On Feb. 28, 2025, NLD AFM issued factsheet and further information on license requirement for companies that offer group insurance to their customers.
Taking account of processing period, companies have about 4 months to apply.
Applications take at least 13 weeks and should be submitted well in advance.
On Mar. 14, NLD AFM announced requirement for insurance providers.
NLD AFM announced that, in certain cases, companies that offer group insurance to their customers will need a license from the NLD AFM as of Oct. 1, 2025.
Insurance Intermediary
Group insurance is an insurance contract concluded between a policyholder (in this example, a transport company) and an insurer.
Transport company can add many persons/companies to the policy as insured persons.
Person/company can join a group insurance policy automatically or not-automatically.
In the latter case, in the event of a conscious choice and compensation by the customer, the transport company will be required to obtain a license from Oct. 1, 2025.
As a result of a ruling by the Court of Justice of the European Union, the transport company will be seen as an insurance intermediary as of Oct. 1, 2025.
The amended rules on group insurance are a result of a judgment of the CJEU.
Exceptions
A permit is not required in all cases; no license requirement if the customers (insured persons) are automatically covered by group insurance and do not have a choice.
Or if there is no compensation for the policyholder, also exempt from requirement.
In addition, there is an exemption scheme, further information found on the website.
Effectiveness
Certain companies will need a group insurance license from Oct. 1, 2025.
Feb. 2025 Factsheet, Further Information
On Feb. 28, 2025, NLD AFM issued factsheet and further information on license requirement for companies that offer group insurance to their customers.
Taking account of processing period, companies have about 4 months to apply.
Applications take at least 13 weeks and should be submitted well in advance.
