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. |