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9/13/15

Netherlands: Small insurers act against the new EU Sovency rules, find them too heavy says Thys van Woerden of DNB

Solvency II is approaching and with still four months to go a little work has been done by the insurers behind the scenes to implement the new rules in practice. Am: put a few questions to Thijs van Woerden (43), division director Supervision of Insurers at DNB, on the progress in this sometimes difficult process..

Small insurers act against the new rules, they find them too heavy. They get leniency?
 

"They can absolutely count on a sympathetic ear. Proportionality is the buzz word. There are two ways to look at that. First, in Solvency II itself is already proportionality, ie for a small insurance company, there are far fewer reports. Secondly, we said let's see if we can make some adjustments to the framework to make it easier and simpler for small insurers that do not fall under Solvency II. That's become Solvency II Basic.  

The discussion we have now is: does this go far enough? There will fix a few things that can be adjusted. But there is also a message which I want to give it. Yes, there is proportionality, but not zero. The small insurers should participate in the new regulations. It's good to talk to us, we listen and be responsive in many ways.  

But there is a kind of minimum, even for small insurers, which is necessary to maintain proper supervision. And that is achievable. " 

Read more: Thijs van Woerden (DNB): ‘Solvency I kwam letterlijk uit de jaren ’70’ | amweb

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