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How to apply successfully
All institutions applying for authorisation as an insurer will want the procedure to progress as quickly as possible and will want to be issued authorisation. We do everything in our power to ensure a smooth and straightforward consideration process.
You can positively influence the process yourself. This is how. We have looked at successful past applications to identify success factors. Obviously, complete and correct applications will be more successful.
These are the success factors for a smooth application for authorisation.
- Thorough preparation
It helps if you are aware of the work involved in making an application, and why and how we assess its components. We have put the following background information on our Open Book on Supervision website for your convenience.
- The relevant sections of the law, so that you know the statutory provisions that apply. (Tip!)
- Notes to the authorisation application form, listing for each item what we expect you to do. (Tip!)
- Verify carefully whether your company qualifies for Solvency II or Basic authorisation .
- Verify carefully whether your company actually needs authorisation for its activities, preferably with the help of a legal expert. (Tip!)
- If you have a complex application, we recommend that you contact us first to discuss the details prior to submitting it.
- Fully completed application
This may sound like stating the obvious, but if your application is incomplete, we cannot start considering it and will ask you to provide additional information. This will take time, and the consideration period will not start. So be sure to submit a complete application. You will find more detailed instructions in the application form and the explanatory notes to the form.
- The standard of your application
If you thoroughly substantiate your application, demonstrating for each aspect how you satisfy the authorisation requirements, we will be able to assess all aspects of your application swiftly. High-quality information provides strong evidence in support of your application and enables us to complete the procedure in less time.
- Consult an expert
Practice has shown that applications are often more complete and of a substantially higher quality if the applicant sought advice, for example from a legal consultant or an auditor. We can assess a complete and well-substantiated application quicker and better.
The following points are often overlooked in applications for authorisation, so we would advise you to check them before submitting your application.
- Does your institution have sufficient capital at its disposal (own funds and solvency)?
- Is segregation of assets guaranteed? (safeguarding of funds)?
- Are financial statements available that we can verify?
- Has an independent auditor issued an unqualified opinion on your financial statements?
- Are there any integrity issues or professional history antecedents involving proposed policymakers or co-policymakers that we need to know about? Applicants sometimes propose to appoint management board members on whom we, or another supervisory authority, previously issued a negative decision or who have come under criminal investigation. Be sure to check these points before submitting your application.