DNB Publishes Banking and Insurance Newsletters in October 2019

By Regulatory News

October 03, 2019

Basel III, Solvency II, Regulatory Reporting: EU

DNB published the banking and insurance newsletters that provide updates on the regulatory developments in the banking and insurance sectors. One of the topics in focus is the feedback report published by Netherlands Authority for the Financial Markets (AFM) and DNB on the transition to alternative interest rate benchmarks. The authorities highlight the need to analyze risks related to this transition and take appropriate action while transitioning to the relevant alternative benchmarks as soon as these become available. The newsletters also contain updated calendars for banks and insurers.

Both the newsletters highlight that financial institutions have made further progress in implementing measures under their Brexit plans. This has emerged from the selected follow-up surveys DNB held among banks, insurers, and other institutions. For insurers, other key updates of the month include the following:

From October 17, 2019, an application for approval of a portfolio transfer between insurers can be submitted via Digital Counter Supervision Desk (Digitaal Loket Toezicht, or DLT). This makes communications between insurer and DNB more efficient and safer.
Insurers must submit a Regular Supervisory Report, or RSR, to DNB at least once every three years, unless DNB requests a higher frequency. This reporting obligation is laid down in the Solvency II regulations. A full Regular Supervisory Report is required to be submitted in 2019.

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Keywords: Europe, Netherlands, Banking, Insurance, Newsletter, QIS Calendar, Brexit, Solvency II, Interest Rate Benchmarks, Reporting, AFM, DNB

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