i) maritime transport, commercial aviation and space launching and freight, including satellites, with this insurance to cover: the goods being transported, the vehicle transporting the goods, or liability deriving from that transport; and
ii) goods in international transit;
reinsurance and retrocession;
services auxiliary to insurance as described in sub-subparagraph (iv) of the definition of
insurance and insurance-related services in Article 13.1; and
insurance intermediation, such as brokerage and agency, of insurance risks related to the
services listed in subparagraphs (a) and (b).
. direct insurance services (including co-insurance) for the insurance of risks relating to:
i) maritime transport, commercial aviation and space launching and freight, including satellites, with this insurance to cover: the goods being transported, the vehicle transporting the goods, or liability deriving from that transport; and
ii) goods in international transit;
insurance intermediation;
3. reinsurance and retrocession; and
In EE:
services auxiliary to insurance as described in sub-subparagraph (iv) of the definition of
insurance and insurance-related services in Article 13.1.
1. direct insurance (including co-insurance); 2. reinsurance and retrocession; 3. insurance intermediation; and 4. services auxiliary to insurance as described in sub-subparagraph (iv) of the definition of insurance and insurance-related services in Article 13.1. In LV and LT: 1. insurance of risks relating to:
i) maritime transport, commercial aviation and space launching and freight, including satellites, with this insurance to cover: the goods being transported, the vehicle transporting the goods, or liability deriving from that transport; and
ii) goods in international transit;
2. reinsurance and retrocession; and 3. services auxiliary to insurance as described in sub-subparagraph (iv) of the definition of insurance and insurance-related services in Article 13.1. In MT: 1. insurance of risks relating to:
i) maritime transport, commercial aviation and space launching and freight, including satellites, with this insurance to cover: the goods being transported, the vehicle transporting the goods, or liability deriving from that transport; and
ii) goods in international transit;
2. reinsurance and retrocession; and 3. services auxiliary to insurance as described in sub-subparagraph (iv) of the definition of insurance and insurance-related services in Article 13.1. In PL: 1. insurance of risks relating to goods in international trade; and 2. reinsurance and retrocession of risks relating to goods in international trade.
Banking and other financial services (excluding insurance and insurance-related services) In EU except for BE, CY, EE, LV, LT, MT, SI and RO:
1.
the provision and transfer of financial information, and financial data processing and related software, as described in sub-subparagraph (xi) of the definition of banking and other financial services (excluding insurance) in Article 13.1; and
advisory and other auxiliary financial services relating to banking and other financial
services, as described in sub-subparagraph (xii) of the definition of banking and other
financial services (excluding insurance) in Article 13.1, but not intermediation as described in that sub-subparagraph. In BE: (a) the provision and transfer of financial information, and financial data processing and related software, as described in sub-subparagraph (xi) of the definition of banking and other financial services (excluding insurance) in Article 13.1. In Cy:
1. the trading for own account or for the account of customers, whether on an exchange, in an over-the-counter market or otherwise, of transferrable securities;
2. the provision and transfer of financial information, and financial data processing and related software, as described in sub-subparagraph (xi) of the definition of banking and other financial services (excluding insurance) in Article 13.1; and
3. advisory and other auxiliary financial services relating to banking and other financial services, as described in sub-subparagraph (xii) of the definition of banking and other financial services (excluding insurance) in Article 13.1, but not intermediation as described in that subparagraph.
In EE and LT: 1. acceptance of deposits; lending of all types; financial leasing; all payment and money transmission services;
guarantees and commitments;
nu FY D
trading for own account or for account of customers, whether on an exchange or in an over-
the-counter market;
7. participation in issues of all kinds of securities, including underwriting and placement as agent, whether publicly or privately, and supply of services related to such issues;
8. money broking;
9. asset management, such as cash or portfolio management, all forms of collective investment management, custodial, depository and trust services;
10. settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments;
11. the provision and transfer of financial information, and financial data processing and related
software, as described in sub-subparagraph (xi) of the definition of banking and other
financial services (excluding insurance) in Article 13.1; and
12, advisory and other auxiliary financial services relating to banking and other financial services, as described in sub-subparagraph (xii) of the definition of banking and other financial services (excluding insurance) in Article 13.1, but not intermediation as described in that subparagraph.
In LV:
1. participation in issues of all kinds of securities, including underwriting and placement as agent, whether publicly or privately, and supply of services related to such issues;
2. the provision and transfer of financial information, and financial data processing and related software, as described in sub-subparagraph (xi) of the definition of banking and other financial services (excluding insurance) in Article 13.1; and
3. advisory and other auxiliary financial services relating to banking and other financial services, as described in sub-subparagraph (xii) of the definition of banking and other financial services (excluding insurance) in Article 13.1, but not intermediation as described
in that subparagraph.
