Governance, Risk and Compliance - The Netherlands Insurance Industry

Published: Jan, 2016 | Pages: 44 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric’s Governance, Risk and Compliance – The Netherlands Insurance Industry report is the result of extensive research into the insurance regulatory framework in The Netherlands.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in The Netherlands, including:

• An overview of the insurance regulatory framework in The Netherlands.

• The latest key changes, and changes expected in the country’s insurance regulatory framework.

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in The Netherlands.

• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.

Scope
• The report covers details of the insurance regulatory framework in The Netherlands.

• The report contains details of the rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy
• Gain insights into the insurance regulatory framework in The Netherlands.

• Track the latest regulatory changes, and expected changes impacting the Netherlands insurance industry.

• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

• Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
• The Netherlands insurance industry is regulated by the DNB and the AFM.

• Composite insurance is not permitted in the Netherlands.

• Solvency II is expected to be implemented from January 1, 2016

• Non-admitted insurance is not permitted. However, insurers from EU and EEA member states can operate in the industry without a license.

• Marine, motor third-party, workers’ compensation and health insurance are compulsory classes of insurance in the Netherlands.

 Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Marine insurance
2.4.2 Aviation liability insurance
2.4.3 Motor third-party liability insurance
2.4.4 Health insurance
2.4.5 Social insurance system
2.4.6 Professional indemnity insurance for alternative investment fund managers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
2.5.3 The Authority for the Financial Markets (AFM)
2.5.4 Dutch Central Bank (DNB)
2.5.5 Federation of European Risk Management Associations (FERMA)
2.5.6 Dutch Association of Insurers (Verbond van Verzekeraars)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions 
Table 2: The Netherlands – Insurance Regulatory Framework Key Features 
Table 3: The Netherlands – Life Insurance Regulatory Framework 
Table 4: The Netherlands – Property Insurance Regulatory Framework 
Table 5: The Netherlands – Motor Insurance Regulatory Framework 
Table 6: The Netherlands – Liability Insurance Regulatory Framework 
Table 7: The Netherlands – Minimum Coverage for Aircraft Third-Party Liability per Accident per Aircraft 
Table 8: The Netherlands – Corporate Tax Rate for the Financial Year 2015

List of Figures
Figure 1: The Netherlands – The Three Pillars of Solvency II 
Figure 2: The Netherlands – Insurance Supervision and Control at Various Levels 
Figure 3: The Netherlands – Insurance Regulatory Frameworks for Company Registration and Operation"