Non-resident insurers: regulatory background: EEA insurers: ‘Treaty firms’ with a branch or providing services in the UK: individual Treaty rights
A Treaty firm does not have to seek permission from the FSA under Part 4 FSMA 2000 provided it has ‘Treaty rights’ under Schedule 4 to the Act. This applies to a company effecting or carrying out contracts of general insurance which
- does not have its head office in the UK, and
- has received authorisation under the law of its EEA Home State to carry on a regulated activity (including insurance), and
- is subject to equivalent protection or satisfies EU approximation rules relating to the activity. HM Treasury may issue a certificate that the provisions of the law of a particular EEA State afford equivalent protection.A firm benefiting from these provisions which has not previously been carrying on a regulated activity, including insurance, must give at least seven days notice to the FSA that it is beginning to carry them on.