The Netherlands

Topic: Insurance

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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

European Commission publishes paper setting out best-practice examples in relation to insurers’ COVID-19 measures

The European Commission has published a paper setting out examples of best-practices relating to relief measures offered to the customers of financial services businesses in the COVID-19 crisis. The best-practice paper includes examples relevant to insurance. The paper is the outcome of two roundtables including a number of participants from across the financial services industries, … Continue Reading

European Commission publishes a notice to stakeholders on the withdrawal of the UK from the EU (re)insurance market

On 13 July 2020, the European Commission published a notice to stakeholders on the effects of the end of the transition period after which the UK’s relationship with the EU will fundamentally change. The notice is aimed at EU (re)insurance companies and insurance distributors. The Commission advises firms to assess the consequences of the end … Continue Reading

Legislative letter DNB for 2020 published

The Dutch Central Bank (De Nederlandsche Bank, DNB) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative changes desired by DNB to address bottlenecks in Dutch laws … Continue Reading

Legislative letter AFM for 2020 published

The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative changes desired … Continue Reading

DNB calls on insurers to temporarily suspend dividend payments and share buybacks

On 2 April 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which they endorse the statement issued by the European Insurance and Occupational Pensions Authority (EIOPA) calling on insurers to suspend their dividend payments and share buybacks until more is known about the impact of COVID-19. DNB fully endorses … Continue Reading

AFM reiterates EIOPA’s request to insurers and intermediaries to take actions to mitigate impact of COVID-19 on consumers

On 2 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item emphasising the statement issued by the European Insurance and Occupational Pensions Authority (EIOPA) to insurers and intermediaries, urging them to take steps to mitigate the impact of Coronavirus/COVID-19 on consumers. Insurers and intermediaries are asked … Continue Reading

DNB postpones reporting periods for insurers due to COVID-19

On 25 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on postponing the reporting periods for insurers due to the COVID-19 outbreak. DNB follows the recommendations published on 20 March 2020 by the European Insurance and Occupational Pensions Authority (EIOPA) on supervisory flexibility regarding the deadline of supervisory reporting … Continue Reading

Frank Elderson gives keynote speech at EIOPA’s 9th annual conference

On 19 November 2019, Mr Frank Elderson, chair of the Network for Greening the Financial System (NGFS) and executive director of the Dutch Central Bank (De Nederlandsche Bank, DNB), gave a keynote speech during the 9th annual conference of the European Insurance and Occupational Pensions Authority (EIOPA). In his keynote speech, Frank Elderson among other … Continue Reading

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
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