RegAlert2022-10-17 | NBB_2022_24Added
Circular NBB_2022_24 / Circular on guidelines regarding contract boundaries
This circular establishes guidelines for Belgian insurance and reinsurance undertakings to consistently define contract boundaries under Solvency II, replacing Circular NBB_2016_24. It mandates that entities apply coherent principles for identifying unilateral rights, assessing risk reflection in premiums, decomposing contracts, and evaluating the perceptible economic effect of financial guarantees or hedges. The guidelines become effective on 1 January 2023.
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boulevard de Berlalmont 14 - BE-1000 Bruxelles tel. +32 2 221 27 31 numero d'entreprlse: 0203.201.340 RPM Bruxelles www.bnb.be n '»uiH!i!('Nationalei5(inl DE BELCIQUE VAN BELCIE rurosyso'm Circular Brussels, 17 October 2022 Reference:
your correspondent:
Stany Zabinski tel. +32 2 221 34 67 stany.zabinski@nbb.be NBB_2022_24 Circular on guidelines regarding contract boundaries 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 Act 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 Act of 13 March 2016,
Branches of third-country undertakings carrying on insurance [or reinsurance] activities in Belgium This circular applies to mutual insurance societies defined in Article 15, 79° of the aforementioned Act 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 Act.
This circular does not apply to insurance undertakings referred to in Articles 275, 276 or 294 of the aforementioned Act of 13 March 2016.
Purpose
This circular aims to explain the Bank's guidelines regarding contract boundaries Legal references The Act: The Act of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings Regulation 2015/35: Delegated Regulation (EU) 2015/35 of the Commission of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the access to and exercise of the activities of insurance and reinsurance NBB_2022_24 - 17 October 2022 Circular - P. 1/8
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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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