RegAlert2019-10-11 | NBB_2019_24Added · Updated
Circulaire NBB_2019_24 / Reinsurers governed by the law of a U.S. State
Reinsurers governed by the law of a U.S. State must submit specific documents to the National Bank of Belgium to benefit from the EU-US bilateral agreement, which exempts them from branch establishment or collateral requirements. Before entering into reinsurance agreements, these entities must provide confirmations regarding risk-based capital ratios, jurisdiction consent, and notification obligations, along with annual compliance confirmations and detailed financial data upon request. The National Bank of Belgium maintains and publishes a list of U.S. reinsurers that have demonstrated compliance with these conditions.
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boulevard de Beriaimont 14-BE-100Q Brussels
Phone +32 2 221 37 40 - fax + 32 2 221 31 04
Company number 0203. 201 340
RPM (Trade Register) Brussels www. nbb. be ffl BanqueNqtionaleBank DE BELGIQUE VAN BELGiE Eurosystem Circuler Brussels, 1 October2019 Référence: NBB 2019 24 Contact person:
Bertrand Leton
Phone<-32222t2365-fax*3222213104 bertrand. leton@nbb. be Reinsurers governed by the law of a U. S. State Scope Reinsurance companies governed by the law ofa U. S. State Insurance and reinsurance companies governed by Belgian law Summary/Objectives This communication relates to the bilatéral agreement between the European Union and the United States of America on prudential measures regarding insurance and reinsurance'. It aims ta specify which documents should be submitted to the National Bank ofBelgium by a reinsurer governed by the law of a U. S. State, that intends to accept risks ceded by an insurer or another reinsurer that is subject ta the prudential supervision of the National Bank of Belgium. This communication replaces Communication NBB_2018_18. Dear Sir, Dear Madam, The European Union and the United States of America have signed a bilatéral agreement on prudential measures regarding insurance and reinsurance (hereinafter referred to as "the Agreement"). This Agreement was applied provisionally from 7 November 2017 and entered into force on 8 April 2018. It enables reinsurance companies governed by the law of a U. S. State to enter into reinsurance agreements with ceding insurers established in the European Union without having to establish a branch in the Member State concernée) or pledge collateral. Officiai Journal ofthe European Union, L 258of6. 10. 2017, pp. 4 etseq. The text ofthe agreement is also available on the website of the Bank fhttDS://www.nbb.be/doc/cD/ena/2017/20171006 bilatérale overeenkomst eu vs.pdf NBB 2019 24 - 10ctober2019 Circular - Page 1/5
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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works