RegAlert2016-04-25 | NBB_2016_07Added
Circular NBB_2016_07 on Segregated Funds
This circular provides guidelines for Belgian insurance and reinsurance undertakings to identify segregated funds, determine their assets and liabilities, and calculate the notional Solvency Capital Requirement (SCR) for each fund. It specifies which agreements and products fall within or outside the scope of segregated funds, defines the restrictions that create such funds, and establishes criteria for assessing materiality. The document mandates that portfolios subject to a matching adjustment be treated as segregated funds and outlines the calculation methods for SCR when multiple segregated funds or internal models are involved.
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NBB_2016_07 – 25 April 2016 Circular – P. 1/11 boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 38 12 – fax + 32 2 221 31 04 company number: 0203.201.340 RPM Brussels www.bnb.be
Circular
Brussels, 25 April 2016
Reference: NBB_2016_07 your contact:
Patricia Kaiser tel. +32 2 221 34 31 – fax +32 2 221 31 04 patricia.kaiser@nbb.be
Circular on Segregated Funds
Scope
Belgian insurance or reinsurance undertakings.
Insurance or reinsurance undertakings that are part of a Belgian group within the meaning of Article 339, 2° of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings.
Belgian undertakings that are part of a Belgian financial conglomerate within the meaning of Article 340, 1° of the aforementioned Law of 13 March 2016.
Branches of undertakings from third countries carrying on insurance [or reinsurance] activities in Belgium.
This circular applies to mutual insurance companies defined in Article 15, 79° of the aforementioned Law of 13 March 2016. For these undertakings, "the Bank" should be replaced by "the Office for the Supervision of Mutualities and National Unions of Mutualities" as defined in Article 15, 84° of the same Law. This circular does not apply to insurance undertakings referred to in Articles 275, 276 or 294 of the aforementioned Law of 13 March 2016.
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Lineage: In force
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