This list has been updated up to and including 1 June 2009.

Transcription

1 Disclaimer The following list of conditions of general good for life and non-life insurers is neither complete nor exhaustive. On entering the Dutch financial markets and during their pursuit of business in the Netherlands, insurers who are established in another Member State of the European Economic Area (EEA) and intend to pursue their business in the Netherlands, must continuously monitor the legislation and regulations applying in the Netherlands. DNB can neither be held liable for inaccuracies in or incompleteness of this list, nor for the use made of this list. From this list no rights may be derived. If you have questions further to the information provided, you are advised contact the competent authorities. This list has been updated up to and including 1 June Provisions of general good for life and non-life insurers established in other EEA Member States and intending to pursue their business in the Netherlands Generic provisions Regulation Provision Description Financial Supervision Section 1:1 Act (Wet op het financieel toezicht, or Wft) Section 1:7 Section 1:8 Section 1:21 Section 3:1, subsection b Section 3:6 Section 3:38 Section 3:40 and Sections Prudential Rules (Financial Supervision Act) Decree (Besluit prudentiële regels Wft) Section 3:42 and Sections Prudential Rules (Financial Supervision Act) Decree Sections 3:78 and 135 Prudential Rules (Financial Supervision Act) Decree Definitions of, e.g. (in alphabetical order): - intermediary services; - branch; - financial service; - financial service provider; - financial undertaking; - institutional investor; - life insurer; - life insurance; - premium; - non-life insurer; - non-life insurance; - providing services, ( ) insofar as insurers are concerned; - an insurer s representative; - insurer; - insurance; - registered office; - insurance claim; - seat. Lloyd s (of London) Pension insurances scope Providing intermediary insurance services scope Management of a collective pension fund scope Acting as a guarantee fund Prohibition on insuring risks of acts of war Address of representative Notification and implementation of amendment by life or non-life insurers providing services to the Netherlands from a branch in a non-eea country Statement of insurance contracts concluded from a branch on account of the provision of services from to the Netherlands by that branch

2 Sections 3:122-3:125 Requirement for prior permission from DNB for the transfer of rights and obligations from life insurance or non-life insurance contracts concluded from a branch located in the Netherlands

3 Wet op het financieel toezicht, or Wft (Financial Supervision Act) Civil Code (Burgerlijk Wetboek), Book 6 Title 3 Civil Code, Book 6 Title 5 Civil Code, Book 7 Title 17 Civil Code, Book 7 Title 18 Sanctions Act (Sanctiewet 1977) Medical Examinations Act (Wet op de medische keuringen) Legal Transactions (Taxation) Act (Wet op belastingen van rechtsverkeer) Section 3:198; and Section 198 Prudential Rules (Financial Supervision Act) Decree Sections 4:19 4:25; and Chapter 8 Market Conduct Supervision (Financial Institutions) Decree (Besluit Gedragstoezicht financiële ondernemingen Wft); and Chapters 2 and 3 ondernemingen Further Regulation on Conduct of Business Supervision of Financial Udertakings (Nadere regeling gedragstoezicht financiële) (AFM) Section 4:63; and Section 60 (1) Market Conduct Supervision (Financial Institutions) Decree (mandatory precontractual information) Section 5:68 and Chapter 6 Decree on Market Abuse (Besluit marktmisbruik Wft) Sections 5:86 and 5:87 Sections 193a 193j Sections Sections 237 and 238 Sections Sections Sections Sections Priority regulation in contingency scheme Careful provision of services Advertisements, (non-)mandatory precontractual information, financial information for complex products, information during the term of an agreement and within the scope of a distance contract Cooling-off period for non-life insurer Securities-related code of conduct Code of conduct for institutional investors Unfair trade practices Misleidende and comparative advertising Black and grey lists (unreasonably onerous conditions in consumer agreements) Insurance General Provisions Insurance Non-life insurance Insurance Insurance providing for payment of a capital sum Annuity Sections 2 3 Implementation of international sanctions Prohibitions on, or limitations to, the provision of financial services Section 10 (2), 10b and 10f of the Sanctions Act; and Regulations on supervision pursuant to the Sanctions Act (Regeling toezicht Sanctiewet 1977) Sections 4 7 Chapter III (Sections 22 31) Supervision for compliance with rules for operations in the field of administrative organisation and internal control Provisions prohibiting medical examinations prior to the formation of life and occupational disability insurance contracts Insurance Premium Tax and tax representative

4 Income Tax Act 2001 (Wet inkomstenbelasting) Decree on rules on the electronic transmission of information within the scope of an insurance contract (Besluit regels inzake de verzending van mededelingen langs elektronische weg in het kader van een verzekeringsovereenkomst) Flora and Fauna Act (Flora- en Faunawet) Railways Act (Spoorwegwet) Liability of Oil Tankers Act (Wet aansprakelijkheid olietankschepen) Medical research (human subjects) Act (Wet medischwetenschappelijk onderzoek met mensen) Sections Section 1 Section 54 (5): and Section 17 Decree on Hunting (Jachtbesluit) Section 55; and Section 7 (1) and Section 8 (3) Decree on operating license and safety certificate for main railways (Besluit bedrijfsvergunning en veiligheidsattest hoofdspoorwegen) Sections Section 7 Tax aspects of expenditure on income insurance (annuity) Electronic transmission of information (Section 933 of Book 7 Civil Code) Maximum amount to be insured by hunters Maximum amount to be insured by main railways Obligation to insure Obligation to insure

