Dutch insurers continue to invest less in bonds
Insurers in the Netherlands continued to sell direct investments in bonds in 2023, new figures from DNB show. For the fourth year in a row, insurers sold more bonds than they bought.
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Published: 29 April 2021
On 17 March 2021 the Act amending the Financial Supervision Act in connection with the introduction of a ban on the provision of cross-border services by third-country insurers entered into force in the Netherlands. Life and non-life insurers having their registered office in a non-EU Member State are no longer permitted to carry on the business of direct insurer by providing cross-border services to the Netherlands.
Likewise, the amendment no longer permits third-country life and non-life insurers to carry on the business of direct insurer in the Netherlands by providing their services from a branch office in another EU Member State.
Under the new regime direct third-country insurers, that do not qualify as an insurer with limited-risk exposure, are permitted –under certain conditions- to offer cross-border services to the Netherlands as long as these services are limited to reinsurance.
The legislative amendment provides for a transitional regime for third-country insurers that at the time of entry into force of the ban were authorised to provide cross-border services in the Netherlands.
The transitional regime provides the following three options: 1) continuing your business as a direct insurer in the Netherlands; 2) continuing your business as a reinsurer in the Netherlands; and 3) ceasing all insurance activities in the Netherlands.
A third country life- or non life insurer can only continue its direct insurance business in the Netherlands, if the insurer
A third country life- or non life insurer, that does not qualify as an insurer with limited-risk exposure, is only permitted to continue to provide cross border reinsurance services, if the insurer
The life or non-life insurer has to wind up its business in the Netherlands as a direct insurer within 24 months of the amendment's effective date.
A third country insurer that no longer wishes to continue its business in the Netherlands as a direct insurer or reinsurer (section 1 and 2), has to wind up its business within 24 months after the legislative amendment came into effect.
The transition period of 24 months only applies if the insurer,
Insurers in the Netherlands continued to sell direct investments in bonds in 2023, new figures from DNB show. For the fourth year in a row, insurers sold more bonds than they bought.
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