Once a reinsurance undertaking has been authorised to establish a business in Ireland (or in another EU/EEA country), it is then possible to write business throughout the EU/EEA.
An undertaking can write business in another EEA state either by:
- Establishing a Branch, thus operating on a ‘freedom of establishment’ basis
- Writing business directly on a ‘freedom of services’ basis
The Central Bank of Ireland (or the relevant EU/EEA regulatory body) is responsible for authorising the undertaking to write reinsurance business and for overseeing their financial position. It is also responsible for notifying other Member States of the undertaking’s intention to establish a Branch in their countries.
The procedures involved are set out in SI 380 of 2006 and the related Siena Protocol.