RegAlert2022-10-17 | NBB_2022_25Added
Circular NBB_2022_25 / Circular on guidelines for the valuation of technical provisions under Solvency II
This circular establishes binding guidelines for Belgian insurance and reinsurance undertakings regarding the valuation of technical provisions under Solvency II, effective January 1, 2023. It mandates the application of proportionality principles and requires the actuarial function to ensure data quality, proper segmentation, and robust validation processes. The document specifies requirements for data completeness, adequacy, and the use of expert judgment to address data limitations, while also outlining methods for calculating provisions and validating results.
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boulevard de Berlaimont 14 - BE-1000 Bruxelles tel. +32 2 221 27 31 numero d'entreprise: 0203.201.340 RPM Bruxelles www.bnb.be Banque Nationale de Belgique DE BELGISCHE NATIONAALBANK Eurosystem Circular Brussels, 17 October 2022 Reference:
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Stany Zabinski tel. +32 2 221 34 67 stany.zabinski@nbb.be NBB_2022_25 Circular on guidelines for the valuation of technical provisions under Solvency II 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 companies 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 Mutual Unions" 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. Objective This circular aims to explain the Bank's guidelines on the valuation of technical provisions under Solvency II. Legal references the Act: the Act of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings; Regulation 2015/35: Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). NBB_2022_25 - 17 October 2022 Circular - P. 1/35
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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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