5 Pension insurers Regulation Provision Description Pensions Act Section 1 (Pensioenwet) Wages and Salaries Tax Act (Wet op loonbelasting 1964) Sections 7 18 and 35 Section 23 Sections Section 29 Sections 21, Section 52 Section 59 Sections 60 and 61 Sections Sections Section 95 Section 19a (1), under f Definitions of, e.g.: - foreign institution; - pension provider; - insurer. Requirements on pension agreement Obligation for employer to contract and maintain a written administration agreement Requirements on administration agreements between employer and insurer Provisions in the event of premium arrears by the employer Information supply to members, pensioners and deferred members Pension provider s duty of care in defined contribution agreements with freedom of investment Supplementary benefits for deferred members Options for higher old-age pension or earlier startup pension in exchange for partner s pension Prohibition on surrender of pension rights Transfer of pension value Granting of supplements; consistency with the expectations created Obligation to provide information to tax authorities

6 Healthcare insurers / Insurance under the Exceptional Medical Expenses Act (Non-life insurers Accidents and Medical Expenses) Regulation Provision Description Healthcare Insurance Section 1 Act (Zorgverzekeringswet or Zvw) Exceptional Medical Expenses Act (Algemene Wet Bijzondere Ziektekosten or AWBZ) Healthcare (Market Regulation) Act (Wet marktordening gezondheidszorg) NZa regulations and policy rules Section 2 Sections 3 4 Sections 5 9 Sections 10 24; and Sections Decree on Healthcare Insurance (Besluit zorgverzekering); and Sections Regulation on Healthcare Insurance (Regeling zorgverzekering) Sections 25 38; and Sections Decree on Healthcare Insurance; and Sections Regulation on Healthcare Insurance Sections Sections Section 33 Sections Sections Definitions of, e.g.: a. insurer; b. healthcare insurer; d. healthcare insurance (basis health insurance); g. compulsory excess; h. voluntary excess; i. health insurance policy; j. model agreement; o. healthcare authority (Nederlandse Zorgautoriteit; NZa); p. health insurance body: College voor Zorgverzekeringen; q. Health Insurance Fund; s. generic settlement; w. Central Administration Office for Exceptional Medical Expenses, or CAK. Obligation to insure Duty to accept Start and termination of basic insurance, incl. provisions on notice period Contents of healthcare insurance: the risk and services to be insured; the premiums and other provisions. Healtcare insurers: registration, articles of association and the field of operations; equalisation payment; accounting Healthcare fund College voor Zorgverzekeringen A healthcare insurer within the meaning of the Zvw who wishes to apply the AWBZ, must notify the healthcare authority accordingly in advance. Obligations for administration agencies under the AWBZ General obligations of healthcare providers and healthcare insurers The NZa informs healtcare insurers of its regulations and policy rules via circulars

7 Motor insurers (Non-life insurers motor liability sector) Regulation Provision Description Financial Supervision Act (Wet op het Section 4:70 (1) and (6) (8) Supplementary rules for motor insurers carrying on their business from a branch in the Netherlands financieel toezicht, or Wft) Section 4:71 Supplementary rules for motor insurers carrying on their business from a branch in the Netherlands Supplementary rules for motor insurers carrying on their business by means of cross-border services to the Netherlands Civil Liabillity Insurance (Motor Vehicles) Act (Wet aansprakelijkheidsverzekering motorrijtuigen or WAM) Section 75 Market Conduct Supervision (Financial Institutions) Decree Arts. 105 and 106 Market Conduct Supervision (Financial Institutions) Decree; and Section 39 (2) and (5) Prudential Rules (Financial Supervision Act) Decree Section 135 (2) Decree on Prudential Rules Section 2 (9) Section 3 Sections 3a and 4 (2) Section 5 Section 11 Sections 13 and 13a Decree on announcements within the scope of motor liability insurance (Besluit kennisgevingen aansprakelijkheidsverzekering motorrijtuigen); and Adoption of method of information supply pursuant to Section 13 of the WAM (Vaststelling wijze van verstrekking gegevens ex Section 13 WAM) Section 22; and Decree fixing the amounts insured under motor liability insurance (Besluit vaststelling bedragen aansprakelijkheidsverzekering motorrijtuigen) Information during the term of an agreement by motor insurers carrying on their business by means of cross-border services to the Netherlands Notification requirement regarding changes at motor insurers carrying on their business by means of cross-border services to the Netherlands Provision of statement of insurance contracts concluded Annual contribution to Nederlands Bureau der Motorrijtuigverzekeraars (Dutch Motor Insurers Agency) Obligations under the policy Obligations under the policy for heavy motor vehicles Guarantee of full cover towards the aggrieved party for contracts with accidental damage excess No counterclaim against aggrieved party on the basis of nullities Notification requirement for insurers towards the Dienst Wegverkeer (Dutch Road Transport Directorate) Capital sums insured

8 Section 24 (1); Section 24a (1) Section 28 Section 34 (2) Annual contribution to the Dutch Motor Traffic Guarantee Fund (Waarborgfonds Motorverkeer) and garantee of this fund s obligations Applicability of WAM to revocation of the insurer s licence or imposition of a production stop on the basis of Section 1:58 of the Wft Issue of a certificate of insurance during a defined period