1. the acceptance of deposits;
2. lending of all types;
3. the provision and transfer of financial information, and financial data processing and related software, as described in sub-subparagraph (xi) of the definition of banking and other financial services (excluding insurance) in Article 13.1; and
4. advisory and other auxiliary financial services relating to banking and other financial services, as described in sub-subparagraph (xii) of the definition of banking and other financial services (excluding insurance) in Article 13.1, but not intermediation as described in that subparagraph.
In RO:
acceptance of deposits; lending of all types; guarantees and commitments;
money broking;
APF Y DY >
the provision and transfer of financial information, and financial data processing and related software, as described in sub-subparagraph (xi) of the definition of banking and other financial services (excluding insurance) in Article 13.1; and
6. advisory, and other auxiliary financial services relating to banking and other financial
services, as described in sub-subparagraph (xii) of the definition of banking and other
10
In SE . lending of all types;
financial services (excluding insurance) in Article 13.1, but not intermediation as described
in that sub-subparagraph.
the acceptance of guarantees and commitments from foreign credit institutions by domestic legal entities and sole proprietors;
the provision and transfer of financial information, and financial data processing and related software, as described in sub-subparagraph (xi) of the definition of banking and other financial services (excluding insurance) in Article 13.1; and
advisory and other auxiliary financial services relating to banking and other financial services, as described in sub-subparagraph (xii) of the definition of banking and other financial services (excluding insurance) in Article 13.1, but not intermediation as described
in that sub-subparagraph.
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Section SECTION B:
MARKET ACCESS COMMITMENTS WITH RESPECT TO INVESTMENT LIBERALISATION (a) The following subsectors and activities are committed with respect to investment liberalisation:
In EU: all financial services.
(b) The following non-discriminatory limitations apply with respect to Investment
liberalisation - Market access:
i. All Financial Services
The EU: the right to require a financial service supplier, other than a branch, when establishing in a Member State to adopt a specific legal form, on a non-discriminatory basis.
ii. Insurance and Insurance-related Services
In AT: In order to obtain a licence to open a branch office, foreign insurers must have a legal form corresponding or comparable to a joint stock company or a mutual insurance association in their
home country.
iii. Banking and other financial services In RO: Market operators are legal persons set up as joint stock companies according to the provisions of the Company law. Alternative trading systems (Multilateral trading facility (MTF) pursuant to MiFID II Directive) can be managed by a system operator set up under the conditions described above or by an investment firm authorised by ASF (Autoritatea de Supraveghere
Financiara â Financial Supervisory Authority).
In SI: A pension scheme may be provided by a mutual pension fund (which is not a legal entity and is therefore managed by an insurance company, a bank or a pension company), a pension company or an insurance company. Additionally, a pension scheme can also be offered by pension scheme
providers established in accordance with the regulations applicable in a Member State of the EU.
12
In SK: Investment services can only be provided by management companies which have the legal
form of a joint-stock company with equity capital according to the law.
In SE: A founder of a savings bank shall be a natural person.
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Section Section C: Existing Measures Reservation 1: Sub-sector: Insurance and Insurance-related Services
Type of reservation: National treatment Most-favoured-nation treatment Local presence Level of government: EU/Member State (unless otherwise specified)
With respect to Investment liberalisation â National treatment, Most-favoured-nation treatment:
In IT: Access to the actuarial profession through natural persons only. Professional associations (no incorporation) among natural persons permitted. European Union nationality is required for the ptactice of the actuarial profession, except for foreign professionals who may be allowed to practice
based on reciprocity.
Measures: IT: Article 29 of the code of private insurance (Legislative decree no. 209 of 7 September 2005); and Law 194/1942, Article 4, Law 4/1999 on the register.
With respect to Investment liberalisation â National treatment, Cross-border trade in financial
services â Local presence:
In BG: Pension insurance shall be carried out as a joint-stock company licensed in accordance with the Code of Social Insurance and registered under the Commerce Act or under the legislation of
another Member State of the EU (no branches).
In BG, ES, PL and PT: Direct branching is not permitted for insurance intermediation, which is reserved to companies formed in accordance with the law of a Member State (local incorporation is required). For PL, residency requirement for insurance intermediaries.
With respect to Investment liberalisation â National treatment
In PL: For pension funds. Direct branching is not permitted for insurance intermediation, which is
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reserved to companies formed in accordance with the law of a Member State (local incorporation is
required).
Measures: BG: Insurance Code, articles 12, 56-63, 65, 66 and 80 paragraph 4, Social Insurance Code Art. 120a-162, Art. 209-253, Art. 260-310.
ES: Reglamento de Ordenacién, Supervisién y Solvencia de Entidades Aseguradoras y Reaseguradoras (RD 1060/2015, de 20 de noviembre de 2015), article 36.
