The Netherlands

Topic: Insurance

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Insurance Europe publishes its response to the European Commission consultation on the Regulation on AI

Insurance Europe has published a response to the European Commission consultation on proposals for a regulation on the use of artificial intelligence. Insurance Europe welcomes the overall objective of creating a principles-based framework of requirements and the development of mandatory requirements for high-risk AI systems that pose a risk to  health and safety or the … Continue Reading

European Commission publishes implementing regulation for the calculation of technical provisions and basic own funds under Solvency II

The European Commission has published Implementing Regulation (EU) 2021/1354, which lays down technical information for the calculation of technical provisions and basic own funds for reporting under the Solvency II Directive (2009/138/EC). The Implementing Regulation sets out technical information for reporting reference dates from 30 June 2021 until 20 September 2021. The Implementing Regulation was, … Continue Reading

Sustainability amendments to Solvency II and the IDD published in the Official Journal of the EU

Various amendments to the Solvency II Delegated Regulation ((EU) 2015/35) and to the Insurance Distribution Directive Delegated Regulations ((EU) 2017/2358 and (EU) 2017/2359) have been published in the Official Journal of the European Union so that sustainability requirements can be introduced into the Solvency II and the insurance distribution regimes in the European Union. The … Continue Reading

EIOPA publishes a report on AI governance principles for the European insurance sector

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report called ‘Artificial intelligence governance principles: towards ethical and trustworthy artificial intelligence in the European insurance sector’. The report has been written in the context of the proliferation in the use of artificial intelligence (AI) in insurance and the use of Big Data in … Continue Reading

EIOPA publishes consultation on IBOR transition

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on the Interbank Offered Rates (IBOR) transitions. Across markets, IBOR is being replaced by risk-free rates. The consultation considers adjustments to EIOPA’s risk-free rate (RFR) methodology and production, in light of If the EU Benchmark Regulation (which came into force in 2018) which … Continue Reading

European Commission adopts delegated regulations that amend existing regulations to introduce greater sustainability requirements into Solvency II, MiFID and the IDD

The European Commission has adopted a series of delegated regulations that help to drive investors towards more sustainable economic activities. The measures are part of the European Green Deal. The adopted delegated regulations are part of a suite of sustainability measures adopted at the same time including the EU Taxonomy Climate Delegated Act and the … Continue Reading

EIOPA publishes opinion on the supervision of the use of climate change risk scenarios in the ORSA

The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion on the use of climate change risk scenarios in insurance undertakings’ Own Risk and Solvency Assessment (ORSA). The opinion has been written to help supervisory authorities understand EIOPA’s expectations in terms of climate risk scenarios included in the ORSA. Solvency II requires that … Continue Reading

EIOPA consults on a framework to address value for money risk in the European unit-linked market

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on value for money risk in the European unit-linked insurance market. EIOPA has previously expressed concern that while unit-linked products can offer important benefits for policyholders, costs for some products remain too high. The low interest rate environment, in addition to market shocks … Continue Reading

EIOPA launches IDD single rulebook online

On 8 April 2021, the European Insurance and Occupational Pension Authority (EIOPA) published a single  rulebook online containing requirements under the Insurance Distribution Directive ((EU) 2016/97). The single rulebook covers the Insurance Distribution Directive, the Delegated Regulation (EU) 2017/2358) (on product governance and oversight), Delegated Regulation (EU) 2019/1935 (requirements relating to insurance-based investment products) and … Continue Reading

17 March 2021: ban on provision of cross-border services in the Netherlands by third country insurers took effect

Further to our earlier blog post, the ban on the provision of cross-border services by third country insurers in the Netherlands (the Ban) took effect on 17 March 2021. This means that from this date onwards third country insurers are prohibited from providing their services in relation to both life and non-life insurance products in … Continue Reading

European Commission publishes summary report on its Solvency II 2020 review consultation

The European Commission has published a summary report on its consultation on the review of the Solvency II Directive (2009/138/EC). The summary report sets out the feedback received during the consultation which was run between July and October 2020. The Commission does not include the Commission’s responses to feedback. The Commission will consider the feedback … Continue Reading

EIOPA launches a public consultation on ‘open insurance’

On 28 January 2021, the European Insurance and Occupational Pensions Authority (EIOPA) launched a consultation on what is known as ‘open insurance’, namely the access to, and sharing of, insurance-related data. EIOPA has also published a discussion paper in which it considers whether and the extent to which insurance value chains can be opened up … Continue Reading

