RegAlert2016-04-25 | NBB_2016_08Added
Circular NBB_2016_08 on the Treatment of Affiliated Undertakings, Including Participations
This circular provides detailed guidance for Belgian insurance and reinsurance undertakings on identifying and treating affiliated undertakings and participations under Solvency II rules. It establishes a 20% threshold for identifying participations based on voting rights or share capital, mandates the deduction of financial institution participations exceeding 10% of basic own funds, and defines criteria for strategic participations to determine whether they are deducted or included in solvency calculations. The guidance applies to individual entity calculations, including specific treatments for direct and indirect holdings in credit and financial institutions.
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NBB_2016_08 – 25 April 2016 Circular – Page 1/9 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_08 your contact:
Patricia Kaiser tel. +32 2 221 34 31 – fax +32 2 221 31 04 patricia.kaiser@nbb.be
Circular regarding the treatment of affiliated undertakings, including participations
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 undertakings 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 Mutual Societies and National Unions of Mutual Societies" 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