DNB implements the provisions of the Wft relating to market access for special purpose reinsurance vehicles.
- The definition of a special purpose reinsurance vehicle is given in Article 1:1 of the Wft. The licensing requirements are setout in Article 2:54b of the Wft.
Market access provisions
The central provisions in the Wft regarding market access for special purpose reinsurance vehicles are listed in the following table, with brief indications of the case each paragraph applies to.
|Entiteit voor risico-acceptatie||having its registered office in the Netherlands||Article 2:54a|
|having its registered office in a Member State||Article 2.54c|
|having its registered office outside the Netherlands in a state that is not a designated state and carrying on its business from a branch office located in the Netherlands.||Article 2:54d|
|having its registered office outside the Netherlands in a state that is not a designated state and providing services in the Netherlands||Article 2:54f|
Furthermore, Article 3:38a of the Wft states that a licensed special purpose reinsurance vehicle having its registered office in the Netherlands is not permitted to carry on other activities than those stated in its licence.
DNB will decide on an application within 13 weeks of receiving it. However, this consideration period is suspended whenever DNB requests further information in supplementation of the application, until DNB receives the requested information. If DNB should not receive the (full) requested supplementary information within the period set for its submission, DNB may decide not to consider the application.
Having obtained a licence, a special purpose reinsurance vehicle may, in principle, operate in the other EU/EEA Member States as well, by virtue of the so-called European passport.