In the context of collecting and assessing information, DNB has power to call for information.
- DNB may require an insurer to provide any information it needs; this includes inspecting business information and documents and carrying out on-site investigations (Section 1:72-1:74 Wft).
DNB can also use this power in relation to other parties, where reasonably necessary for the fulfilment of its supervisory role.
In the context of guiding and intervening at a supervised insurer, DNB has a number of tools available to it.
- DNB can issue a direction to an insurer obliging it to adopt a certain course of conduct on specific points (Section 1:75 Wft). DNB can issue such a direction if:
- either the insurer fails to comply with the provisions of the Wft or related secondary legislation;
- or DNB identifies signs of a development that may endanger the own funds, solvency or liquidity of that insurer.
- DNB may appoint a receiver for an insurer, which means that bodies within that financial undertaking can only exercise their powers after obtaining the receiver's approval (Section 1:76 Wft). The situations in which DNB can decide to do this correspond to the cases in which DNB can issue a direction as set out above.
- In the event of the breach of certain provisions listed in the Wft, DNB can impose a cease and desist order (Section 1:79 Wft) or an administrative fine (Section 1:80 Wft) on an insurer.
- DNB also has certain opportunities under the Wft to make information public; this involves issuing a public warning and announcing a decision to impose an administrative fine or a cease and desist order (Sections 1:94, 1:97 and 1:99 Wft).
In using these tools, DNB shall also take the seriousness of the situation into account in making choices and deciding on specific actions.