Regulatory Alerts2020-03-03 | NBB_2020_04Added · Updated
Circular NBB_2020_04 on the recognition and valuation of assets and liabilities other than technical provisions
This circular replaces Circular 2016-28 and provides binding orientations for Belgian insurance and reinsurance undertakings regarding the recognition and valuation of assets and liabilities other than technical provisions. It mandates adherence to IFRS unless inconsistent with Article 123 of the Insurance Law, while specifying alternative valuation methods for investment properties, financial liabilities, and related company participations. The document further details specific rules for deferred tax assets and liabilities, including prohibitions on discounting, conditions for offsetting, and requirements for documenting taxable profit projections.
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