In the event that I do gain the necessary permissions to open an Insurance services firm in the EC, what personnel can I send to work there and for how long?

February 09 2012 | Insurance Services


The answer to this question is dependent on the level of staffing you want to send to Europe.  The senior staff of a Barbadian entity responsible for setting up the business may remain for ninety (90) days during any 12-month period.

Key personnel (described under the EPA as managers and specialists) are allowed to remain in EC countries for up to three years.  And if you are planning on sending graduate trainees to the EC, they may remain for one year.

If you plan on opening an Insurance Services firm in Austria, the management of a branch office must be staffed by two residents of Austria. In Estonia, for direct insurance, the management body of an insurance joint-stock company with foreign capital participation may include citizens of Barbados only in proportion to the foreign participation and not more than half of the members of the management group. The head of the management of a subsidiary or an independent company must permanently reside in Estonia.

Spain requires that personnel are required to be residents and possess three years of experience in the acturial profession.

In Italy, there is a residency requirement for those engaged in the actuarial profession and in Finland, the managing directors, and at least one auditor of an insurance company shall have their place of residence in the EC, unless the competent authorities have granted an exemption.  The general agent of the foreign insurance company shall have his place of residence in Finland, unless the company has its head office in the EC.