Regulatory Alerts2016-01-28
Added · Updated
Permission to Submit a Single Solvency and Financial Condition Report for Insurance Groups
Insurance companies and groups may submit a single Solvency and Financial Condition Report for both the group and affiliated entities, subject to supervisory authority approval. This single report must include publicly disclosed information at the group level and traceable information for subsidiary companies. Applicants must use the designated application form and provide a prototype group report detailing the scope, entity treatment, and policymaker involvement. The supervisory authority must render a decision within six weeks of receiving a complete application.
Q&A
Read aloud
Question:
Is an insurance company permitted to draft a single Solvency and Financial Condition Report (SFCR) for the group as well as for the affiliated insurance entities?
Published: 28 January 2016
Answer:
Yes, subject to approval of the supervisory authority, insurance companies are permitted to submit a single SFCR (pursuant to Section 3:228i(4) of the Financial Supervision Act ( Wet op het financieel toezicht – Wft )). A single SFCR must include:
the information at group level that is publicly disclosed;
the information about subsidiary companies within the group that can be traced back to these individual companies and is publicly disclosed (in accordance with Section 3:73c(1) and (2) of the Wft ).
You can use the "Single SFCR" application form to apply for permission to submit a single SFCR.
Who can apply for permission to submit a single SFCR?
In principle, every insurance company or group is entitled to apply for permission to submit a single SFRC. The option of submitting a single SFCR applies both to national and international insurance groups.
Application form
We request that you use the "Single SFCR" application form (in Dutch) to apply for permission. The form sets out the documentation required for our assessment. In addition, we request that you use e-Line DNB to submit your application (see Applications – general).
Submission
The required information can be submitted electronically using the e-line DNB application form (see Applications – general). Please contact your examining officer prior to submitting your application.
Required documents
If you wish to use the Single SFCR option, please send us a "prototype" group report setting out:
the insurance entities included in the proposed set-up (scope);
the treatment of the entities in the proposed group report and how transparency about them has been ensured;
how the policymakers of the insurance entities within the scope of the report are involved in the drafting of the SFCR.
Assessment
The first step in the assessment procedure is verifying whether the application is complete. The substantive assessment starts once the application package is deemed to be complete. An assessment of an application for a single SFCR for international insurance groups may include the involvement of supervisory authorities from other countries.
Decision
The decision on the permission to use a single SFCR must be taken by the supervisory authority, possibly in consultation with the College of Supervisors, within a six-week period.
Download
Bijlage single SFCR
(27 March 2015 | 28KB DOCX)
Base law
Art. 3:288i Wft (Refers to an external site)
Gedeleerde Verodering (EU) 2015/35 (Refers to an external site)
Art. 3:73c Wft (Refers to an external site)
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