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.

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.

 

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