Key Benefits:
Act of 13 December 2012 amending the Financial Supervision Act and the Civil Code to implement the Solvency II Directive and the introduction of a regime based thereon for certain minor insurers (Implementation Law) Directive solvency II)
We Beatrix, at the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.
All of them, who will see or hear these, saluut! do know:
In this regard, we have taken into consideration that: Directive 2009 /138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (PbEU 2009, L 335) in Dutch legislation should be implemented and implemented in the extension of the regime to certain smaller insurers is also an extension of the reason;
It is true that we, the Department of Consultative Affairs of the Council of State, and with the mean consultations of the States-General, have found and understand the same as We approve and understand:
On an entity for risk acceptance that has obtained a permit before 31 December 2015 and which has not commenced any new business after that date, remain Article 2:54b or 2:54d and the provisions of the Part Prudential supervision Financial companies of the Financial Supervision Act Applicable as they were in place on 31 December 2015.
1 In a declaration issued under Article 1:10, part a, of the Financial Supervision Act as that article was worded prior to the entry into force of Article I, Section C , of this Law, until 90 days after the entry into force of that Article, the Law on Financial Supervision shall apply as it was before the date of entry into force of Article I (C).
2 The declaration referred to in paragraph 1 shall expire on the 90th day following the date of entry into force of this Article. Article I, Section C , of this Law, unless the declaringholder has, prior to that date, applied to the Dutch Bank for an authorization as referred to in Article 3 (2). Article 2:27, first paragraph , or Article 2:48, 1st paragraph, of the Financial Supervision Act .
3 A non-life insurer as referred to in Article 1:10, part a, of the Financial Supervision Act As that article was stated on the day prior to the entry into force of Article I, Section C Which intends to carry out its activities on the date of the entry into force of Article I (C), using an exemption as referred to in Article 1 (2) of the EEC Treaty. Articles 2:49b and 3: 3 of the Financial Supervision Act , the Authority shall inform the Financial Markets Authority accordingly. In so doing, he shall indicate, on presentation of a copy of the certificate, whether he or she is in possession of an authorisation Article 2:75, first paragraph , or Article 2:80, 1st paragraph, of the Financial Supervision Act Wishes. The statement shall be deemed to be a permit, referred to in Article 2:75, first paragraph, or Article 2:80, first paragraph, of the Financial Supervision Act.
4 By way of derogation from the first paragraph, the holder of the declaration referred to in paragraph 2 shall continue to Law on financial supervision applicable on the day prior to the entry into force of this Regulation, Article I, Section C , from this law until the day on which the Dutch Bank decides on the application referred to in the second paragraph.
5 The application for authorization referred to in paragraph 2 shall be made by means of information to be determined by or on the basis of a general measure of management. From Article 2:49, 1st paragraph, of the Financial Supervision Act the parts a, b, c, f, g, h, and k shall remain out of application.
6 On the application, referred to in the second and third paragraphs, Article 11, first paragraph, part a, of the financing of financial supervision Not applicable. The rate to be applied by the Netherlands Bank for the examination of an application by a holder of a declaration on the basis of Article 3 of the Decision A statement shall be issued by a general measure of management.
1 An authorisation granted on the basis of Article 2:27, first paragraph , or Article 2:40, 1st paragraph, of the Financial Supervision Act Such articles shall, prior to the entry into force of this Article, be:
a. if this authorisation is granted to a life insurer or non-life insurer which does not fulfil the conditions set out in Article 4 (1) (a) to (e) of the Solvency II Directive, or to which Article 4, fourth paragraph, Without prejudice to the second and third paragraphs of that Article, the last subparagraph of that Article shall, at the time of the entry into force of this Article, be converted into a licence as referred to in Article 4 (1). Article 2:27, first paragraph , or Article 2:40, 1st paragraph, of the Financial Supervision Act ; or
(b) where such authorization has been granted to a life insurer or a non-life insurer fulfilling the requirements set out in Article 4 (1) (a) to (e) of the Solvency II Directive and to which the last subparagraph of Article 4 (4) of the Directive is fulfilled, of that Article shall not be applicable, without prejudice to the second and third paragraphs, at the time of entry into force of this Article, automatically converted into a licence as referred to in Article 2:48, first paragraph , or Article 2:50, 1st paragraph, of the Financial Supervision Act .
2 A life insurer or non-life insurer to which the first paragraph, part b applies, and who chooses to conduct its activities after the entry into force of this Act with a licence as referred to in Article 2 (2) of the Treaty. Article 2:27, first paragraph , or Article 2:40, 1st paragraph, of the Financial Supervision Act , the Netherlands Bank shall, at the latest on the day preceding the day of entry into force of this Article, inform it of that fact. The authorization shall be converted from the date of entry into force of this Article as from the date of entry into force of this Article.
3 To a non-life insurer licensed under the provisions of this Act at the time of entry into force of this Act, Article 2:27, first paragraph , or Article 2:40, 1st paragraph, of the Financial Supervision Act as this article was prior to the entry into force of this Act, and which has the intention of engaging in its activities using the Articles 2:49b Other 2 :54.0a and 3: 3 of the Financial Supervision Act , is Article XI, third and sixth Member , mutatis mutandis.
1 To an in-service security insurer authorised under this law at the time of entry into force of this Act, Article 2:48, first paragraph , or Article 2:50, 1st paragraph, of the Financial Supervision Act -and which has the intention of carrying out its work using the Articles 2:49b Other 2 :54.0a and 3: 3 of the Financial Supervision Act is Article XI, third paragraph , mutatis mutandis.
2 An in-service insurer to which the first paragraph applies, and who chooses to undertake his activities after the entry into force of this Act with a licence as referred to in Article 4 (2) of the EC Treaty. Article 2:27, first paragraph , or Article 2:40, 1st paragraph, of the Financial Supervision Act , the Netherlands Bank shall, at the latest on the day preceding the day of entry into force of this Article, inform it of that fact. The authorization shall be converted from the date of entry into force of this Article as from the date of entry into force of this Article.
In the case of a general measure of administration, additional rules of transitional nature may be laid down for the implementation of Directive 2009 /138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (PbEU 2009, L 335) or of binding EU legal acts for implementation or amendment of that Directive. These rules may in particular ensure the establishment of transitional periods for the introduction or amendment of obligations for insurers who are holders of a licence on the basis of Article 2:27, first paragraph , or Article 2:40, 1st paragraph, of the Financial Supervision Act .
The articles of this Law shall enter into force on a date to be determined by royal decree, which may be determined differently for the various articles or parts of such articles.
This law is cited as: Solvency II Directive.
Burdens and orders that it will be placed in the Official Gazette and that all ministries, authorities, colleges and public servants who so far as to do so will keep their hands on the precise execution.
Entry
' s-Gravenhage, 13 December 2012
Beatrix
The Minister of Finance,
J. R. V. A. Dijsselbloem
The Minister for Security and Justice,
I. W. Opstelten
Issued the twenty-first December 2012The Minister for Security and Justice,
I. W. Opstelten
