The Netherlands

Topic: Insurance

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DNB to investigate impact of technological innovation on insurance sector

On 25 January 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that in Q2 or Q3 of 2017 it will invite a number of insurers to discuss the opportunities and challenges that technological innovation bring to the Dutch insurance sector. DNB believes that technological innovation will greatly impact the insurance sector in the … Continue Reading

Consultation on act implementing the Insurance Distribution Directive

On 23 December 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal implementing the Insurance Distribution Directive (IDD) (the Proposed Act). The Proposed Act will be implemented in, among others, the Act on the Financial Supervision (Wet op het financieel toezicht). The IDD aims to: (i) create a level playing field … Continue Reading

Dutch insurance sector faces fundamental choices

On 13 December 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a report titled “Vision for the future of the Dutch insurance sector” (the Report) containing an analysis of the impact that various developments will have on the Dutch insurance sector over the next five to ten years, taking into account technological and … Continue Reading

DNB publishes results of investigation into the implementation of EMIR

On 27 September 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published the results of an investigation with regard to the implementation of the European Market Infrastructure Regulation (EU) No 648/2012 (EMIR) by insurers. The investigation took place in the form of a self-assessment, which was sent to banks, insurers and pension funds. The purpose … Continue Reading

Consultation on Act on the recovery and settlement of insurers

On 13 July 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal of the Act on the recovery and settlement of insurers (Wet herstel en afwikkeling van verzekeraars, the Proposed Act). It is intended that the Proposed Act will be implemented in, among others, the Act on the Financial Supervision (Wet … Continue Reading

Consultation on Amendment Decree solvency of insurers with a limited risk level

On 17 May 2016, the Dutch Minister of Finance published for consultation a draft of the Amendment Decree solvency of insurers with a limited risk level (Wijzigingsbesluit solvabiliteit verzekeraars met beperkte risico omvang, the Amendment Decree). The Amendment Decree will amend the Decree on Prudential Rules for Financial Undertakings (Besluit prudentiële regels Wft,). The Amendment Decree … Continue Reading

DNB investigates capital policies of insurers

At the end of 2015, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it would start an investigation into the capital policies of insurers in 2016. On 24 February 2016, DNB announced in its newsletter that it will commence its investigation in March 2016. The primary goal of DNB’s investigation is to assess … Continue Reading

Publication of the Decree implementing Solvency II Directive and Delegated Regulation

On 28 July 2015, the Decree for the implementation of the Solvency II Framework Directive (No 2009/138/EC) and the Dele​gated Regulation (No 2015/35)​​ containing implementing rules for Solvency II (the Delegated Regulation) (Implementatiebesluit richtlijn en verordening solvabiliteit II) was published (the Decree). The Decree implements the Solvency II Framework Directive as amended by the Omnibus … Continue Reading

Life insurers required to actively assist clients with unit-linked insurance policies

The Decree implementing rules in relation to actively assisting clients with unit-linked insurance policies to make an informed choice (the Decree) has been published. The Decree introduces an obligation for life insurers to demonstrate that they have actively assisted clients with unit-linked insurance policies (beleggingsverzekeringen) to make an informed decision as to whether they want to continue, amend … Continue Reading
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