It is immensely important to be fully aware of the implications in the Financial Supervision Act and all the relevant regulations in the field of insurance.
In the Netherlands, all persons acting as insurance providers need to have a licence. But what exactly does ‘acting as an insurance provider’ entail? Is it possible to set up a fund in collaboration with other parties, and to use this to effect payments in certain cases? Are you allowed to offer a product guarantee that covers damage to the product other than damage caused by a defect in the product itself?
Advising and mediating
Advising on insurance and mediating between an insured party and an insurance company is also prohibited unless you have a licence. However, a great many acts come under the heading of advice and mediation. So what exactly are you allowed to do when advising your clients to take out insurance with a certain company, and can you conclude agreements with the relevant insurance company on this? And what are you not allowed to do in this respect?
Ploum can provide you with legal assistance
At Ploum, our specialists can advise you on how exactly the legislation and regulations affect the way in which you can launch your product on the market or cover all your risks. Examples of this include licensing obligations and exemptions. And we can communicate with the relevant supervisory body on your behalf as well (DNB or AFM).
In addition, we advise and assist insurance companies or intermediaries if they are called upon to fulfil their duty of due care or to comply with a code of conduct. We call in our colleagues specialising in criminal law and make use of their expertise wherever necessary. And if you are held liable, our professional liability specialists will advise and assist you.