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Law of 3 July 2008 amending the Financial Supervision Act in connection with the implementation of Directive No 17 of 3 July 2008. 2005 /68/EC of the European Parliament and of the Council of the European Union of 16 November 2005 on reinsurance and amending Council Directives 73 /239/EEC and 92 /49/EEC as well as Directives 98 /78/EC and 2002 /83/EC (PbEU L 323)
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 considered that it is necessary to give effect to Directive No 2005 /68/EC of the European Parliament and of the Council of the European Union of 16 November 2005 on reinsurance and amending Directives 73 /239/EEC and 92 /49/EEC of the Council and of Directives 98 /78/EC and 2002 /83/EC (PbEG L 323), in order to lay down rules for the exercise of the company of reinsurer and the monitoring of compliance with those rules;
In this way, we, the Council of State, and with the mean consultations of the States-General, have been well-regarded and understood to be right and to be understood by the following:
In the Articles III to XVIII 'Act' means the following: Law on financial supervision .
1 A Reinsurer with a registered office in the Netherlands which exercised his business immediately prior to 10 December 2005, at the time of entry into force of this Act, obtains a licence as referred to in Article 4 (1) of the Law of the European Union Article 2:26a, 1st member, of the law for the exercise of the business of reinsurer in the activity in which he exercises his business at the time of entry into force of this Act.
2 The reinsurer shall submit data to the Nederlandsche Bank within three months of the entry into force of this Act, indicating that no later than 10 December 2008, the following shall be fulfilled:
a. Article 3: 8 of the Act with regard to the competence of the persons referred to in that Article;
b. Article 3: 9 of the Act with regard to the reliability of the persons referred to in that Article;
c. Article 3:10, 1st and 2nd member, of the law with regard to the policy in relation to the integrity of the business;
ed. Article 3:15, 1st and 2nd member, of the law as regards the minimum number of persons who determine the daily policy and the place from which they carry out their activities;
e. Article 3:16, 1st and 2nd member, of the law with regard to the structure of control;
f. Article 3:17, 1st and 2nd member, of the law in relation to the establishment of operations;
g. Article 3:20 of the Act with regard to the legal status;
h. Article 3:36 of the Act with regard to the exercise of a business other than the company of reinsurer;
i. Article 3:53, 1st to 4th paragraph, of the Act with regard to the minimum own funds;
j. Article 3:57, 1st to 4th paragraph, of the Act in relation to solvency; and
k. Article 3:70 of the Act in respect of the financial year.
3 De Nederlandsche Bank may take all measures provided for in the Act against the reinsurer until 10 December 2008 with the exception of:
a. Withdrawal of the authorisation solely due to the fact that the reinsurer does not comply with Article 3:53, first, second and fourth members , or Article 3:57, 1st, 3rd and 4th member, of the law ;
b. Giving a designation as intended Article 1:75 of the Act transferring the entire portfolio solely due to the fact that the reinsurer does not comply with Article 3:53, first, second and fourth members , or Article 3:57, 1st, 3rd and 4th member, of the law .
4 The reinsurer authorised in accordance with the first paragraph shall be entered as the applicant in the register provided for in Article 1:107 of the Act . De Nederlandsche Bank shall pass this invitation to tender as soon as it has decided irrevocably on the application.
1 The person who, at the time of entry into force of this Act, holds a qualifying holding in a reinsurer as referred to in Article III , from that date, shall have the right to issue a declaration of no objection within the meaning of Article 3:95, 1st paragraph, of the Act For that participation.
2 The holder of the qualifying holding shall, within three months of the entry into force of this law, submit to the Netherlands Bank:
a. An indication of the extent of a qualifying holding referred to in Article 3:95 of the Act ;
b. data on the basis of which the Nederlandsche Bank can assess the fulfilment of the requirements of the Article 3:99 of the Act be determined in relation to the reliability of the holder of the declaration of no objection which, on the basis of his qualified participation, could determine or determine, or determine, or determine the policy of the undertaking concerned; and
(c) documents proving its financial position and its legal structure.
3 Where it is a qualifying holding, Article 3:97, first paragraph, of the law the Netherlands Bank shall forward the information and documents, accompanied by its opinion, to Our Minister.
4 To 10 December 2008, the Netherlands Bank shall not be entitled to withdraw the declaration of objection obtained pursuant to paragraph 1.
