On 12 June 2018, a legislative proposal to update, strengthen and expand the tools available to the Dutch Central Bank (DNB) for the recovery and resolution of failing insurers was adopted by the Second Chamber.
The plans are similar to earlier proposals published by the European Insurance and Occupational Pensions Authority (EIOPA). These proposals follow the EU recovery and resolution framework for banks, which was implemented in 2015.
In a booklet, De Brauw’s regulatory experts explain how the new rules impact insurer recovery and resolution, and how they differ from both the similar framework applicable to banks, and from the EIOPA proposal. These proposals will expand the crisis planning burdens on insurers and may require certain insurers, in particular larger and more complex groups, to make potentially significant changes to their activities, funding, and legal and operational structure.