What is passporting?
Passporting rights arise under the single market directives, which include the Insurance Mediation Directive (for insurance and reinsurance intermediaries) and the Third Non-Life and Consolidated Life Directives (for insurers). The rights entitle a person to set up a branch in another EEA state or to do business there on a cross-border basis, as long as they fulfil the conditions in the relevant directive. The rights can be exercised after following simple notification procedures. These passporting rights only apply within the EEA. So they do not apply in the Channel Islands and Isle of Man, which are not EEA states. Although Switzerland is not an EEA state, general insurers there have the right to set up a branch in the EEA under the provisions of the First Non-Life Directive and EEA general insurers have the same right for Switzerland. Special conditions also apply for Gibraltar. See the questions relating to these territories below.
Passporting rights arise under the FSMA single market directives, which include the the Markets in Financial Instruments Directive (for investment firms), the Banking Directive (for credit institutions and financial institutions), the UCITS Directive (for UCITS management companies), the Insurance Mediation Directive (for insurance and reinsurance intermediaries) the Third Non-Life Insurance and Consolidated Life Assurance Directives (for insurers) and the Reinsurance Directive (for reinsurers). Under the FSMA single market directives, a person whose head office is in the UK and who is entitled to carry on an activity in another EEA State may either establish a branch in another EEA State or provide cross-border services into another EEA State, subject to the fulfilment of the conditions under the relevant directive. Passporting rights can be exercised after following simple notification procedures. Passporting rights only apply within the EEA. So, for example, they do not apply in the
