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A draft bill on the recovery and resolution of insurers was published for public consultation on 13 July 2016. Interested parties may respond to the draft bill until 28 August 2016.
A draft bill on the recovery and resolution of insurers was
published for public consultation on 13 July 2016. Interested
parties may respond to the draft bill until 28 August 2016.
The draft bill, which is strongly inspired by the existing
framework for the recovery and resolution of banks, expands the
tools for the Dutch Central Bank ("DNB")
for resolving insurers in trouble in a predictable and orderly
manner to protect the interests of policyholders. The draft bill
also introduces the possibility to pay advances to policyholders in
case of an insurer's bankruptcy before the bankruptcy
verification meeting.
In this legal alert we discuss the most important implications
of the draft bill for insurers, including the obligation to draw up
a pre-crisis plan, the obligation to help DNB in drawing up a
resolution plan, and DNB's competence to require insurers to
take specific measures to remove obstacles to resolvability
Download To read the legal alert, click
here (available in Dutch
only).
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
