NautaDutilh assists Dutch State on extended EUR 12 billion COVID-19 state aid reinsurance scheme for trade credit insurance
After the COVID-19 outbreak, the Dutch government implemented a EUR 12 billion state aid reinsurance scheme to stabilize the trade credit insurance market during 2020. In December 2020, the Dutch State has extended its support by setting up a reinsurance scheme for another six months. Trade credit insurance is an essential part of the trade supply chain by enabling companies to protect themselves from the risk of non-payment by their clients. Given the economic impact of the COVID-19 outbreak, the risk of insurers not being willing to issue this insurance became significantly higher. The Dutch scheme ensures that trade credit insurance continues to be available, avoiding the need for buyers of goods or services to pay in advance and limiting disruptions in the trade supply chain.
NautaDutilh is proud to have assisted the Dutch State in this state aid measure aimed at helping the Dutch economy and Dutch companies during these very difficult times. NautaDutilh assisted the State in the State Aid Notification and approval procedure with the European Commission. The NautaDutilh team furthermore led the negotiations with the participating credit insurers together with the State and drafted all extension documentation.
The team assisting the Dutch State on the State Aid Notification and obtaining approval from the European Commission was led by Mauricette Schaufeli and included Paul Deza de Massiac and Felix Seuntjens.
The team leading the negotiations on behalf of the Dutch State with the credit insurers and drafting the scheme reinsurance documentation was led by Jasha Sprecher and included Edger Kleijer and Janneke Reijnders.