DNB issued the banking and insurance newsletters for August 2019. One of the topics in focus is the report on InnovationHub and Regulatory Sandbox. DNB and Dutch Authority for the Financial Markets (AFM) had set up InnovationHub and Regulatory Sandbox to support market operators with innovative financial products, services, and business models. The report features nine lessons learned over the past three years. For example, rather than requiring new regulations and policy, most operators are looking for accessible information about how to apply existing regulations and policy to their specific situation. It was found that the sheer volume of existing rules and regulations sometimes acts as a barrier to market operator, and that, in some cases, the market requires clear answers sooner than the regulators are able to provide.
Building on the lessons learned, DNB and AFM intend to continue the dialog with the market in the coming years on how the InnovationHub and the Sandbox can be further improved. To this end, a number of follow-up steps have been proposed in the report, aimed at providing information, expanding customization, launching an Innovation Forum (iForum), and strengthening internal dialogue on innovation. The following are the additional key highlights of the newsletters:
- Central Banks and Supervisors Network for Greening the Financial System (NGFS), on July 23, 2019, published an overview of the academic work that has been conducted to model the impact of climate change on the economy and the financial system.
- DNB calls on parties to respond to a discussion document about artificial intelligence.
- The Decree on the valuation of insurance claims in bankruptcy has entered into force. The Recovery and Resolution of Insurers Act and the Decree, which contains further rules on preparatory crisis and resolution plans, have been in force since January 01, 2019. The Decree on the valuation of insurance claims in bankruptcy forms the final part of the new framework for recovery and settlement of insurers.
- After public consultation, DNB has published the final question and answer (Q&A) on whether a subscription qualifies as non-life insurance.
- The banking newsletter contains updated calendar for banks.
- Banking Newsletter
- Insurance Newsletter (in Dutch)
- Banking Calendar (PDF)
- Insights from InnovationHub Report
Keywords: Europe, Netherlands, Banking, Insurance, Newsletter, QIS Calender, Innovative Club, Regulatory Sandbox, NGFS, Recovery and Resolution, AFM, Regtech, Fintech, Climate Change Risk, DNB
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