Question ID: 2053
Regulation Reference: (EU) No 2016/97 - Insurance Distribution Directive
Topic: Freedom to provide services (Art. 4 and 5 IDD)
Article: 7
Status: Final
Date of submission: 20 Aug 2021
Question
I’m currently registered agent of an insurance company in Luxembourg, under the regulation of CAA.
I want to shift my current agreement, from a company established in Luxembourg, to a company established in Ireland, maintain my residence in Luxembourg, and under the freedom to provide services, act on the Portuguese market.
In theory this should be possible, but the Luxembourg regulator claims that can’t register me, as an intermediary of the Irish company, because it is not under their regulation, even if, the Irish company is registered in Luxembourg, under the freedom to provide services.
I would like to know what your view, is the right place to be registered as an agent of the Irish company?
Background of the question
Before moving to Luxembourg, I was registered agent in the Portuguese regulator, when I moved I transferred my license to Luxembourg.
EIOPA answer
Many thanks for your email and your question in which country an agent should be registered.
Please be informed that insurance intermediaries shall be registered in their home Member State, Article 3 paragraph 1 sentence 1 of the Insurance Distribution Directive (IDD). According to Article 2 paragraph 10 of the IDD home Member State is where the insurance intermediary has his or her residence (in case of natural persons) or where the insurance intermediary has its registered office or where its head office is situated (in case of legal persons). Hence, applying these rules in your case, the registration should be undertaken in the Member State of your residence.