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 organisation and operation of pension funds of August 28, 1997 (Journal of Laws of 2020, item 105); and
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.
EU/NZ/Annex 10-A/en 155
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 16th.
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 Austria.
In BG: There is a residency requirement for members of the managing and supervisory body of (re)insurance undertakings and every person authorised to manage or represent the (re)insurance undertaking. At least one of the persons managing and representing the pension insurance company is required to be fluent in the Bulgarian language.
Measures:
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, BGBI. I Nr. 34/2015).
BG: Insurance Code, articles 12, 56-63, 65, 66 and 80 paragraph 4; and
Social Insurance Code, Art. 120a-162, Art. 209-253, Art. 260-310.
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With respect to Investment liberalisation â Market access, 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 Bulgaria.
The income of supplementary voluntary pension funds, as well as similar income directly connected with voluntary pension insurance provided 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 relevant
national law for at least five years.
EU/NZ/Annex 10-A/en 157
Measures:
BG: Insurance Code, articles 12, 56-63, 65, 66 and 80 paragraph 4; and
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.
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 9th.
With respect to Investment liberalisation â Market access:
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.
Measures:
AT: Insurance Supervision Act 2016, Article 14 para. 1 No. 1, Federal Law Gazette I No. 34/2015 (Versicherungsaufsichtsgesetz 2016, § 14 Abs. 1 Z 1, BGBI. I Nr. 34/2015).
EU/NZ/Annex 10-A/en 158
With respect to Investment liberalisation â Market access and 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 the establishment of a subsidiary or branch. A "branch" in this situation is not required to take any specific legal form, as it means a permanent presence in the territory of a Member State (Greece) of an undertaking with a head office outside the Union, which receives authorisation in that Member State (Greece) and which conducts an insurance
business.
Measures:
EL: Art. 130 of the Law 4364/ 2016 (Gov. Gazette 13/ A/ 05.02.2016).
With respect to Cross-border trade in services â National treatment, Local presence:
In AT: Promotional activity and intermediation on behalf of a subsidiary not established in the Union or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited.
In DK: No individuals or companies or companies (including insurance companies) may, for business purposes, assist in effecting direct insurance for persons resident in Denmark, for
Danish ships or for property in Denmark, other than insurance companies licensed by Danish
law or by Danish competent authorities.
EU/NZ/Annex 10-A/en 159
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.
With respect to Cross-border trade in services â Local presence:
In DE, HU and LT: The supply of direct insurance services by insurance companies not
incorporated in the Union requires the setting up and authorisation of a branch.
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 aircraft or vessels and responsibility, may 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.
Measures
AT: Insurance Supervision Act 2016, Article 13 para. 1 and 2, Federal Law Gazette I No. 34/2015 (Versicherungsaufsichtsgesetz 2016, § 13 Abs. 1 und 2, BGBI. I Nr. 34/2015).
EU/NZ/Annex 10-A/en 160
DE: Versicherungsaufsichtsgesetz (VAG) for all insurance services; in connection with
Luftverkehrs-Zulassungs-Ordnung (LuftVZO) only for compulsory air liability insurance.
DK: Lov om finansiel virksomhed jf. lovbekendtggrelse 182 af 18. februar 2015.
HU: Act LX of 2003.
LT: Law on Insurance, 18 of September, 2003 Nr. IX-1737, last amendment 13 of June 2019 Nr. XII-2232.
SE: Lag om forsakringsférmedling (Insurance Distribution Mediation Act) (Chapter 3, section 3, 2018:12192005:405); and Foreign Insurers Business in Sweden Act (Chapter 4,
Section 1. And 10, 1998:293).SK: Act 39/2015 on Insurance.
EU/NZ/Annex 10-A/en 161
(b)
Banking and other financial services
With respect to Investment liberalisation â Market access, National treatment, Cross-border
trade in services â Local presence:
In BG: For pursuing the activities of lending with funds which are not raised through taking of deposits or other repayable funds, acquiring holdings in a credit institution or another financial institution, financial leasing, guarantee transactions, acquisition of claims on loans and other forms of financing (such as factoring or forfeiting), non-bank financial institutions are subject to a registration regime with the Bulgarian National Bank. The financial institution
must have its main business in the territory of Bulgaria.
In BG: Non-EEA banks may pursue banking activity in Bulgaria after obtaining a licence from the Bulgarian National Bank for taking up and pursuing of business activities in the
Republic of Bulgaria through a branch.
In IT: In order to be authorised to operate the securities settlement system or to provide central securities depository services with an establishment in Italy, a company is required to
be incorporated in Italy (no branches).
