Regulatory Alerts2017-06-26
Added · Updated
Exemption from the authorisation requirement
Small non-life insurers and small funeral expenses and benefits in kind insurers are exempt from the DNB authorisation requirement if they meet specific financial and operational thresholds. Eligible entities must have gross annual premium income not exceeding EUR 2,200,000 and technical provisions not exceeding EUR 10,700,000, while being restricted from covering high-risk segments such as motor vehicle liability and credit risks. The exemption ceases if limits are exceeded for three consecutive years, and exempted firms remain subject to legal form requirements and prohibitions on accepting repayable funds or using the word 'bank'.