Amendment Decree Financial Markets 2015

20/01/2015

Often the amendment proposed to the lower laws and regulations serve to implement at that level certain changes adopted at the highest level of the formal acts of parliament. For the year 2015, the Amendment Decree Financial Markets 2015 covers one topic that is highly relevant for the financial markets. This concerns the amendments to the reporting framework for insurance companies. With the envisaged amendments, the Ministry of Finance intends to make final arrangements and to introduce the final regulatory framework for the Netherlands for the reporting obligations of insurers subject to Solvency II.

It is noteworthy that DCB has proposed, and the Ministry of Finance follows this proposal, to have the Solvency II compliant supervisory reporting being prepared for the first time over de annual financial figures for the year 2014, requiring insurance companies to report in the course of Q1/Q2-2015 for the annual report 2014 established in accordance with Solvency II and a first quarterly report for 2015 established in accordance with Solvency II criteria commencing for Q1-2015 and to be submitted to DCB in April 2015. The changes as proposed in the Amendment Decree Financial Markets 2015 will enter into force from 1 January 2015 as has been announced in a letter of the Ministry of Finance to Dutch Parliament on 25 November 2014.