A coverholder outside the Netherlands in another EEA member state can carry on insurance mediation in the Netherlands within the scope of the EU Insurance Mediation Directive. The exercise of such a right is known as 'passporting'. If an EEA firm wishes to exercise its passporting rights it must notify its home-state insurance regulator of its intention to do so.
- The coverholder must be a registered insurance intermediary in its home state.
- The coverholder must either have 'passporting' approval for the Netherlands or the managing agent must be satisfied that the way in which business will be transacted means that this is not necessary (i.e., it is not carrying on insurance mediation in the Netherlands).
- The coverholder must have its Lloyd's territorial approval extended to include business from ‘Europe (Licensed)’.
For further information please see Market Bulletin Y4125 Coverholder approval: international requirements and Market Bulletin Y4998 Coverholder Regional Mapping Extension.