Can UK firms passport into Switzerland?
Switzerland is not an EEA state, so there are no passporting rights under directives, including the IMD. EEA general insurers have the right to set up a branch in Switzerland (and vice versa) under the provisions of the First Non-Life Directive, but this does not give passporting rights. A Swiss general insurer will therefore need to obtain Part IV permission to set up a branch in the UK. Paragraphs 3 to 5 of Schedule 6 of FSMA (the threshold conditions relating to close links, adequate resources and suitability) would not apply in relation to such a branch, and it would not need an additional permission for insurance mediation.
