to be an effective approach. after figuring out the basics for insurance resolution, we aim to further integrate the task with bank resolution. bank resolution already works within a matrix organization with the dgs function. there is quite some overlap on certain topics. good examples are crisis management, setting up a bridge institution, and the sale of business procedures. on other topics, such as valuation techniques, it is very likely we will team up the functions much earlier. to conclude, the governance is similar to bank resolution. this is not surprising, given the features of the resolution act, and the potential benefits from cooperation between the two resolution tasks. summary to sum up, i have tried to give you a bird ’ s eye view of the new resolution function. however, there is of course much more to explain. with respect to the resolution toolkit, it has become clear that dnb will have four resolution tools. these can of course can be combined. insurers will be subject to recovery and resolution planning, with the possibility to remove impediments to resolvability. but of course, there is a safeguard to this regime, which is the public interest test. because insolvency should always remain the default option for an insurer. in addition, creditors can never be worse off in resolution than in insolvency. and governance is similar to bank resolution, in terms of decision ‐ making and internal organization. closing remarks although this resolution regime is a big step forward, there is still a lot to gain from a european perspective. different countries have shown an interest in a resolution regime. some of them, such as the netherlands, have started to build one. this potentially creates differences between countries. at the same time, large insurers have cross ‐ border activities and regulation. solvency ii aims to establish a level playing field within europe. the challenge we face is ensuring european citizens are equally protected, despite different national approaches within the eu. ultimately, i am very excited about the dutch resolution regime. and i still hope we will make progress on a european level as well. so let ’ s discuss your ideas and experiences so far, and learn from each other. and keep building together, towards more equal and adequate protection within the eu.

“ the dutch recovery and resolution regime for insurers ” speech by nicole stolk at the eiopa seminar “ recovery and resolution in insurance ” amsterdam, 25 october 2018 at the eiopa seminar on recovery and resolution in insurance, nicole stolk gave an overview of the new dutch regime for recovery and resolution for insurers. before an audience of many other european resolution authorities, she sketched the toolkit, the public interest test and the governance de nederlandsche bank has set up. new task : resolution for insurers the timing of this seminar could not have been better. that is because the dutch parliament is just about to pass the new act on insurance recovery and resolution. at the same time, we at de nederlandsche bank still have many details to work out in how we implement this act. and the clock is ticking. the act is expected to come into force on the first of january 2019. so we only have a short time to prepare for this new reality. and i am also new. a new director. with a new task. it is special to be here at the start of this new resolution regime. and to help this new reality take shape. the netherlands is one of the first countries in europe to implement a resolution regime for insurers. why did we decide to move forward on a national level? one of the reasons was that our old toolkit had several shortcomings. some instruments were not available, or could only be used in limited ways. these shortcomings became very clear when dutch financial group sns reaal, ran into problems in 2013. the government had to step in, and the banking and insurance group was nationalized. but if we ’ d had the new insurance resolution regime back in 2013, the outcome might have been different. with a better toolkit, and the possibility to conduct resolution planning, there might have been alternative solutions. however, sns reaal was not the only case. during the crisis, several dutch insurers needed state support. this showed that not only banks, but also insurers, could be “ too big to fail ”. however, the insurance sector also faces difficulties today. life insurers are under pressure from low interest rates. and from changes in dutch fiscal policy. that is why this new regime is needed. it will prevent future bail ‐ outs, and offer policyholders better protection. but the development of this new regime has also sparked