On 13 July 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal of the Act on the recovery and settlement of insurers (Wet herstel en afwikkeling van verzekeraars, the Proposed Act). It is intended that the Proposed Act will be implemented in, among others, the Act on the Financial Supervision (Wet op het financieel toezicht).
The Proposed Act introduces instruments and powers for the Dutch Central Bank (De Nederlandsche Bank) to ensure the orderly recovery and settlement of insurers, with the aim of safeguarding the interests of the policyholders. In addition, the Proposed Act contains amendments to the rules governing the bankruptcy of an insurer.
View the Proposed Act (Dutch only), 13 July 2016.
View the Explanatory Memorandum to the Proposed Act (Dutch only), 13 July 2016.