Circular on insurance undertakings subject to a special regime due to their size

NBB_2017_11 – March 27, 2017 Circular – Page 1/21 Boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 38 12 – fax + 32 2 221 31 04 company number: 0203.201.340 RPR Brussels www.bnb.be Circular Brussels, March 27, 2017 Reference: NBB_2017_11 your contact:
Bertrand Leton tel. +32 2 221 23 65 – fax +32 2 221 31 04 bertrand.leton@nbb.be Circular on insurance undertakings subject to a special regime due to their size Scope This circular concerns:
a) insurance undertakings referred to in Article 272 of the Law of March 13, 2016 on the status and supervision of insurance or reinsurance undertakings (undertakings subject to a special regime due to their size) and which are not in the case referred to in Article 275 of the aforementioned Law of March 13, 2016; b) insurance undertakings referred to in Article 275 of the aforementioned Law of March 13, 2016 (undertakings subject to a special regime due to their size and which have concluded an agreement involving the full and systematic reinsurance of insurance contracts or the transfer of commitments). Summary/Objectives This circular clarifies the conditions required for a Belgian insurance undertaking to benefit either from the simplified supervision regime provided for by Articles 272 to 293, with the exception of Article 275 of the Law of March 13, 2016 on the status and supervision of insurance or reinsurance undertakings, or from the exemption from supervision provided for by Article 275 of the same law. Furthermore, this circular comments on the supervision regime applicable to these two categories of insurance undertakings. Legal Reference Law of March 13, 2016 on the status and supervision of insurance or reinsurance undertakings, Articles 272 to 293.