PART IIExercise of Passport Rights by EEA Firms
Changes relating to EEA firms
Insurance firms: changes to branch details6.
(1)
An insurance firm which has established a branch in the United Kingdom in exercise of an EEA right must not make a change in any of the details referred to in regulation 2(5)(a) to (c) with respect to the branch, unless the relevant requirements have been complied with.
(2)
Where the relevant requirements have been complied with, the firm’s permission is to be treated as varied accordingly.
(3)
For the purposes of this regulation, the relevant requirements are those of paragraph (4) or (if the change is occasioned by circumstances beyond the firm’s control) paragraph (5).
(4)
The requirements of this paragraph are that—
(a)
the firm has given a notice to the F1appropriate UK regulator and to its home state regulator stating the details of the proposed change;
(b)
the F1appropriate UK regulator has received from the home state regulator a notice stating that it has approved the proposed change;
(c)
the period of one month beginning with the day on which the firm gave the F1appropriate UK regulator the notice mentioned in sub-paragraph (a) has elapsed; and
(d)
either—
(i)
a further period of one month has elapsed; or
(ii)
the F1appropriate UK regulator has informed the home state regulator of any consequential changes in the applicable provisions (within the meaning of paragraph 13 of Schedule 3).
(5)
The requirements of this paragraph are that the firm has as soon as practicable (whether before or after the change) given a notice to the F1appropriate UK regulator and to its home state regulator, stating the details of the change.
(6)
The F1appropriate UK regulator must, as soon as practicable—
(a)
acknowledge receipt of the documents sent under paragraph (4) or (5); and
(b)
in the case of a notice under paragraph (5), inform the firm’s home state regulator of any consequential changes in the applicable provisions (within the meaning of paragraph 13 of Schedule 3).
F2(7)
In this regulation, “the appropriate UK regulator” has the same meaning as in paragraph 13 of Schedule 3.