1 The data referred to in Article III, second paragraph , are:
a. An indication of the name, address and telephone number and fax number of the reinsurer;
b. An indication of the name of the reinsurer;
c. An indication of the registered office, the statutory name and the trade name or trade name;
(d) where the reinsurer is entered on the commercial register, an indication of the number of the registered tender;
e. a certified copy of the Statutes;
f. a programme of work which the reinsurer intends to undertake;
g. data on the basis of which the Nederlandsche Bank can assess the fulfilment of the requirements of the Article 3: 8 of the Act shall be determined in relation to the competence of the persons to whom the daily policy is to be determined;
h. data on the basis of which the Nederlandsche Bank can assess the fulfilment of the requirements of the Article 3: 9 of the Act is defined as regards the reliability of the persons who determine and determine the policy or be part of a body responsible for monitoring the policy and general practice;
i. a description of the proposed policy in relation to the integrity of the business, referred to in Article 3:10, first paragraph, of the law ;
j. a description of the structure of control to enable the Nederlandsche Bank to assess whether or not to comply with Article 3:16 of the Act ;
k. a description of the establishment of operations relating to the management and integrity of the business, intended to be carried out in accordance with Article 3:17, 1st paragraph, of the Act ;
(l) documents showing the own funds of the Article 3:53, of the Act , and the expected solvency, Article 3:57, 1st paragraph, of the Act turn out; and
m. where applicable:
1. an indication of the size of a qualifying holding as referred to in Article 1 (2). Article 3:95 of the Act ;
2. data on the basis of which the Nederlandsche Bank can assess whether or not it is satisfied that Article 3:99 of the Act be determined in relation to the reliability of the holder of a statement of no objection which, on the basis of his qualified participation, could determine or determine, or determine, or determine the policy of the undertaking concerned; and
3 °. documents showing the financial position and the legal group structure of the holder of a declaration of no objection.
2 The information referred to in paragraph 1 (g) shall be as follows:
a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number and function;
b. A curriculum vitae;
(c) an indication of the relevant diplomas;
d. A copy of a valid legation certificate; and
e. a statement of referents.
3 The particulars referred to in the first paragraph, introductory wording and part h shall be as follows:
a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number and function;
b. A copy of a valid identity document;
c. Data relating to the antecedents referred to in the Annex to the Decision Market Access Financial Companies; and
d. An indication of referents.
4 The first paragraph, introductory wording and parts h and m, do not apply to any person whose reliability for the application of the Law has already been established by a supervisor.
The programme of operations, intended to Article IV, first paragraph, part f, which is presented by the person applying for an authorisation to carry out the reinsurer's holding, shall contain the following:
a. An indication of the nature of the risks which the reinsurer intends to cover;
(b) where applicable, an indication of the nature of the agreements which the reinsurer intends to conclude with the life insurers, cash-out insurers or other reinsurers who reassurance life insurance, from whom he/she accepts risks transferred;
c. a presentation of the guiding principles in the field of the conclusion of contracts where the reinsurer is a part of the risk he is insured against payment of the premium, in turn to another reinsurer; transfers;
(d) an estimate of the costs of the establishment of the administration and of the production and proof of production and evidence showing that the reinsurer has the financial means to cover it;
e. an estimate for the first three financial years of the management costs other than those referred to in subparagraph (c), in particular of the general costs and commissions;
(f) an estimate for the first three financial years of premiums and claims;
g. An estimate for the first three financial years of the liquidity position; and
h. an estimate for the first three financial years of the financial resources to cover the obligations and cover the solvency margin, Article 3:57, third paragraph, of the Act .
1 A reinsurer with a registered office in a non-designated State which exercised his business from a branch situated in the Netherlands immediately prior to 10 December 2005, in accordance with the law of the State of the seat, obtains at the time of the seat of the entry into force of this Law, by way of an authorization as intended to Article 2:54a, 1st member, of the law for the exercise of the business of reinsurer in the activity in which he exercises his business at the time of entry into force of this Act.
2 The reinsurer shall submit data to the Nederlandsche Bank within three months of the entry into force of this Act, indicating that no later than 10 December 2008, the following shall be fulfilled:
a. Article 3: 8 of the Act with regard to the competence of the persons referred to in that Article;
b. Article 3: 9 of the Act with regard to the reliability of the persons referred to in that Article;
c. Article 3:10, 1st and 2nd member, of the law with regard to the policy in relation to the integrity of the business;
ed. Article 3:16, 1st and 2nd member, of the law with regard to the structure of control;
e. Article 3:17, 1st and 2nd member, of the law in relation to the establishment of operations;
f. Article 3:20 of the Act with regard to the legal status;
g. Article 3:53, 1st to 4th paragraph, of the Act with regard to the minimum own funds;
h. Article 3:57, 1st to 4th paragraph, of the Act in relation to solvency; and
i. Article 3:70 of the Act in respect of the financial year.
3 De Nederlandsche Bank may take all measures provided for in the Act against the reinsurer until 10 December 2008 with the exception of:
a. Withdrawal of the authorisation solely due to the fact that the reinsurer does not comply with Article 3:53, 1st, 2nd and 4th member, of the Act ; and
b. Giving a designation as intended Article 1:75 of the Act transferring the entire portfolio solely due to the fact that the reinsurer does not comply with Article 3:53, 1st, 2nd and 4th member, of the Act .
