Insurance market within the European Economic Area
Freedom to provide services (L.P.S.):
Insurance companies based in the European Economic Area, in accordance with the EEC Directive 929/96, can operate in other Member States by virtue of the authorization received in their country.
Home Country Control:
In accordance with rules of general interest, as those issued by IVASS in the case of Italy, the European Insurance Companies can sell their products throughout the territory of the European Economic Area while remaining under the control of local supervisory authority.
With respect to the laws of the European Court of Justice, the European Commission states that there is freedom to provide services only when companies operate through the broker such as an independent mediator, and certain conditions must be met:
1) Absence of any form of control or management of the Company in the operation of the Broker
2) Lack of powers to represent the Company in favor of the Broker
3) Lack of tenure
Operative Extension (ARTICLE 31 OF REG. N.5/2006)
Private Life Insurance Broker is authorized to operate in the following countries of the European
– Czech Republic
– Slovak Republic
– United Kingdom