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Rule · NBB · 25 Jun 2025 · NBB_2025_09

Circular NBB_2025_09 / Internal Risk and Solvency Assessment (ORSA)

capital
insurance

This circular provides the National Bank of Belgium's guidance on the Internal Risk and Solvency Assessment (ORSA) for insurance and reinsurance companies. It transposes EIOPA guidelines on ORSA, adding specific details and good practices, including a dedicated chapter on stress testing, sensitivity analysis, and scenario analysis. The document also includes an annex containing a table for assessing the most material risks.

BelgiumNational Bank of Belgium

Circulars and communications

NBB_2025_09

Publication date

Area of responsibility

Supervision of financial institutions Cross-cutting and international aspects

Sector

Insurance and reinsurance companies

Circular NBB_2025_09 / Internal Risk and Solvency Assessment (ORSA)

This circular aims to provide information on the Bank's guidelines regarding the internal risk and solvency assessment (ORSA). The circular presents the transposition of EIOPA guidelines on ORSA, supplemented with clarifications and good practices. A specific chapter is dedicated to good practices regarding stress testing and sensitivity and scenario analysis.

Annex 1 to Circular NBB_2025_09:

Table: Assessment of the most material risks

Circular NBB_2025_09 / Assessment of Own Risk and Solvency (ORSA)

This circular provides information on the Bank's guidelines for the assessment of own risk and solvency (ORSA). The circular is based on the EIOPA guidelines on ORSA, supplemented with additional specifications and good practices. A specific chapter is devoted to good practices regarding stress testing, sensitivity and scenario analyses.

Annex 1 to Circular NBB_2025_09:

Table: Assessment of most material risks

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