4 The reinsurer authorised in accordance with the first paragraph shall be entered as the applicant in the register provided for in Article 1:107 of the Act . De Nederlandsche Bank shall pass this invitation to tender as soon as it has decided irrevocably on the application.
1 The data referred to in Article VII, second paragraph , are:
a. An indication of the name, address and telephone number and fax number of the reinsurer;
b. An indication of the name of the reinsurer;
c. An indication of the registered office, the statutory name and the trade name or trade name;
(d) where the reinsurer is entered on the commercial register, an indication of the number of the registered tender;
e. a certified copy of the Statutes;
f. a programme of work which the reinsurer intends to undertake;
g. data on the basis of which the Nederlandsche Bank can assess the fulfilment of the requirements of the Article 3: 8 of the Act shall be determined in relation to the competence of the persons to whom the daily policy is to be determined;
h. data on the basis of which the Nederlandsche Bank can assess the fulfilment of the requirements of the Article 3: 9 of the Act is defined as regards the reliability of the persons who determine and determine the policy or be part of a body responsible for monitoring the policy and general practice;
i. a description of the proposed policy in relation to the integrity of the business, referred to in Article 3:10, first paragraph, of the law ;
j. a description of the structure of control to enable the Nederlandsche Bank to assess whether or not to comply with Article 3:16 of the Act ;
k. a description of the establishment of operations relating to the management and integrity of the business, intended to be carried out in accordance with Article 3:17, 1st paragraph, of the Act ;
(l) documents showing the own funds of the Article 3:53, of the Act , and the expected solvency, Article 3:57, 1st member of the law turn out; and
m. where applicable:
1. an indication of the size of a qualifying holding as referred to in Article 1 (2). Article 3:95 of the Act ;
2. data on the basis of which the Nederlandsche Bank can assess whether or not it is satisfied that Article 3:99 of the Act be determined in relation to the reliability of the holder of a statement of no objection which, on the basis of his qualified participation, could determine or determine, or determine, or determine the policy of the undertaking concerned; and
3 °. documents showing the applicant's or the holder of a declaration of no objection to the financial position and the legal group structure of the applicant.
2 The particulars referred to in the first paragraph, introductory wording and part (g) shall be:
a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number and function;
b. A curriculum vitae;
(c) an indication of the relevant diplomas;
d. A copy of a valid legation certificate; and
e. a statement of referents.
3 The information referred to in the first paragraph shall be:
a. An indication of the name, date of birth, place of birth, nationality, private address, telephone number and fax number and function;
b. A copy of a valid identity document;
c. Data relating to the antecedents referred to in the Annex to the Decision Market Access Financial Companies; and
d. An indication of referents.
4 The first paragraph, introductory wording and parts h and m, do not apply to any person whose reliability for the application of the Law has already been established by a supervisor.
The programme of operations, intended to Article VIII, first paragraph, part f , which is presented by the person applying for an authorisation for the holding of reinsurer, shall contain the following:
a. An indication of the nature of the risks which the reinsurer intends to cover;
b. if applicable, an indication of the nature of the agreements which the reinsurer intends to conclude with the life insurers, cash-out insurers or other reinsurers who reassurance life insurance, from whom he accepts risks transferred;
c. a presentation of the guiding principles in the field of the conclusion of contracts where the reinsurer is a part of the risk he is insured against payment of the premium, in turn to another reinsurer; transfers;
(d) an estimate of the costs of the establishment of the administration and of the production and proof of production and evidence showing that the reinsurer has the financial means to cover it;
e. an estimate for the first three financial years of the management costs other than those referred to in subparagraph (c), in particular of the general costs and commissions;
(f) an estimate for the first three financial years of premiums and claims;
g. An estimate for the first three financial years of the liquidity position; and
h. an estimate for the first three financial years of the financial resources to cover the obligations and cover the solvency margin, Article 3:57, third paragraph, of the Act .
Where, pursuant to this Act, the reliability of a person is established, that determination for the application of the Law considered as a determination of the reliability resulting from the Law .
The Law , except the General Part , the Chapters 5.1 , 5.3 and 5.5 and Section 5.4.2 , does not apply to reinsurers having their registered office in the Netherlands or reinsurers having their registered office in a non-designated State which at the time of entry into force of this Act no longer renegotiate their reinsurance business and only their existing manage portfolio with a view to the termination of the exercise of the company of reinsurer.
This Law shall enter into force on a date to be determined by Royal Decree.
Burdens and orders that it will be placed in the Official Gazette, and that all ministries, authorities, colleges and officials who so concern will keep their hands on the precise execution.
Entry
' s-Gravenhage, 3 July 2008
Beatrix
The Minister of Finance,
W. J. Bos
Published the twenty-sixth August 2008The Minister of Justice,
E. M. H. Hirsch Ballin
