The aim of this brochure is to provide an informative introduction to the key areas of concern for an insurer when considering establishing operations in Western Europe. Whilst we do not set out the definitive requirements for an insurer wishing to operate in these countries, this guide serves as a backdrop against which CMS can offer a cohesive and commercially realistic, solutions-based approach to expanding your operations.
All the countries covered in this guide are members of the EU except Switzerland. The topics covered in this guide, other than regulation, have not been subject to EU harmonisation and so vary from jurisdiction to jurisdiction depending on local law. In contrast, the regulatory regime for insurers and reinsurers has been extensively harmonised across the EU (under the extensive body of EU insurance legislation). The EU Directives provide a single market passporting regime. Insurers established and authorised in one Member State are entitled to conduct business in other Member States under the prudential supervision of their “home state” regulator, without requiring separate authorisation in those other States. This passport can be exercised for cross-border business or by establishing a local branch. Since 2007, a similar regime has applied to pure reinsurers under the Reinsurance Directive (2005/68/EC).
The CMS e-guide: 10 Things Every Insurer Should Know is only available as an online document, which can be accessed via: http://eguides.cmslegal.com/10things/index.aspx
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