Governance, Risk and Compliance - The Dutch Insurance Industry

Governance, Risk and Compliance - The Dutch Insurance Industry

  • November 2019 •
  • 63 pages •
  • Report ID: 3560009 •
  • Format: PDF
Governance, Risk and Compliance - The Dutch Insurance Industry

Summary
The Authority for the Financial Markets (Autoriteit Financiële Markten ? AFM) and the Dutch Central Bank (De Nederlandsche Bank ? DNB) are the government bodies responsible for supervising activities of and formulating regulations for the Dutch insurance industry.The AFM, established on March 1, 2002, is responsible for the prudential supervision of the industry and the issuance of licenses to intermediaries.

The DNB issues license to insurers and reinsurers.

The Financial Supervision Act 2006 (Wet op het financieel toezicht - Wft) (FSA 2006) enacted on September 28, 2006, and adopted in 2007 comprise the rules and regulations governing insurance companies, reinsurance companies and intermediaries.The recent amendment to the Act was by the Decree on Prudential Supervision of Financial Groups, effected on July 10, 2015.

The decree brought significant changes to the solvency capital requirement, technical provisions and investment regulations of insurance undertakings.

Key Findings -

- The Dutch insurance industry is regulated by the DNB and the AFM
- Composite insurance is not permitted in the Netherlands
- Solvency II came into force in the Netherlands on January 1, 2016, and introduced new risk management standards for insurers
- Non-admitted insurance is not permitted.However, insurers from EU and EEA Member States can operate in the industry without a license
- Marine liability, aviation liability, motor third-party liability, workers’ compensation, clinical trials liability, professional indemnity and health insurance are the key compulsory classes of insurance in the Netherlands

The report “Governance, Risk and Compliance - The Dutch Insurance Industry” is the result of extensive research into the insurance regulatory framework in the Netherlands.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Scope
- The report covers details of the insurance regulatory framework in the Netherlands.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in the Netherlands.
- Track the latest regulatory changes, and expected changes impacting the Dutch insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Loading...

We are very sorry, but an error occurred.
Please contact support@reportbuyer.com if the problem remains.