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HMRC internal manual

General Insurance Manual

Non-resident insurers: regulatory background: EEA insurers: no assets or regulatory returns required in UK

EEA insurers not required to hold assets in the UKNeither an EEA firm with a branch in the UK or providing services, nor a Treaty firm, is under any obligation to have assets in the UK of any particular value or indeed at all. They are however subject to ‘general good’ UK regulatory requirements. These include matters such as consumer protection and conduct of business rules.

EEA insurers not required to make regulatory returns in the UKAn EEA insurer (whether an EEA firm or a Treaty firm) is not required to make any form of regulatory return to the FSA. It must provide to its Home State regulator information about the transactions carried out through an establishment (branch or office) and by way of provision of services in other Member States. This information must include details of premiums, claims and commissions for each of the groups of classes of general business concerned (Article 44.2 EC Third Non-Life Directive). This information is not usually in the public domain, and is only forwarded to the Host State regulator in aggregate form. But the information ought to be available from a branch in the UK of a foreign company. The returns required by the FSA of UK companies with EEA branches etc are Forms 91 to 94 (see Appendix 9.7 to IPRU(INS)), and it can be expected that similar returns are made to other EEA regulators by companies established in those States.