NETHERLANDS - EUR49bn PGGM, the second largest Dutch pension fund, has rebranded its insurance arm following new legislation that came into effect this month.
The former PGGM Verzekeringen will now be know as Careon following a ruling that stops Dutch pension funds from offering insurance services as part of that body.
The new legislation governs the link between pension funds and their divisions except those units governing pensions and investments, which must now be set up as separate legal entities.
According to PGGM, Careon will offer both life and non-life products and be open to the general public. In practice the rebranding does not affect PGGM insurance policy holders.
The legislation - which affects the larger schemes - aims to settle the demarcation between pension funds and insurers, and introduce greater competition into the market.
The move is expected to have an impact on which kind of defined contribution schemes can be administered by pension funds.
In November last year, superfund ABP reintroduced its insurance under the name of Loyalis.
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