Netherlands Insurance Industry – Governance, Risk and Compliance
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Netherlands Insurance Industry Regulation Overview
The Authority for the Financial Markets (AFM) and the Dutch Central Bank (De Nederlandsche Bank − DNB) regulate the Netherlands insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and the Dutch Association of Insurers (Verbond van Verzekeraars – VVV).
The Netherlands insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Authority for the Financial Markets (AFM)
· Dutch Central Bank (De Nederlandsche Bank − DNB) · International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) · Dutch Association of Insurers (Verbond van Verzekeraars – VVV) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Netherlands Insurance Industry – Key Regulators and Legislation
Authority for the Financial Markets (AFM): The AFM supervises and regulates the industry. The body is primarily responsible for formulating industry regulations and issuing licenses to intermediaries. It contributes to the efficient operation of the industry and maintains transparency and fairness.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the Netherlands insurance industry are:
- Financial Supervision Act 2006 (Wet op het financieel toezicht – Wft) (FSA 2006)
- Dutch Civil Code (DCC)
- Income Tax Act, 2001
- General Law on State Taxes
- Solvency II Directive 2009/138/EC
- The Decree on Prudential Rules Wft
- Road Traffic Act, 1994
- The Insurance Mediation Directive (Directive 2002/92/EC)
- Health Insurance Act (Zorgverzekeringswet – Zvw)
- Act to prevent money laundering and terrorist financing (Prevention Act – Wwft)
- Motor vehicle liability insurance law (Wet Aansprakelijkheidsverzekering motorrijtuigen)
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Netherlands Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Netherlands insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurance in the Netherlands
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Netherlands Insurance Industry - Company Registration and Operation
A license is required to operate in the Netherlands insurance industry. All insurance companies with a registered office in the Netherlands intending to operate a life or non-life insurance business in the country need to obtain a license from the DNB. Furthermore, all registered reinsurers in the Netherlands must obtain a license as well to operate the business. Insurance intermediaries are forbidden from operating in the Netherlands without obtaining a license from the AFM.
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Netherlands Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in the Netherlands. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Corporate income tax applies to the overall income of resident and non-resident corporate entities. The tax applies to worldwide income earned by resident companies. In the case of a non-resident insurance company, the tax applies to the income earned in the Netherlands.
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Scope
This report provides:
- Details of the insurance regulatory framework in the Netherlands.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
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.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- 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 about various types of insurance products.
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Frequently asked questions
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Which are the key regulators of the Netherlands insurance industry?
Authority for the Financial Markets (AFM) and the Dutch Central Bank (De Nederlandsche Bank − DNB) are the key regulators of the Netherlands insurance industry.
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Which other bodies oversee the Netherlands insurance industry?
The International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and the Dutch Association of Insurers (Verbond van Verzekeraars – VVV) are the regulatory and supervisory bodies that oversee the operations of the Netherlands insurance industry.
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Which are the compulsory insurances required within the Netherlands insurance industry?
A few of the compulsory insurances required within the Netherlands insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the Netherlands insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in the Netherlands. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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