Regulatory Alerts2019-08-28
Added · Updated
Q&A Do subscriptions qualify as insurance
De Nederlandsche Bank (DNB) clarifies that subscriptions do not automatically qualify as non-life insurance under the Financial Supervision Act (Wft), but depend on specific criteria including the presence of uncertainty, premium payments, and compensation for financial damage. Maintenance and repair subscriptions are generally excluded from this classification if they are subordinate to the product purchase agreement, cover defects not attributable to external causes, and do not exceed the product's expected economic lifetime. Legal service subscriptions qualify as legal assistance insurance unless they exclusively provide limited first-line legal services, while those focused on arranging insurance with third parties are classified as intermediation services. Entities offering such subscriptions must determine if they require a DNB license for insurance provision or an AFM license for conduct of business supervision.