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Solvency II authorisation
All insurers under the scope of the Solvency II Directive require Solvency II authorisation to provide insurance services in the Netherlands.
Life and non-life insurers under the scope of Solvency II require Solvency II authorisation, except if they meet all of the following four requirements.
- Gross annual premium income does not exceed EUR 5 million.
- The company's technical provisions do not exceed EUR 25 million.
- If the company forms part of a group, the group's total technical provisions do not exceed EUR 25 million.
- Reinsurance activities do not involve more than EUR 500,000 in gross premium income or EUR 2.5 million in technical provisions, or they do not involve more than 10% of total gross premium income or technical provisions.
Non-life insurers meeting all of these four requirements, may apply for Basic authorisation, but only if they do not provide insurance services in any of the following segments.
- Motor vehicle liability
- Road transport liability
- Aircraft liability
- Liability for ships
- General liability
- Credit risks
If your non-life insurance company does provide such insurance services, it must apply for Solvency II authorisation, irrespective of its size.
Life insurers meeting all of the above four equirements can apply for Basic authorisation.
Please note that if life or non-life insurers holding Basic authorisation cease to meet one of the four requirements in a given year, this does not mean that they have to apply for Solvency II authorisation immediately. Only if they exceed the limits of one of the four requirements in three consecutive years, the Solvency II regime will apply in the fourth year.
Reinsurers always come under the scope of Solvency II, irrespective of their size or activities, and they must always apply for Solvency II authorisation.