Omnibus II Directive implementation of the Omnibus II Directive

Original Language Title: Wet implementatie OmnibusĀ II-richtlijn

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Law of 24 June 2015 amending the Solvency II Directive and the Implementation Law Directive on the implementation of Directive 2014 /51/EU of the European Parliament and of the Council of 16 April 2014 on the implementation of the implementation of the Solvency II Directive on Implementation of the Implementation of the Implementation of the Implementation of the Implementation of the Implementation of the amendment of Directives 2003 /71/EU and 2009 /138/EC, as well as Regulations (EC) No 148/2003 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority) (PbEU 2014, L 153) (Law implementation Omnibus II-Directive)

We Willem-Alexander, at the grace of God, King of the Netherlands, Prince 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 the fact that it is the Directive 2014/51 /EU of the European Parliament and of the Council of 16 April 2014 amending the Directives 2003 /71/EC and 2009 /138/EC ), as well as Regulations (EC) No 148 1060/2009 , (EU) No 1094/2010 and (EU) No 1095/2010 as regards the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority) (PbEU 2014, L 153) necessary, the Law on financial supervision bring into conformity with that Directive;

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:


Article I

Compare Versions Save Relationships (...) (External Link) Permanent Link [ Red: Modification of the Solvency II Directive Implementing Law.]

Article II

Compare Versions Save Relationships (...) (External Link) Permanent Link [ Red: Modification of the Implementation Act of Financial Conglomerates I.]

Article III

Compare Versions Save Relationships (...) (External Link) Permanent Link [ Red: Change the Bankruptcy Act.]

Article IIIa

Compare Versions Save Relationships (...) (External Link) Permanent Link [ Red: Change the audit firm's supervision law.]

Article IIIb

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  • 1 In preparation for the introduction 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), the Netherlands Bank may decide to In Article 308a, first paragraph, points (a) to (i) and (k) and (l), second and third paragraphs, of the Solvency II Directive.

  • 2 Decisions of the Netherlands Bank as referred to in Article 308a (4) of the Solvency II Directive shall not enter into force before 1 January 2016.


Article IV

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  • 1 To reinsurers, life insurers and non-life insurers who do not conclude new insurance with effect from 1 January 2016 and only manage and settle their existing insurance portfolio, Titles I, II and III of the Directive are Solvency II shall not apply provided that they comply with Article 308b, first paragraph, (a) or (b) and (3) (b) of the solvency II Directive.

  • 2 On the insurers referred to in the first paragraph, Article 308b, second paragraph, of the Solvency II Directive shall apply.

  • 3 Article 308b (fourteenth paragraph) of the Solvency II Directive shall apply to an insurer:

    • a. on 31 December 2015 was in possession of a permit based on the Law on financial supervision ;

    • b. complied with the current solvency requirements of the Law on financial supervision ; and

    • c. on 1 January 2016, the Solvency II Solvency Capital Requirement would have to comply but did not comply with it during that year.


Article V

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This Law shall enter into force on a date to be determined by Royal Decree, which may be adopted in a different way for the various articles or parts of such articles.


Article VI

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This law is cited as: Omnibus II Directive's implementation of the law.

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

Wassenaar, 24 June 2015

William-Alexander

The Minister of Finance,

J.R.V.A. Dijsselbloem

Published the ninth of July 2015

The Minister for Security and Justice,

G.A. van der Steur