In the case of collective investment schemes other than undertakings for collective investment in transferable securities (hereinafter referred to as "UCITS") harmonised under Union legislation, a trustee or depository is required to be established in Italy or in another Member State and have a branch in Italy.
EU/NZ/Annex 10-A/en 162
Management enterprises of investment funds not harmonised under Union legislation are also
required to be incorporated in Italy (no branches).
Only banks, insurance enterprises, investment firms and enterprises managing UCITS harmonised under Union legislation having their legal head office in the Union, as well as UCITS incorporated in Italy, may carry out the activity of pension fund resource
management.
In providing the activity of door-to-door selling, intermediaries must utilise authorised
financial sales persons resident within the territory of a Member State.
Representative offices of non-Union intermediaries may not carry out activities aimed at providing investment services, including trading for own account and for the account of
customers, placement and underwriting financial instruments (branch required).
In PT: Pension fund management may be provided only by specialised companies incorporated in Portugal for that purpose, and by insurance companies established in Portugal and authorised to take up life insurance business, or by entities authorised to provide pension fund management in other Member States. Direct branching from non-Union countries is not permitted.
Measures:
BG: Law of Credit Institutions, article 2, paragraph 5, article 3a and article 17;
EU/NZ/Annex 10-A/en 163
Code Of Social Insurance, articles 121, 121b, 121f; and
Currency Law, article 3.
IT: Legislative Decree 58/1998, articles 1, 19, 28, 30-33, 38, 69 and 80;
Joint Regulation of Bank of Italy and Consob 22.2.1998, articles 3 and 41;
Regulation of Bank of Italy 25.1.2005;
Title V, Chapter VH, Section II, Consob Regulation 16190 of 29.10.2007, articles 17-21, 78-81, 91-111; and subject to:
Regulation (EU) No 909/2014 of the European Parliament and of the Council!.
PT: Decree-Law 12/2006, as amended by Decree-Law 180/2007 Decree-Law 357-A/2007, Regulation 7/2007-R, as amended by Regulation 2/2008-R, Regulation 19/2008-R, Regulation 8/2009. Article 3 of the legal regime governing the establishment and functioning of pension funds and their management entities approved by Law 27/2020, of July 23rd.
Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation
(EU) No 236/2012 (OJ EU L 257, 28.8.2014, p. 1).
EU/NZ/Annex 10-A/en 164
With respect to Investment liberalisation â Market access, National treatment:
In HU: Branches of non-EEA investment fund management companies may not engage in the management of European investment funds and may not provide asset management services to private pension funds.
Measures:
HU: Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; and Act CKX of 2001 on the Capital Market.
With respect to Investment liberalisation â National treatment and Cross-border trade in
services â Market access:
In BG: A bank shall be managed and represented jointly by at least two persons. The persons who manage and represent the bank shall be personally present at its management address. Juridical persons may not be elected members of the managing board or the board of directors
of a bank.
In SE: A founder of a savings bank shall be a natural person.
EU/NZ/Annex 10-A/en 165
Measures:
BG: Law on Credit Institutions, article 10; Code Of Social Insurance, Articles 121, 121b, 121f; and Article 3, Currency Law.
SE: Sparbankslagen (Savings Bank Act) (1987:619), Chapter 2, § 1.
With respect to Investment liberalisation â National treatment:
In HU: The board of directors of a credit institution is required to have at least two members
recognised as resident according to foreign exchange regulations and having had prior
permanent residence in Hungary for at least one year.
Measures:
HU: Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; and
Act CXX of 2001 on the Capital Market.
EU/NZ/Annex 10-A/en 166
With respect to Investment liberalisation â Market access:
In RO: Market operators are juridical persons set up as joint stock companies according to provisions of the Company law. Alternative trading systems (multilateral trading facility pursuant to the MiFID II Directive) may 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 SE 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.
Measures:
RO: Law No. 126 of 11 June 2018 regarding financial instruments and Regulation No. 1/2017 for the amendment and supplement of Regulation No. 2/2006 on regulated markets and alternative trading systems, approved by Order of NSC No. 15/2006 â ASF â Autoritatea de
Supraveghere Financiara â Financial Supervisory Authority.
SE Pension and Disability Insurance Act, (Official Gazette No. 102/2015 (as last amended No 28/19).
EU/NZ/Annex 10-A/en 167
With respect to Cross-border trade in services â Local presence:
In HU: Non-EEA companies may provide financial services or engage in activities auxiliary
to financial services solely through a branch in HU.
Measures:
HU: Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises; and Act CXX of 2001 on the Capital Market.
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Reservation No. 13 â Health services and social services
Sector â sub-sector:
Industry classification:
Obligations concerned:
Chapter Chapter: Level of Government:
Health services and social services
CPC 931, 933
Market access
National treatment
Trade in services and investment