Regulatory guidance

This section seeks to clarify the regulatory impact on the UK based and EU based insurance firms in the wake of Brexit. This section will cover regulatory permissions, temporary permission regimes, actions required should an insurer or insurance intermediary decide to stop selling in a specific jurisdiction and the potential impact of not having the correct regulatory permissions.

This depends on the territory for which regulatory permissions are to be obtained. The below table sets out a list of EU national regulators including a hyperlink to relevant website and risk register:

Country  National Competent Authority – National Register or point of information Financial Insurance Intermediary Regulator 
Austria Federal Ministry for Digital and Economic Affairs Federal Ministry for Digital and Economic Affairs
Belgium Financial Services and Markets Authority Financial Services and Markets Authority
Bulgaria Financial Supervision Commission Financial Supervision Commission
Croatia Croatian Financial Services Supervisory Agency Croatian Financial Services Supervisory Agency 
Cyprus Insurance Companies Control Service
Czech Republic Czech National Bank Czech National Bank
Denmark Danish Financial Supervisory Authority Danish Financial Supervion Authority
Estonia Financial Supervision Authority Financial Supervision Authority
Finland Financial Supervisory Authority Financial Supervisory Authority
France Prudential Control Authority Registre unique des Intermédiaires en Assurance, Banque
et Finance (ORIAS)
Germany Association of German Chamber of Commerce and Industry Association of German Chamber of Commerce and Industry
Gibraltar Gibraltar Financial Services Commission Gibraltar Financial Services Commission
Greece ​Union of Hellenic Chambers Bank of Greece
Hungary Central Bank of Hungary Central Bank of Hungary
Iceland Financial Supervisory Authority  Financial Supervisory Authority 
Ireland ​Central Bank of Ireland ​Central Bank of Ireland
Italy Istituto per la Vigilanza sulle Assicurazionion Istituto per la Vigilanza sulle Assicurazionion
Latvia ​Financial and Capital Market Commission ​Financial and Capital Market Commission
Liechtenstein Finanzmarktaufsicht Liechtenstein (Financial Market Authority) Finanzmarktaufsicht Liechtenstein (Financial Market Authority)
Lithuania ​Bank of Lithuania Bank of Lithuania
Luxembourg Commissariat aux Assurances Commissariat aux Assurances
Malta ​Malta Financial Services Authority Malta Financial Services Authority
Netherlands ​Dutch Authority for the Financial Markets ​Dutch Authority for the Financial Markets
Norway ​Financial Supervisory Authority of Norway ​Financial Supervisory Authority of Norway
Poland Polish Financial Supervision Authority   Polish Financial Supervision Authority  
Portugal ​Autoridade de Supervisão de Seguros e Fundos de Pensões ​Autoridade de Supervisão de Seguros e Fundos de Pensões
Romania ​Financial Supervisory Authority ​Financial Supervisory Authority
Slovakia ​National Bank of Slovakia ​National Bank of Slovakia
Slovenia ​Insurance Supervision Agency
Spain ​Dirección General de Seguros y Fondos de Pensiones ​Dirección General de Seguros y Fondos de Pensiones
Sweden ​Swedish Financial Supervisory Authority ​Swedish Financial Supervisory Authority
United Kingdom Financial Conduct Authority Financial Conduct Authority



    1. Information regarding cost of application and length of time it takes to gain a license are not readily available. In general it takes between 3-6 months to go through an authorisation process for an intermediary and in most cases nearer 3 months.
    2. Information regarding the location of directors is not readily available and is something that will need to be discussed with the relevant regulator.
    3. Some of these web sites are not translated into English but if you open them in Chrome there is a translate option.

Principle 11 of the Principles for Businesses in the FCA Handbook requires a firm to deal with its regulators in an open and cooperative way and to appropriately disclose anything related to the firm of which the FCA would reasonably expect notice. Compliance with Principle 11 includes giving the FCA notice of any restructuring or reorganisation which could have a significant impact on the firm’s risk profile or resources.

The notification given in complying with Principle 11 may be given orally or in writing, although the FCA may request written confirmation of the matter.

At the end of the transition period, passporting rights for UK firms will end automatically, so UK intermediaries may wish to consider when might be the most appropriate time to cease activities in the EEA if other contingency measures are not appropriate for the firm.

To conduct insurance distribution activity in the EEA, an intermediary must be established and registered in the EEA. In order for EU27 based insurers to be able to delegate intermediation activities to UK branches, for EU27 market, they would have to create right level of ‘substance’ at their head office.

Interpretations on the level of substance required for a registered insurance intermediary might vary between member states.

However, EIOPA recommendation 9 requires that intermediaries, which are legal persons, demonstrate adequate corporate substance, proportionate to the nature, scale and complexity of their business.  Intermediaries should not display the characteristics of an empty shell.

UK legislation will continue to apply to UK intermediaries following the end of the transition period. Although EU legislation will no longer be directly applicable to UK intermediaries, the UK Government has brought forward legislation to ‘on-shore’ any elements of EU legislation which had not previously been transposed into UK laws or regulations.

For example, the UK Government has drafted legislation – The Insurance Distribution (Amendment) (EU Exit) Regulations 2019 –  to address deficiencies in retained EU law relating to the IDD that arise as a result of the UK’s withdrawal from the EU (see here).

It is illegal to carry out a regulated activity in the UK and the EEA without having the correct regulatory permissions in place. Consequences would vary between jurisdictions.


The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.