Dáil Éireann Debate, Tuesday - 7 March 2017
158. Deputy Michael McGrath asked the Minister for Finance if insurance companies currently passporting into Ireland from the UK and its jurisdictions have the ability to continue passporting into Ireland if the UK exited EIOPA when the UK exits the European Union, if the UK and its jurisdictions automatically exit the European Insurance and Occupational Pensions Authority, EIOPA; and if he will make a statement on the matter. [11580/17]
View answerThe ability for financial services entities such as insurance companies or investment firms to passport financial services is based on a collection of measures in EU law that describes how the EU fundamental freedoms operate in the context of financial services. Once a financial services entity is authorised in one European Economic Area (EEA) Member State the financial services passport allows that firm to carry out its authorised permitted activities in any other EEA state. This is achieved by either exercising the right of establishment such as setting up a branch, or by providing cross-border services. The option of a passport is only open to EEA Member States due to the fact that these countries are subject to EU rules.
The ability of the UK and its jurisdiction's regulatory authorities' to participate in the European Insurance and Occupational Pensions Authority (EIOPA) and the ability for UK insurance companies to continue to passport financial services as described above will therefore depend on the outcome of the forthcoming negotiations. These negotiations will commence once the UK notifies the European Union of its intention to leave through the activation of Article 50 of the TFEU. At that point, we will be at the start of a process, within which there is expected to be a number of phases. Ireland will participate fully in all of the structures of the EU 27 in preparing for and conducting the negotiations. Ireland will continue working with both our EU partners and with the UK to maintain a positive, constructive and orderly approach to these negotiations. In my view, it would not be appropriate at this stage to try to pre-empt the outcome of those negotiations.
