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European Insurance and Occupational Pensions Authority

732

Q&A

Question ID: 732

Regulation Reference: Guidelines on supervision of branches of third-country insurance undertakings

Article: 162

Status: Final

Date of submission: 11 Jul 2016

Question

According to paragraph 1.7 of the EIOPA Guidelines on the supervision of third country insurance undertakings the scope of these Guidelines does not cover third country insurance undertakings taking on, or authorised to take on, only reinsurance business. Please clarify the reporting requirements and relevant deadlines for the above mentioned branches. 

EIOPA answer

Third-country undertakings whose EU branch only undertakes reinsurance business are outside of the scope of the third-country branch Guidelines.

Solvency II Article 162 (3) specifies that only branches pursing insurance business are subject to the third country branches requirements. Member States therefore have discretion to establish such rules as they consider appropriate to regulate reinsurance undertakings, including any reporting requirements. In doing so, Member States must not apply provisions which result in a more favourable treatment than that granted to reinsurance undertakings which have their head office in that Member State (see Article 174 of the Solvency II Directive).