Regulatory Alerts2016-07-19 | NBB_2016_36Added · Updated
Communication NBB_2016_36: Application Dossier for the Use of Internal Models
This communication from the National Bank of Belgium (NBB) outlines the application dossier requirements for Belgian insurance and reinsurance undertakings seeking approval to use an internal model for calculating their Solvency Capital Requirement (SCR) under Article 167 of the Law of March 13, 2016. Affected entities, including those in Belgian groups or financial conglomerates and branches of third-country undertakings, must submit a common application dossier comprising a self-assessment form and supporting documentation to demonstrate compliance with internal model requirements specified in Articles 174-187 of the Law, Implementing Regulation 2015/460, and Circular NBB_2016_27. For major model changes or the introduction of new elements, a reduced dossier is acceptable, and undertakings are encouraged to engage in a pre-application procedure and announce planned dossiers by October 31 of the preceding year. Group SCR applications under Articles 372-375 of the Law must be submitted to the group supervisory authority.