EIOPA publishes sensitivity data on climate-related transition risks in the investment portfolios of European insurers

The European Insurance and Occupational Pensions Authority (EIOPA) has published a sensitivity analysis of climate-related transition risks in the investment portfolios of European insurers. The report considers the current holdings by European insurers of corporate bonds and equity that relate to key climate-policy related sectors such as fossil fuel extraction (i.e. coal mining), carbon‐intensive industries, … Continue Reading

EIOPA publishes a report on administrative sanctions under the IDD

The European Insurance and Occupational Pensions Authority (EIOPA) has published its first annual report on administrative sanctions and other measures imposed under the Insurance Distribution Directive ((EU) 2016/97 (IDD)) by national competent authorities. Between the implementation in October 2018 and the end of 2019 1,923 administrative sanctions or other measures were imposed on firms. The … Continue Reading

EIOPA publishes a discussion paper on non-life underwriting and pricing in light of climate change

The European Insurance and Occupational Pensions Authority (EIOPA) has published a discussion paper on non-life underwriting and pricing in light of climate change. The discussion paper is a follow-up to the EIOPA opinion on sustainability within Solvency II (published in September 2019) in which EIOPA noted that it was common for non-life business not to … Continue Reading

Points of attention when notifying (cloud)outsourcing to DNB

The Dutch Central Bank (De Nederlandsche Bank, DNB) has indicated in a recent news item on its website that the quality of outsourcing notifications could be improved. DNB notes that the Solvency II Directive requires insurers to notify DNB, in a timely manner, the (sub)outsourcing of activities to a third party. Where it concerns the … Continue Reading

Climate and environmental risks to become part of screenings at banks, insurers and pension funds

According to the Dutch Central Bank (De Nederlandsche Bank, DNB) in a recent news item, financial institutions increasingly have to take into account risks associated with climate change and the transition to a sustainable/climate-neutral economy. In light of this, and as previously announced by DNB in its CSR strategy 2020 and Supervision Outlook 2020, DNB … Continue Reading

AFM publishes guidelines for IPIDs

On 27 October 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published guidelines on the insurance product information document (IPID) which is required under the Insurance Distribution Directive. The guidelines contain the AFM’s most important findings and points for attention following an assessment of various IPIDs of household, liability and … Continue Reading

Ban on provision of cross-border services in the Netherlands by third country insurers

On 12 October 2020, a legislative proposal was submitted to the Dutch Parliament in connection with the introduction of a ban on the provision of cross-border services by third country insurers. Traditionally, the Netherlands has allowed life and non-life insurers with their registered office in a third country to provide their services in the Netherlands. … Continue Reading

EIOPA publishes guidelines on information and communication technology security governance

The European Insurance and Occupational Pensions Authority (EIOPA) has published guidance on information and communication technology security governance. The Solvency II Directive (2009/138/EC) requires that insurers and reinsurers have in place effective systems of governance. This includes systems in respect of  IT security. EIOPA has developed its guidance on information and communication technology (ICT) security … Continue Reading

EIOPA outlines its approach to the supervision of insurance product governance and oversight

The European Insurance and Occupational Pensions Authority (EIOPA) has published ‘EIOPA’s approach to the supervision of product oversight and governance’. The Insurance Distribution Directive ((EU) 2016/97) (IDD) contains requirements on product oversight and governance for insurance distributors. These requirements aim to ensure that customers’ interests are taken into account throughout the product lifecycle. The latest … Continue Reading

EIOPA launches consultation on the supervision and use of climate change risk scenarios in the Solvency II ORSA

The European Insurance and Occupational Pensions Authority (EIOPA) has published for consultation a draft Opinion on the supervision of the use of climate-change risk scenarios in the ORSA. The ORSA is an internal risk management assessment of all the various risks that might impact an insurer’s balance sheet and is a requirement under Solvency II. … Continue Reading

EIOPA launches a consultation on a draft supervisory statement on risk mitigation techniques undertaken by insurers and reinsurers

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on a draft supervisory statement that seeks to promote supervisory convergence in relation to the assessment and use of risk-mitigation technique in insurance. EIOPA has concerns that divergent practices or supervisory arbitrage in this area could create an un-level playing field. The supervisory … Continue Reading
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