International Takaful Summit Masterclass 2009 Marketing Non-EU Takaful products in the EU
Anne Foster, Lovells LLP
Lovells LLP
www.lovells.com
Introduction • General issues • Sample jurisdictions – UK, France and Spain
Lovells
www.lovells.com
General Issues • Location of target market • Direct marketing permissible? •
regulatory requirements
• Location of Takaful vehicle • •
Lovells
regulatory requirements tax
www.lovells.com
Marketing products in the UK • Financial Services and Markets Act 2000 ("FSMA") • Carrying on a "regulated activity" in the UK – FSA authorisation required
Lovells
www.lovells.com
UK Options • Establish a new operation in the UK • Operate through existing UK vehicle • Distribution through FSA authorised intermediary
Lovells
www.lovells.com
European approaches: France •
Still at an early stage
•
Will have to operate in existing framework
Lovells
www.lovells.com
European approaches: Spain • Will apply same regime as conventional insurance • Spanish vehicle required – parent must have been authorised by home regulator and written same classes of business for at least 5 years
Lovells
www.lovells.com
Conclusion • A presence in an EU jurisdiction required BUT • Gain benefit of "passporting" regime
Lovells
www.lovells.com