4.14.1 Notification Procedure

An Irish intermediary who wishes to commence distribution services in another EU member state will need to go through the following steps:

1) Fill out the Central Bank of Ireland’s notification form along with confirmation that you have Professional Indemnity Insurance in place and send it to the Central Bank of Ireland.

2) The Central Bank of Ireland will notify your intention to the supervisory authority of the host state. The Central Bank of Ireland will then send an acknowledgment to you that your request has been forwarded to the host state’s supervisory authority within 1 month after being notified by you.

3) You may begin to undertake insurance mediation in the host state after the expiry of 1 month from the date of the letter you receive from the Central Bank of Ireland.

Remember: An Irish registered intermediary who passports into another EU member state must comply with the sales and marketing rules (consumer protection regulation) of the Host Member State and regulations applicable to insurance intermediaries acting in that Member State, while the Central Bank of Ireland maintains the supervision of the intermediary’s authorisation and prudential regulation.

So, for example, an Irish Intermediary who passports into France will be subject to France’s conduct of business rules and regulations and likewise a French intermediary passporting into Ireland will be bound by the Irish conduct of business rules, such as, the Consumer Protection Code.