RegAlert2016-05-12 | NBB_2016_27Added
Circular NBB_2016_27 / Circular on guidelines regarding the use of internal models under Solvency II
The National Bank of Belgium establishes guidelines for insurance and reinsurance companies regarding the use of internal models to calculate the Solvency Capital Requirement under Solvency II. The document defines group internal models, specifies technical requirements for applications and modifications, and mandates a use test to ensure models are integrated into risk management and decision-making processes. These rules apply to Belgian insurance entities and their group structures, requiring adherence to specific governance, reporting, and validation standards.
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NBB_2016_27 – 12 May 2016 Circular – Page 1/18 14 Berlaimont Boulevard – BE-1000 Brussels tel. +32 2 221 38 12 – fax +32 2 221 34 01 company number: 0203.201.340 RPM Brussels www.bnb.be
Circular
Brussels, 12 May 2016
Reference: NBB_2016_27 your correspondents:
Dieter Hendrickx / Jérôme Bourtembourg tel. +32 2 221 34 29 / 33 93 – fax +32 2 221 31 04 dieter.hendrickx@nbb.be / jerome.bourtembourg@nbb.be
Circular on guidelines regarding the use of internal models under Solvency II
Scope
Belgian insurance or reinsurance undertakings.
Insurance or reinsurance undertakings forming 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 forming part of a Belgian financial conglomerate within the meaning of Article 340, 1° of the aforementioned Law of 13 March 2016.
Branches of third-country undertakings carrying on insurance [or reinsurance] activities in Belgium.
This communication 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 communication 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
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