Activities of foreign entities in Iceland
Entities that have been approved and received operating licences for financial activities in other countries of the European Economic Area (EEA) are permitted to operate in Iceland with or without the establishment of a branch. However, they cannot commence their activities until the Central Bank of Iceland has received a notification to that effect from the competent authority in the entities' home state. This applies to financial undertakings (credit institutions and investment firms), electronic money institutions, payment institutions, insurance companies and brokers, UCITS management companies, alternative investment funds managers and registered creditors.
Foreign parties established in Iceland
| Foreign parties | Branch/agent/distributor/private agent | Name | Address | Type of service | |
|---|---|---|---|---|---|
| Allianz Lebensversicherungs AG | Insurance agent Alexandra Muenchmeier is the branch representative and is authorised to bind the company towards third parties and to act on its behalf towards authorities in the member state, cf. item 3 of the second paragraph of Article 124 of Act no. 100/2016 on Insurance Activities. | Allianz Ísland hf. | Dalshrauni 3, 220 Hafnarfirði | Life insurance, Art. II and III. | |
| Allianz Versicherungs AG | Insurance agent Alexandra Muenchmeier is the branch representative and is authorised to bind the company towards third parties and to act on its behalf towards authorities in the member state, cf. item 3 of the second paragraph of Article 124 of Act no. 100/2016 on Insurance Activities. | Allianz Ísland hf. | Dalshrauni 3, 220 Hafnarfjörður | Non-life insurance, sectors no. 13, 16 | |
| Western Union Payment Services Ireland Limited | Agent of payment institution | IcePhone ehf. | Bugðutanga 32, 270 Mosfellsbæ | Money remittance | |
| Western Union Payment Services Ireland Limited | Agent of payment institution | Íslandspóstur ohf. | Höfðabakka 9, 110 Reykjavík | Money remittance | |
| American Express Payments Europe S.L. | Agent of payment institution | Teya Iceland hf. | Katrínartúni 4, 105 Reykjavík | Acquiring of payment transactions | |
| American Express Payments Europe S.L. | Agent of payment institution | Rapyd Europe hf. | Dalshrauni 3, 220 Hafnarfjörður | Acquiring of payment transactions | |
| PM-Premium Makler GmbH | Insurance broker branch Gestur Breiðfjörð Gestsson is the branch representative | PM-Premium Makler GmbH, branch in Iceland | Garðatorgi 7, 210 Garðabær |
Insurance distribution | |
| Nasdaq CSD SE | Central securities depository branch | Nasdaq CSD SE, branch in Iceland | Laugavegi 182, 105 Reykjavík | Operation of securities settlement system | |
| Arena Wealth Management S.A. | Investment firm branch represented by Sigvaldi Stefánsson | Arena Wealth Management S.A., branch in Iceland | Hellusundi 6, 101 Reykjavík | Receiving and mediating instructions from customers for one or more financial instruments, execution of instructions on behalf of customers, asset management and investment advisory. | |
| Arena Wealth Management S.A. | Tied Agent Bjarni Brynjólfsson represents Arngrimsson Advisors ehf. | Arngrimsson Advisors ehf. | Austurstræti 18, 101 Reykjavík |
Reception and mediation of clients' instructions concerning one or more financial instruments and investment advisory | |
| Howden Finland Oy | Insurance broker branch. Bjarni Ólafsson is the branch representative. | Howden Finland Oy, branch in Iceland | Suðurlandsbraut 20, 108 Reykjavík | Insurance distribution |
Foreign UCITS established within the EEA
Pursuant to Article 103 of Act no. 116/2021, UCITS that are established and accredited in another member state of the EEA may be marketed in Iceland.
- List of foreign UCITS that have announced their planned marketing in Iceland
Alternative investment funds established outside the EEA
Pursuant to Article 63 of Act no. 45/2020, operators that are established and accredited within the EEA are permitted to market to institutional investors in Iceland alternative investment funds that are established outside the EEA if they have obtained the approval of the Central Bank of Iceland.
Pursuant to Article 64 of the same Act, registered operators that are established in Iceland are permitted to market alternative investment funds that are established outside the EEA in Iceland if they have obtained the approval of the Central Bank of Iceland. Operators established outside of Iceland, including operators required to register within the EEA, are permitted to market alternative investment funds in Iceland to institutional investors with the approval of the Central Bank of Iceland.
- Application form which must be filled in to apply for an authorisation for marketing in Iceland.
- List of funds that have been authorised to be marketed in Iceland
Provisions of insurance services in Iceland
Here is a booklet that is intended to give an overview of Icelandic legislation and general good provisions that insurers from other EEA countries must bear in mind when providing services in Iceland.
Insurance companies intending to provide cross border services in compulsory motor insurancy
Insurance companies who intend to engage in insurance activity in compulsory motor insurance should have the information/requirements listed in this document in mind.