Outdated browser

You are using an outdated browser. DNB.nl works best with:

29 April 2021 Supervision Supervision label Factsheet

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.

Transitional regime

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.

ad 1) Continuing the business as a direct insurer in the Netherlands

A third country life- or non life insurer can only continue its direct insurance business in the Netherlands, if the insurer

  • at the time of the entry into force of the ban was authorised to provide cross-border services in the Netherlands; and
  • has submitted a completed license application for an insurer or an branch in the Netherlands to De Nederlandsche Bank N.V. within within six months after the legislative amendment came into effect.

ad 2) Continuing the business as a reinsurer in the Netherlands

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

  • at the time of the entry into force of the ban was authorised to provide cross-border services in the Netherlands; and
  • has submitted a completed notification form for reinsurances services to the Netherlands to De Nederlandsche Bank N.V. within within six months after the legislative amendment came into effect.

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.

ad 3) Ceasing all insurance activities in the Netherlands

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,

  • at the time of the entry into force of the ban was authorised to provide cross-border services in the Netherlands; and
  • has submitted, within within six months after the legislative amendment came into effect, a plan for approval to De Nederlandsche Bank N.V. describing the winding up of the cross-border insurance services to the Netherlands; and
  • does not conclude new life, non-life or reinsurance contracts in the Netherlands; and
  • is registered in the DNB-register, as referred in Article 1:107 of
    the Financial Supervision Act.

sector

  • Insurers