Insurers having their registered office in the Netherlands need prior approval from DNB for two acts mentioned in the Financial Supervision Act (Wet op het financieel toezicht – Wft). They can obtain this approval by applying for a declaration of no-objection (DNO).
Insurers need a DNO to reduce their own funds by paying back capital or distributing reserves, or by making dividend distributions. The DNO obligation applies only if the insurer at the moment of making these payments or distributions does not comply with the solvency capital requirement, or if it is expected to not (or no longer) be able to meet this requirement in the next twelve months.
Insurers need a DNO to change their capital structure by submitting a request for admission to trading on a regulated market of shares or other securities to which control is attached.
The DNO obligation for IPOs applies with effect from 1 January 2025, making it the most recent amendment to Section 3:97 of the Wft.
DNB assesses an insurer's DNO application using the criteria set out in Section 3:101 of the Wft. These criteria deal with solvency, sound and prudent conduct of business operations and whether the act might or would lead to an undesirable development of the financial sector.
On Tuesday, 27 May from 15:00-16:45, DNB will organise an online information session about fit and proper assessments.
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After almost two decades of contraction, outstanding Dutch securitisations sold to investors increased substantially in 2024, new figures from DNB show. Net growth was €3.1 billion (12%) to €29.2 billion, still considerably less than 20 years ago.
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Thanks to the efforts of De Nederlandsche Bank (DNB) and the Dutch banking sector, public awareness of the Dutch Deposit Guarantee continues to grow year on year.
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