May Barbadian firms provide Insurance Services to consumers from the EC who are in Barbados?

February 09 2012 | Insurance Services

 

Barbadian service providers can provide insurance services to EC consumers in Barbados subject to certain conditions in certain countries.  Those are:

 

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.

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 subsidiary established in the Community or by a branch established in Austria. 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.

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.

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.

France: Insurance of risks relating to ground transport may be carried out only by insurance firms established in the Community

Poland: No commitment for reinsurance and retrocession except for risk relating to goods in international trade.

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.

Romania: Reinsurance on international market is allowed only if the reinsured risk cannot be placed on the domestic market.

Spain: For actuarial services, residency is required in addition to three years of relevant work experience.

Austria, Belgium, Bulgaria, Czech Republic, Denmark, Germany,  Spain, Finland, France, Greece, Hungary, Ireland, Italy, Malta,  Luxembourg, Netherlands, Poland, Portugal, Romania, Slovakia, Sweden, Slovenia & United Kingdom: No commitment except for intermediation.

Bulgaria: For direct insurance, Bulgarian naturals and juridical persons, as well as foreign persons who conduct business activity in the territory of the Republic of Bulgaria, can conclude insurance contracts only with suppliers with respect to the activity in Bulgaria. Insurance compensation resulting from these contracts shall be paid in Bulgaria.  There is however no commitment for deposit insurance and similar compensation schemes, as well as mandatory insurance schemes.

Italy:  Transport insurance of goods, insurance of vehicles as such 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 into Italy.