PL: Act on insurance and reinsurance activity of September 11, 2015 Journal of Laws of 2020, item 895 and 1180); Act on insurance distribution of December 15, 2017 (Journal of Laws 2019, item 1881); Act on the organization and operation of pension funds of August 28, 1997 (Journal of Laws of 2020, item 105); Act of 6 March 2018 on rules regarding economic activity of foreign entrepreneurs and other foreign persons in the territory of the Republic of Poland.
PT: Article 7 of Decree-Law 94-B/98 revoked by Decree-Law 2/2009, January 5th; and chapter I, Section VI of Decree-Law 94-B/98, articles 34, nr. 6, 7, and article 7 of Decree-Law 144/2006, revoked by Law 7/2019, January 16th. Article 8 of the legal regime governing the business of
insurance and reinsurance distribution, approved by Law 7/2019, of January 16".
With respect to Investment liberalisation â National treatment:
In AT: The management of a branch office must consist of at least two natural persons resident in AT.
In BG: Residency requirement for the members of managing and supervisory body of (re)insurance
undertakings and every person authorised to manage or represent the (re)insurance undertaking.
The Chairperson of the Management Board, the Chairperson of the Board of Directors, the Executive Director and the Managerial Agent of pension insurance companies must have a
permanent address or hold a durable residence permit in Bulgaria.
Measures:
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AT: Insurance Supervision Act 2016, Article 14 para. 1 no. 3, Federal Law Gazette I No. 34/2015 (Versicherungsaufsichtsgesetz 2016, § 14 Abs. 1 Z 3, BGB1. I Nr. 34/2015)
BG: Insurance Code, articles 12, 56-63, 65, 66 and 80 paragraph 4, Social Insurance Code, Art. 120a-162, Art. 209-253, Art. 260-310
With respect to Investment liberalisation â National treatment:
In BG: Before establishing a branch or agency to provide insurance, a foreign insurer or reinsurer must have been authorised to operate in its country of origin in the same classes of insurance as
those it wishes to provide in BG.
The income of the supplementary voluntary pension funds, as well as similar income directly
connected with voluntary pension insurance, carried out by persons who are registered under the legislation of another Member State and who may, in compliance with the legislation concerned, perform voluntary pension insurance operations, shall not be taxable according to the procedure
established by the Corporate Income Tax Act.
In ES: Before establishing a branch or agency in Spain in order to provide certain classes of insurance, a foreign insurer must have been authorised to operate in the same classes of insurance in its country of origin for at least five years.
In PT: In order to establish a branch or agency, foreign insurance undertakings must have been authorised to carry out the business of insurance or reinsurance, according to the relevant national law for at least five years.
Measures:
BG: Insurance Code, articles 12, 56-63, 65, 66 and 80 paragraph 4, Social Insurance Code, Art. 120a-162, Art. 209-253, Art. 260-310.
ES: Reglamento de Ordenacién, Supervisién y Solvencia de Entidades Aseguradoras y Reaseguradoras (RD 1060/2015, de 20 de noviembre de 2015), article 36.
16
PT: Article 7 of Decree-Law 94-B/98 and chapter I, Section VI of Decree-Law 94-B/98, articles 34, nr. 6, 7, and article 7 of Decree-Law 144/2006; Article 215 of legal regime governing the taking up
and pursuit of the business of insurance and reinsurance, approved by Law 147/2005, of September Oth.
With respect to Investment â National treatment and Cross-border trade in financial services â
National treatment:
In AT: Promotional activity and intermediation on behalf of a subsidiary not established in the
Union or of a branch not established in AT (except for reinsurance and retrocession) are prohibited.
With respect to Cross-border trade in financial services â Local presence: In DK: No persons or companies (including insurance companies) may, for business purposes, assist in effecting direct insurance for persons resident in DK, for Danish ships or for property in
DK, other than insurance companies licensed by Danish law or by Danish competent authorities.
With respect to Cross-border trade in financial services â Local presence: In DE, HU and LT: The supply of direct insurance services by insurance companies not
incorporated in the European Union requires the setting up and authorisation of a branch.
With respect to Cross-border trade in financial services â National treatment, Local presence:
In EL: Insurance and reinsurance undertakings with head offices in third countries may operate in Greece via establishing a subsidiary or a branch, where branch in this case does not take any specific legal form, as it means a permanent presence in the territory of a Member State (ie. Greece) of an undertaking with head office outside EU, which receives authorisation in that Member State
(Greece) and which pursues insurance business.
In SE: The supply of direct insurance by a foreign insurer is allowed only through the mediation of an insurance service supplier authorised in Sweden, provided that the foreign insurer and the Swedish insurance company belong to the same group of companies or have an agreement of
cooperation between them.
17
In SE: The provision of insurance intermediation services by undertakings not incorporated in the
EEA requires the establishment of a commercial presence (local presence requirement).
In SK: Air and maritime transport insurance, covering the aircraft/vessel and responsibility, can be underwritten only by insurance companies established in the Union or by the branch office of the insurance companies not established in the Union authorised in the Slovak Republic.