DNO for acts of insurance companies (Section 3:97 of the Wft)

Factsheet

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Insurers having their registered office in the Netherlands need prior approval from DNB for two acts mentioned in the Financial Supervision Act (Wet op het financieel toezicht – Wft). They can obtain this approval by applying for a declaration of no-objection (DNO).

Published: 19 July 2017

Latest update: 12 March 2025

Reducing own funds – Section 3:97(a) of the Wft

Insurers need a DNO to reduce their own funds by paying back capital or distributing reserves, or by making dividend distributions. The DNO obligation applies only if the insurer at the moment of making these payments or distributions does not comply with the solvency capital requirement, or if it is expected to not (or no longer) be able to meet this requirement in the next twelve months.

Initial public offering – Section 3:97(b) of the Wft

Insurers need a DNO to change their capital structure by submitting a request for admission to trading on a regulated market of shares or other securities to which control is attached.

The DNO obligation for IPOs applies with effect from 1 January 2025, making it the most recent amendment to Section 3:97 of the Wft.

DNB’s assessment criteria

DNB assesses an insurer's DNO application using the criteria set out in Section 3:101 of the Wft. These criteria deal with solvency, sound and prudent conduct of business operations and whether the act might or would lead to an undesirable development of the financial sector.

Information Declaration of no-objection

Declaration of no-objection

Definition of qualifying holding

Qualifying holding

Bandwidth DNO

Declarations of no-objection (DNOs) for group companies

Umbrella DNO

Different types of DNO

DNO for shareholdings (Section 3:95 of the Wft)

DNO for acts of banks (Section 3:96 of the Wft)

DNO for acts of insurance companies (Section 3:97 of the Wft)

DNO for MiCAR (Articles 41 and 83 MiCAR)

Applying for a DNO

DNO application form and explanatory notes

DNO application procedure (10 steps)

DNO application time frame

DNO application fees

DNO application - success factors

General information

DNO requirements and restrictions

Publication in the Government Gazette

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