Communication NBB_2025_01 / Annex 1 to Circular NBB_2017_10 on Insurance Creditors' Privileges, Permanent Inventories and the Summary Statement of Permanent Inventories - ERRATUM

boulevard de Berlaar 14 - 1000 Brussels phone +32 2 221 27 31 company number: 0203.201.340 RPM Brussels www.bnb.be National Bank of Belgium EUROSYSTEM Communication Public Brussels, 19 February 2025 Reference: NBB_2025_01 your contact:
Aurelie Leclercq phone +32 2 221 39 65 aurelie.leclercq@nbb.be

Annex 1 to Circular NBB_2017_10 on insurance creditors' privileges, permanent inventories and the summary statement of permanent inventories - ERRATUM

Scope
This communication concerns:
a) Belgian insurance undertakings required to apply for the approval referred to in Article 18, first paragraph, 1° of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings, including:

• the undertakings referred to in Article 276 of the aforementioned Law of 13 March 2016,
• mutual insurance companies defined in Article 15, 79° of the aforementioned Law of 13 March 2016,
  provided that, for these undertakings, "the Bank" must be replaced by "the Office for the Supervision of Mutualities and National Mutual Unions" as defined in Article 15, 84° of the aforementioned Law of 13 March 2016; b) branches of insurance undertakings subject to the law of a country outside the European Economic Area, where the law of that third country does not provide for a regime protecting insurance creditors granting them a rank at least equivalent to that provided for in Articles 643 and 644 of the aforementioned Law of 13 March 2016 (cf. Article 591, § 3 of the aforementioned Law of 13 March 2016).

This communication does not concern:
a) insurance undertakings referred to in Article 275 of the aforementioned Law of 13 March 2016 (undertakings subject to a special regime due to their size and which have concluded a convention involving the integrated and systematic reinsurance of insurance contracts or the transfer of commitments), b) insurance undertakings referred to in Article 294 of the aforementioned Law of 13 March 2016 (local insurance undertakings), c) reinsurance undertakings, d) insurance groups.

Summary/Objectives
This communication aims to inform the sector of the rectification of two formal elements contained in Annex 1 to Circular NBB_2017_10 on insurance creditors' privileges, permanent inventories and the summary statement of permanent inventories, without any modification to the aforementioned Circular NBB_2017_10.

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Dear Sir,
Dear Madam,

Circular NBB_2017_10 of 22 March 2017 on insurance creditors' privileges, permanent inventories and the summary statement of permanent inventories aims to explain (1) the organization of privileges in favor of policyholders, insured persons and beneficiaries of insurance contracts or commitments, (2) the obligation to maintain permanent inventories by separate management, and (3) the reporting obligations resulting therefrom for supervisory purposes.

The summary statement is transmitted to the Bank according to the template in Annex 1 to Circular NBB_2017_10.
It has been noted that two formal corrections needed to be introduced into this template contained in this Annex 1:

• The template did not mention line item 611.111.01 - End-of-year aging provision, whereas this is indicated in the circular;
• The template mentioned line item 422.11 (which does not exist) instead of line item 421.11 (Technical liabilities).

This communication solely aims to inform the concerned undertakings of the rectification of these two formal elements, in order to ensure greater clarity and consistency between the circular and its annex. No substantive modification has been made to this annex. The circular remains, for its part, completely unchanged. A copy of this is sent to the commissioner(s), approved auditor(s) of your establishment. Please accept, Sir, Madam, the expression of my distinguished sentiments.

Pierre Wunsch
Governor

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