RegAlert2020-12-22 | NBB_2020_04Added
Circular on Guidelines on Undertaking-Specific Parameters
The National Bank of Belgium establishes guidelines for insurance and reinsurance undertakings regarding the data quality criteria for calculating undertaking-specific parameters (USPs) and group-specific parameters under Solvency II. The circular mandates that USPs may only replace standard parameters if data meets strict quality standards, requires annual reporting of USP calculations to the regulator, and defines procedures for approval, withdrawal of approval in case of non-compliance, and the use of group-specific parameters in group solvency calculations. It replaces Circular 2016_19 and applies from 31 December 2020.
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NBB_2020_040 – 22 December 2020 Circular – P. 1/7 14 Boulevard de Berlaimont – BE-1000 Brussels tel. +32 2 221 33 93 – fax +32 2 221 31 36 company number: 0203.201.340 RPM Brussels www.bnb.be
Circular
Brussels, 22 December 2020
Reference: NBB_2020_040 your contact:
Jérôme Bourtembourg tel. +32 2 221 33 93 – fax +32 2 221 31 36 Jerome.bourtembourg@nbb.be
Circular on Guidelines on Undertaking-Specific Parameters
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 Law 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 Law of 13 March 2016;
- Branches of undertakings from third countries carrying on insurance [or reinsurance] activities in Belgium.
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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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