RegAlert2017-03-27 | NBB_2017_12Added
Circular NBB_2017_12 regarding local insurance undertakings
Local insurance undertakings must be registered with the National Bank of Belgium to benefit from the light supervision regime established by Articles 294 to 302 of the Law of 13 March 2016. Eligibility requires limiting activities to specific non-life risks within the municipality of the registered office and neighboring communes, maintaining a minimum annual premium collection of one million euros, and ceding at least 90% of risks to an authorized reinsurer. The National Bank verifies compliance with these conditions and may revoke registration if requirements are no longer met, resulting in the company's liquidation.
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NBB_2017_12 – 27 March 2017 Circular – Page 1/8 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, 27 March 2017 Reference: NBB_2017_12 your contact:
Bertrand Leton tel. +32 2 221 23 65 – fax +32 2 221 31 04 bertrand.leton@nbb.be Circular regarding local insurance undertakings Scope This circular concerns insurance undertakings referred to in Article 294 of the aforementioned Law of 13 March 2016, also known as local insurance undertakings. Summary/Objectives This circular explains the conditions required for a Belgian law insurance undertaking to benefit from the supervision regime for local insurance undertakings provided for by Articles 294 to 302 of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings. It also comments on this supervision regime. Legal Reference Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings, Articles 294 to 302. Structure
I. Objectives
II. Definitions
III. Entry into force
IV. Supervision regime applicable to local insurance undertakings
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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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