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12 August 2021 Supervision Supervision label Good practice

Question:

What Good Practice (guideline) may be used by life insurers for risk management regarding product development, product policy, acceptance and adequate pricing in respect of life insurance?

Answer:

In Chapter 1, the Good Practice – Risk Management and Pricing for Life Insurance deals with controlled conduct of business and sound operations regarding product development, product policy and acceptance in respect of life insurance. The rules regarding controlled conduct of business and sound operations have been laid down in section 3:17 of the Financial Supervision Act (Wet op het financieel toezicht) and have been elaborated in Chapter 4 of the Decree on Prudential Rules for Financial Undertakings (Besluit Prudentiële Regels Wft). In addition, Chapter 2 of this Good Practice relates to the adequate pricing for life insurance as referred to in section 3:67(2) of the Financial Supervision Act.

The Good Practice is relevant for all insurers selling life insurance.