RegAlert2016-04-25 | NBB_2016_15Added
Circular NBB_2016_15 on Guidelines for Applying Reinsurance Cession Agreements to the Non-Life Underwriting Risk Sub-module in SCR Calculation under the Standard Formula
The National Bank of Belgium establishes guidelines for Belgian insurance and reinsurance undertakings to specify and disaggregate gross losses for the non-life catastrophe risk sub-module when applying reinsurance cession agreements to the Solvency Capital Requirement under the standard formula. The document mandates specific methods for allocating losses across regions, operational units, and lines of business, while prohibiting double counting of reinsurance recoveries and requiring justification for any deviations from prescribed risk profiles. These rules apply to Belgian insurance and reinsurance companies, including mutual societies and branches of third-country entities, effective from March 23, 2016.
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NBB_2016_15 – 25 April 2016 Circular – Page 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_15 your correspondent:
Kajal Vandenput tel. +32 2 221 51 77 – fax +32 2 221 31 04 kajal.vandenput@nbb.be
Circular regarding the guidelines on the application of reinsurance cession agreements to the "non-life underwriting risk" sub-module in the calculation of the Solvency Capital Requirement according to the standard formula
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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