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European Union
European Union
Key definition
Third country definition What does Third country mean? In data protection practice, a third country is any destination outside the relevant home regime to which personal data are exported, thereby engaging the international transfers rules. Under the UK GDPR, it is expressly defined as a country or territory outside the UK. Under the EU GDPR, the term is not separately defined; however, because the Regulation has eea relevance and is incorporated into the EEA agreement, it is understood to mean any country or territory outside the EEA (the EU, Iceland, Liechtenstein and Norway). Ireland follows this EEA meaning. Usage is consistent across England & Wales, Scotland...
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EU/EEA Solvency II third‑country equivalence for insurance and reinsurance: prudential scope, group supervision and solvency treatment, reinsurance credit, decision process, and current determinations including extensions to 2035
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Practice notes
This Practice Note outlines how the EU and the wider EEA assess whether to recognise the equivalence of Third country insurance regulatory regimes.
Introduction
Regulation of insurance places obligations on firms and groups (insurance groups). Those obligations can be duplicated where an insurer operates across several countries and legal systems at the same time in parallel. When one state, A, recognises another, B, as equivalent, that duplication may, to a greater or lesser extent, be reduced for affected firms.
The EU equivalence regime
Within the EU, insurance equivalence arises only in respect of prudential supervision, and, even there, its practical reach is notably narrow. There is no EU insurance equivalence covering conduct of business Rules (ie dealings with customers) or the work of brokers or other insurance distributors. To make sense of the regime, it helps to look first at the prudential background and what the regime is not, before describing what it is. Its application remains carefully limited.
What is prudential regulation?
Prudential regulation requires firms and insurance groups to hold sufficient financial resources and to apply suitable, robust Risk management and sound governance standards. Prudential oversight of a solo firm (ie a single firm, rather than a group...
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Web page updated on 21/05/2026
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