Insurers headquartered in Ireland can set up operations in countries throughout the European Economic Area (EEA) on the basis of regulatory approvals granted by the Central Bank of Ireland (CBI), but the position is more complex in respect of the UK post-Brexit and other ‘third countries’.
There are existing requirements of insurance law and regulation to meet, and tax, employment, and company law issues to consider too. Irish headquartered insurers can also expect EU regulatory policy on third country branches to evolve in the months ahead.
Prior to Brexit, it was unusual for an Irish headquartered insurer to carry on insurance business or establish a presence in a third country. Most examples of Irish insurers establishing a presence in other jurisdictions involved them setting up branches in the UK, which at that time was a member of the EEA. Rules on freedom of establishment that apply to EEA member states simplified the process.
With Brexit, the UK is no longer in the EEA, but despite this there remain solid reasons why an Irish headquartered insurer would want to carry out business in the UK or operate a branch in London or another UK financial centre. EU and Irish insurance rules allow Irish-headquartered insurers to establish a presence or carry-on insurance business in a third country like the UK. However, before doing so an insurer should give thought to a range of legal and regulatory requirements.
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