Because authorized Victor and broker Marsh are part of the same group company, situations may arise involving conflicting interests. The interests of the principal (the party granting authority) can conflict with those of the broker or the insured. Within Victor Insurance Nederland and Marsh, there are regulations in place to prevent conflicts of interest from occurring. To minimize conflicts, a clear separation has been established between the tasks and authorities of Victor Insurance Nederland and those of Marsh. There are rules that must be followed if, despite these measures, a conflicting situation unexpectedly arises. In such cases, the situation is discussed with the involved parties and resolved through mutual agreement. The Business Interests Conflict Policy can be requested from Victor Insurance Nederland and Marsh.
In the conduct of our company's activities, we distinguish the following market parties. It is important to differentiate their various roles.
- Clients
We refer to clients as the end customers. This can include both individual and/or business policyholders. - Intermediaries
By intermediaries, we mean insurance brokers, financial advisory firms, advisors, and/or insurance intermediaries. - Authorized Agents
Authorized agents, such as Victor, are specialized companies. They are qualified and authorized to accept insurance applications, issue policies, and handle claims on behalf of insurers. To clients and advisory firms, authorized agents act as insurers. - Insurers
By insurers, we mean the risk carriers from whom we have obtained the power of attorney. On behalf of these risk carriers, we accept the risks offered, manage policy administration, and handle claims.
Due to the unstable situation in certain countries, increasingly restrictive measures are being imposed by the European Union and the United Nations. These measures limit or prohibit doing business with individuals, companies, and governments from these countries. All European insurers are therefore required to screen all their business relationships against sanction regulations.
Insurers are not allowed to provide coverage that conflicts with laws and regulations. Accordingly, Victor Insurance Netherland checks whether your company, its directors, authorized representatives, and ultimate beneficial owners ('UBO') appear on international sanction lists. If it is found that individuals or entities are listed on a sanctions list, the insurer is not permitted to enter into an insurance agreement.
A UBO is always a natural person. To identify UBOs, insurers verify individuals who have a direct or indirect interest in an organization or in the assets of that organization. You typically receive the UBO form from Victor Insurance Nederland through your intermediary, but you can also download it via the link below. Once completed, you should send the UBO form to your intermediary.
• UBO form Victor Insurance Nederland: Dutch
• UBO form Victor Insurance Nederland: English
Fraud is the misuse of an insurance product or service to obtain a benefit to which one is not entitled. Some examples of fraud include:
- Not honestly providing information to the insurer
- Not truthfully explaining what happened
- Altering amounts on purchase receipts
- Claiming more than the actual damage incurred
- Reclaiming a denied claim with a different story
To prevent and detect fraud:
- We have fraud indicators. Our staff are trained to recognize these signs
- We use automated knowledge systems specifically designed to detect fraud
- We have a fraud contact person responsible for implementing and enforcing our fraud policy
- Data on claims history and specific fraud information are collected in a central register (FISH), improving fraud detection
- We conduct checks in accordance with the Sanctions Act (CDD)
- We perform UBO checks in accordance with the Act on the Prevention of Money Laundering and Terrorist Financing (Wwft)
Measures in case of fraud:
- Termination of the insurance(s). In case of fraud, not only is the relevant policy canceled, but all other active insurance agreements are also terminated
- Reporting to the police
- Personal data are recorded in the financial institutions' incident warning system
- No payments are made
- Funds paid out and costs incurred are recovered
The specific measures taken and their extent depend on the severity and fault of the fraud.
Authorizations are bound by legal regulations. For example, the power of attorney must be documented in writing and must be drafted according to a model established by ministerial regulation. In this model power of attorney, the insurer declares that the authorized agent is permitted to accept insurance on its behalf. With the model power of attorney, the authorized agent can perform all activities considered part of the insurance business. The insurer granting the power of attorney provides an unlimited authorization. No modifications may be made to the model power of attorney. The Authority for the Financial Markets (AFM) registers all powers of attorney and maintains a public register that can be accessed online by anyone. This allows everyone to see which insurers have entrusted an authorized agent with a power of attorney.
Follow the link to the Victor Insurance Nederland power of attorney overview at the AFM.
NVGA
On the Dutch delegated authority market, the industry association ‘Vereniging van Gevolmachtigde Assurantiebedrijven (NVGA)’ is active. Besides representing interests, it focuses on ensuring the quality of authorized agents in general and of its members in particular. Victor Insurance Nederland is a member of this industry association.
VNAB
The Vereniging Nederlandse Assurantie Beurs (VNAB) is the leading industry organization for all parties involved in the commercial insurance market in the Netherlands. Building on the history of the former insurance exchanges in Rotterdam and Amsterdam, VNAB actively supports its members in three strategic areas: market leadership, knowledge transfer, and networking & connecting.
Lloyd’s of London
We are a registered Lloyd’s Coverholder. This gives Victor Insurance Nederland access to the insurance markets in London. If you have a policy with us that is placed in the Lloyd’s market, and you have questions or complaints about it, you can contact:
Lloyd’s General Representative in the Netherlands:
Mr. Ralph van Helden
Lloyd’s Netherlands Representative B.V.
Beursplein 37
P.O. Box 30196
3001 DD Rotterdam
Our specialists perform their work with the required expertise, dedication, and integrity. Despite our efforts, if you have a complaint, please let us know, and we will work with you to find a solution.
What does Victor Insurance Nederland do with your complaint?
Of course, we want you to be satisfied with Victor. We do our utmost to handle your complaint to your satisfaction. Usually, issues can be quickly and adequately resolved through a personal conversation.
Additionally, your complaint prompts us to review whether we can improve our services.
Please clearly describe the nature of your complaint and include all relevant correspondence. You will receive a response from us within 14 days.
Where can you turn?
You can let us know in various ways if you are not satisfied:
Intermediary
Your intermediary will bring your complaint to our attention.Victor Insurance Nederland
You can submit your complaint in writing to our complaints coordinator, Anda Verhoeven, P.O. Box 1545, 3000 BM Rotterdam.Email
You can submit your complaint via email to info.nl@victorinsurance.com or klachten@victorinsurance.com, mentioning “complaint” in the subject line.
Are you still not satisfied?
If, after receiving Victor Insurance Nederland’s final position, you believe your complaint has not been resolved to your satisfaction, you can submit your complaint free of charge within three months to the Financial Ombudsman of the Financial Services Complaints Institute (KiFiD). The Financial Ombudsman is independent and mediates between parties.
For more information about KiFiD, please visit their website: www.kifid.nl
The mailing address of KiFiD is: KiFiD, P.O. Box 93257, 2509 AG THE HAGUE.
If you do not agree with the advice of the Financial Ombudsman, you can submit your complaint (within three months) to the KiFiD Disputes Committee.