The Netherlands

Topic: Insurance

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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of the Council of 9 December 2002 on Insurance Mediation (more commonly referred to as the “Luxembourg Protocol”) has been replaced by an updated … Continue Reading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

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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