bulgaria, Latvia, Lithuania & Poland: These countries have made no commitments with respect to insurance intermediation.
Cyprus, Latvia & Malta: These countries have made no commitments in direct insurance services except for insurance risks relating to: (i) Maritime shipping and commercial aviation and space & freight (including satellite), with such insurance to cover any or all of the goods being transported, the vehicle transporting the goods and any liability arising there from; and (ii) goods in transit.
Finland: Only insurers having their head office in the EC or having their branch in Finland may offer direct insurance (including co-insurance) services. The supply of insurance brokerage services is subject to a permanent place of business in the EC.
Hungary: The supply of direct insurance in the territory of Hungary by insurance companies not established in the EC is allowed only through a branch office registered in Hungary.
Italy: No commitment was made for the actuarial profession. Transport insurance covering goods, insurance of vehicles and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the Community. This reservation does not apply for international transport involving imports from Italy.
Sweden: The supply of direct insurance is allowed only through an insurance service supplier authorized in Sweden, provided that the foreign service supplier and the Swedish insurance company belong to the same group of companies or have an agreement of cooperation between them.