In May 2008, CEIOPS issued a questionnaire to member states on the treatment of third country reinsurers and equivalence measures. CEIOPS' report on the findings to this questionnaire has recently been published. The questionnaire dealt with three elements of the relationship between Member States of the EEA and third countries - the treatment of reinsurance undertakings, equivalence provisions and co-operation agreements.
CEIOPS found, amongst other things, that:
- market access through establishment of branch or the writing of reinsurance business by third country reinsurers on a freedom to provide services basis is permissible in the majority of Member States;
- the majority of Member States accepted that reinsurance cessions can be made to third country reinsurers where this is arranged at the proposer's own initiative and the contract is concluded and serviced in the third country;
- only a limited number of Member States have existing practices to assess equivalence; and
- 14 of the 25 Member States which responded to the questionnaire provided details of memorandum of understanding/cooperation agreements in place (covering a total of 26 third countries and 31 authorities).