Summary
GlobalData’s "Governance, Risk and Compliance - The Dutch 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 GlobalData’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.
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.
Key Highlights
- The Dutch insurance industry is regulated by the DNB and the AFM.
- Composite insurance is not permitted in the Netherlands.
- Solvency II came into force in the Netherlands on January 1, 2016, and introduced new risk management standards for insurers.
- Non-admitted insurance is not permitted. However, insurers from EU and EEA Member States can operate in the industry without a license.
- Marine liability, aviation liability, motor third-party liability, workers’ compensation, clinical trials liability, professional indemnity and health insurance are the key compulsory classes of insurance in the Netherlands.
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 Dutch 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.
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Table of Contents
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 10
2.3 Legislation and Market Practice by Type of Insurance 19
2.3.1 Life insurance 21
2.3.2 Property insurance 22
2.3.3 Motor insurance 24
2.3.4 Liability insurance 26
2.3.5 Marine, aviation and transit insurance 27
2.3.6 Personal accident and health insurance 27
2.4 Compulsory Insurance 28
2.4.1 Marine liability insurance 28
2.4.2 Air carrier and aircraft operators insurance 29
2.4.3 Motor third-party liability insurance 30
2.4.4 Health insurance 31
2.4.5 Social insurance system 31
2.4.6 Professional indemnity insurance 32
2.4.7 Professional indemnity insurance for insurance intermediaries 33
2.4.8 Clinical trials liability insurance 33
2.4.9 Liability for ships with respect to oil pollution 33
2.5 Supervision and Control 35
2.5.1 International Association of Insurance Supervisors 35
2.5.2 European Insurance and Occupational Pensions Authority 35
2.5.3 The Authority for the Financial Markets 36
2.5.4 Dutch Central Bank 36
2.5.5 Federation of European Risk Management Associations 36
2.5.6 Dutch Association of Insurers 36
2.6 Non-Admitted Insurance Regulation 38
2.6.1 Overview 38
2.6.2 Intermediaries 39
2.6.3 Market practices 39
2.6.4 Fines and Penalties 39
2.7 Company Registration and Operations 40
2.7.1 Type of insurance organization 41
2.7.2 Establishing a local company 41
2.7.3 Foreign ownership 41
2.7.4 Types of license 41
2.7.5 Capital requirements 42
2.7.6 Solvency margin 43
2.7.7 Reserve requirements 45
2.7.8 Investment regulations 46
2.7.9 Statutory return requirements 46
2.7.10 Fee structure 47
2.8 Taxation 48
2.8.1 Insurance premium or policy taxation 48
2.8.2 Withholding taxes on premium paid overseas 48
2.8.3 Corporate tax 48
2.8.4 VAT 49
2.8.5 Captives 49
2.9 Legal System 50
2.9.1 Introduction 50
2.9.2 Access to court 50
2.9.3 Alternative dispute resolution 50
3 APPENDIX 52
3.1 Methodology 52
3.2 Contact GlobalData 52
3.3 About GlobalData 53
3.4 GlobalData’s Services 54
3.5 Disclaimer 55
List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: The Netherlands - Insurance Regulatory Framework Key Features 8
Table 3: The Netherlands - Life Insurance Regulatory Framework 21
Table 4: The Netherlands - Property Insurance Regulatory Framework 22
Table 5: The Netherlands - Motor Insurance Regulatory Framework 24
Table 6: The Netherlands - Liability Insurance Regulatory Framework 26
Table 7: The Netherlands - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft 30
Table 8: The Netherlands - Contribution for FMG 31
Table 9: The Netherlands - Corporate Tax Rates for the Financial Year 2018 49
List of Figures
Figure 1: The Netherlands - Insurance Supervision and Control at Various Levels 35
Figure 2: The Netherlands - Insurance Regulatory Frameworks for Company Registration and Operation 40
