MOF


An insurance undertaking/intermediary authorised in an EU/EEA Member State ("MS") may conduct business in another MS:

  • on a freedom of establishment basis, through the establishment of a branch (FOE),
  • on a freedom to provide services basis (FOS).

Cypriot undertakings/intermediaries that conduct business in other MS
The Superintendent of Insurance is responsible for the supervision of undertakings/intermediaries authorised in the Republic of Cyprus including the business they pursue through FOE and FOS.

The Superintendent of Insurance notifies the supervisory authorities of other MS of a Cypriot undertaking's/intermediary's intention to conduct business in their jurisdiction.

Relevant articles of the Law on Insurance and Reinsurance Business and Other Related Issues of 2016, as amended from time to time, (the "Law"):
- for insurance undertakings: Articles 159 and 162
- for intermediaries: Articles 373 and 377
EU Insurance undertakings pursuing business in the Republic of Cyprus
An insurance undertaking authorised in an another MS may conduct business in the Republic Cyprus:
  • on an FOE basis, if all of the conditions of article 158 of the Law are met and all the procedures described therein are followed, or
  • on an FOS basis, if all of the conditions of article 161 of the Law are met and all the procedures described therein are followed.
When the Superintendent of Insurance is notified by the supervisory authority of another MS for the intention of an insurance undertaking to carry out business in the Republic of Cyprus, the relevant register is updated. All registers can be found here.

EU Intermediaries pursuing business in the Republic of Cyprus
An intermediary authorised in an another MS may conduct business in the Republic of Cyprus:
  • on an FOE basis,in accordance with article 379 of the Law, or
  • on an FOS basis,in accordance with article 375 of the Law.

These General Good Requirements need to be followed by all European Insurance Undertakings and Intermediaries that pursue business in the Republic of Cyprus under the FOE or FOS regimes.

  • EIOPA Board of Supervisors decision on the collaboration of the insurance supervisory authorities (EIOPA-BoS-17/014)
  • EIOPA Board of Supervisors decision on the cooperation of the competent authorities on insurance distribution (EIOPA-BoS/18-340)