The Netherlands

Topic: Insurance

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DNB publishes Q&A and good practices on climate-related risks in the ORSA

On 5 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a Q&A and good practice document addressing how insurers should take into account climate-related risks in their Own Risk and Solvency Assessment (ORSA) under Solvency II. In the Q&A, DNB indicates that insurers are required to take into account climate-related risks in … Continue Reading

DNB publishes good practices for non-life insurers on the control of authorized agents

On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published good practices for non-life insurers (schadeverzekeraars) in relation to the adequate risk control of authorised agents (gevolmachtigd agenten). The good practices set out the regulatory requirements for the use of authorized agents and how DNB expects that these requirements are complied with. … Continue Reading

DNB publishes Q&A on the possible qualification of subscriptions as non-life insurance

On 28 August 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a final Q&A which provides clarification on whether subscriptions (abonnementen) offered to consumers may be considered as a non-life insurance (schadeverzekering) product DNB indicates that subscriptions exist in various sectors in multiple variations and that the specific content and context of the … Continue Reading

Points of attention for AI in the insurance sector

On 25 July 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published a brochure on the use of artificial intelligence (AI) in the insurance sector (the AI Brochure). The AFM and DNB foresee a rapidly increasing use of AI in the … Continue Reading

Several updates from DNB relevant for the insurance sector

On 26 June 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a newsletter with updates relevant for the insurance sector. Updated view on the independence of the supervisory board: DNB has changed its view on the independence functioning of supervisory boards of insurers. DNB’s requirement that at least half (50%) of the supervisory … Continue Reading

Amendments to Solvency II Delegated Regulation published in the Official Journal

On 18th June 2019, Commission Delegated Regulation (EU) 2019/981 (the Amending Regulation), which amends the Solvency II Delegated Regulation ((EU) 2015/35), was published in the Official Journal of the EU. The European Commission adopted the Amending Regulation on 8 March 2019. The Amending Regulation will enter into force on 8 July 2019 (twenty days after … Continue Reading

Amendment Decree Financial Markets 2019 submitted to Dutch Parliament and Dutch Senate

On 7 June 2019, the Dutch Minister sent the Amendment Decree Financial Markets 2019 (Wijzigingsbesluit financiële markten 2019, the Amendment Decree) to the Dutch Parliament (Tweede Kamer) and the Dutch Senate (Eerste Kamer). Among other things, the Amendment Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen … Continue Reading

EIOPA publishes a report following its thematic review of the use of Big Data Analytics in motor and health insurance

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the use of Big Data Analytics in motor and health insurance. The report reveals a trend for increasingly data-driven business models throughout the insurance value chain in both health and motor insurance.… Continue Reading

France clarifies the form and content of the information to be provided by UK insurers to their French insureds and policyholders following Brexit in the event of a no-deal

On 22 March 2019, the French Ministry of Economy and Finance passed a decree (the Decree) implementing the provisions of the ordinance n° 2019-75 of 6 February 2019, introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance). As … Continue Reading

DNB conducts research into non-financial risks for insurers

On 26 March 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it will conduct a sector-wide research into non-financial risks that are important for controlled and ethical business operations of insurers. For this purpose, DNB will make an inquiry with insurers to gain insight into a number of non-financial risks in the … Continue Reading

DNB continues to focus on Insurtech

On 26 March 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that in 2019 it will conduct follow-up research to come up with a supervisory approach that aligns with the possibilities and risks of ‘Insurtech’ (technological innovation in the insurance sector). In its press release, DNB notes that it follows from interviews that … Continue Reading

EIOPA publishes framework for assessing conduct risk through the product lifecycle

On 20 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a framework to identify the drivers of conduct risk so that EIOPA and European National Competent Authorities (NCAs) can focus on minimising these risks to consumers.… Continue Reading

EIOPA issues recommendations to European National Competent Authorities to minimise risks to policyholders in the event of a no-deal Brexit

On 19 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued nine recommendations to the National Competent Authorities (NCAs) with responsibility for the supervision of insurance undertakings and insurance intermediaries in European Union (EU) Member States. The recommendations provide the NCAs with guidance on EIOPA’s expectations in relation to the treatment of UK … Continue Reading

France enacts a new legal regime for insurance contracts entered into before Brexit in the event of a no-deal.

On 7 February 2019, the French Ministry of Economy and Finance passed an Ordinance (No. 2019-75) introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance)[1]. The Ordinance amends the provisions of the French Insurance Code (FIC) (among others) … Continue Reading

DNB publishes Q&A on possible qualification of warranties included in purchase agreements as non-life insurance

On 29 January 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a final Q&A which provides clarification as to whether warranties typically included in purchase agreements can be considered a non-life insurance (schadeverzekering) policy. According to DNB, a warranty in a purchase agreement in principle does not qualify as non-life insurance if the … Continue Reading

Minister of Finance answers questions on the Act on the recovery and settlement of insurers

On 2 November 2018, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Senate (Eerste Kamer) containing answers to questions that were raised in relation to the draft legislative proposal of the Act on the recovery and settlement of insurers (Wet herstel en afwikkeling van verzekeraars, the Proposed Act). Amongst other … Continue Reading

Replacement of the Luxembourg Protocol with new IDD co-operation agreement

The European protocol governing the Cooperation of the Competent Authorities of the Members States of the European Union in Particular Concerning the Application of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on Insurance Mediation (more commonly referred to as the “Luxembourg Protocol”) has been replaced by an updated … Continue Reading

Delegated Regulation amending Solvency II to align with Securitisation Regulation published in OJ

 On 10 September 2018, there was published in the Official Journal of the  EU (OJ) Commission Delegated Regulation (EU) 2018/1221 of 1 June 2018 amending Delegated Regulation (EU) 2015/35 as regards the calculation of regulatory capital requirements for securitisations and simple, transparent and standardised securitisations held by insurance and reinsurance undertakings. The Delegated Regulation will … Continue Reading

Dutch Central Bank: financial institutions need to amend their systems and procedures to comply with 4MLD

On 30 August 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) notified financial institutions that it expects them to make the necessary amendments to their systems and procedures to comply with the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn, 4MLD) that came into force on 25 July 2018. The main aspects as referred … Continue Reading

DNB consultation on outsourcing good practices for insurers

On 24 April 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item announcing that it has launched a consultation on good practices for controlling outsourcing risks. According to DNB, insurers outsource various activities for various reasons (for example, to make use of the knowledge and scale of a service provider or … Continue Reading

Consultation on the Decree implementing the IDD

On 19 October 2017, the Dutch Minister of Finance published a first draft of the Decree implementing Directive (EU) 2016/97 on insurance distribution (the IDD) (Besluit implementatie richtlijn verzekeringsdistributie, the Implementation Decree) for consultation. The Implementation Decree, together with the Act implementing the IDD (Wet implemenatie richtlijn verzekeringsdistributie), will amend the Decree on Conduct of … Continue Reading

DNB publishes guidance on data quality management by insurers under Solvency II

On 27 September 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) published guidance on managing data quality by insurers in relation to the Solvency II Directive (the Guidance Document). In the Guidance Document, DNB provides guidance on and good practices for the most important elements and principles under the Solvency II Directive to ensure … Continue Reading

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
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