Regulatory Alerts2016-09-15
FSMA Communication on Reporting for Unit-Linked Insurance Products
The Belgian Financial Services and Markets Authority (FSMA) issued this communication to address widespread non-compliance with Article 73 of the Royal Decree on Life Insurance regarding reports for Class 23 investment funds. The document clarifies that insurers must prepare specific annual and half-yearly reports for each individual investment fund and make them available at their registered office, while recommending online publication. It further mandates that these reports accurately disclose the underlying portfolio composition, derivative liabilities, and fund-specific risks to ensure policyholders receive meaningful and comparable financial information.
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