RegAlert2016-04-25 | NBB_2016_25Added
Circular NBB_2016_25 / Circular on guidelines for the application of long-term guarantee measures
The National Bank of Belgium issues guidelines for Belgian insurance and reinsurance companies on applying long-term guarantee measures, including the volatility adjustment, equalisation reserve, and transitional measures for risk-free interest rates and technical provisions. The document specifies how these measures interact with the calculation of the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) under the standard formula, requiring that certain adjustment amounts remain unchanged during stress testing and defining specific calculation bases for operational risk and linear MCR components.
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NBB_2016_25 – 25 April 2016 Circular – P. 1/5
14 Berlaimont Boulevard – 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_25 your contact:
Stany Zabinski tel. +32 2 221 34 67 – fax +32 2 221 31 04 stany.zabinski@nbb.be
Circular on guidelines for the application of long-term guarantee measures
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] activity in Belgium.
This circular applies to mutual insurance companies as 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