Regulatory Alerts2021-04-29
Added · Updated
Ban on cross-border services by third-country insurers in the Netherlands
The Act amending the Financial Supervision Act prohibits life and non-life insurers with registered offices in non-EU Member States from providing direct insurance cross-border services to the Netherlands, including via branch offices in other EU states. Third-country insurers may only offer cross-border services as reinsurers if they do not qualify as insurers with limited-risk exposure. Insurers authorized prior to the March 17, 2021 effective date must submit specific applications or notifications to De Nederlandsche Bank within six months and wind up direct insurance business within 24 months if continuing only as reinsurers or ceasing all activities.