FEDERAL PUBLIC SERVICE ECONOMY,

S.M.E., MIDDLE MANAGEMENT AND ENERGY

[C − 2016/11419]

14 SEPTEMBER 2016. — Royal Decree concerning the distribution

of profit sharing and the granting of rebates for insurance

REPORT TO THE KING

Sire,

The draft decree submitted for Your signature establishes the prudential rules for the distribution of profit sharing and the granting of rebates for insurance.

Distribution and granting of profit sharing

Profit sharing is granted in two separate phases:

a) Distribution of profit sharing

The first phase consists of the distribution of profit sharing as referred to in Article 213, 9° of the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings (hereinafter "the Law"), which means that the profit of the insurance undertaking is assigned wholly or partially in favor of insurance contracts.

For an insurance undertaking, this phase involves determining the amount of profit it has made during the closed financial year that it wishes to rebate to policyholders and beneficiaries to compensate for the prudence built into its tariffs.

This amount is therefore determined globally for all concerned policyholders and beneficiaries, and no individual right is attached to it yet. It is included in the technical provisions of the insurance undertaking in the form of a provision for profit sharing and rebates of the financial year.

b) Granting of profit sharing

The second phase consists of the granting of profit sharing as referred to in Article 213, 10° of the Law.

The granting rules are established by insurance undertakings based on their own criteria, in compliance with the Law.

Rebates

Rebates are also granted in two phases. In the first phase, the total amount that can be granted to a set of contracts is calculated, based on the profit made during the past financial year. This amount is included in the technical provisions in the form of a provision for profit sharing and rebates of the financial year. At this stage, no individual right exists to the amount to be rebated.

The second phase is the granting of the actual rebates. Unlike profit sharing, rebates do not increase the contractually determined benefits, but result in a refund of part of the premium paid.

Rebates are mainly found in non-life insurance, and profit sharing mainly in life insurance.

Objective of the draft decree

The prudential rules relate exclusively to the first phase described above, which is the subject of the draft decree submitted for Your signature.

The second phase, for both profit sharing and rebates, falls within the domain of consumer protection.

The Royal Decree of 3 March 2011 concerning the evolution of the supervisory architecture for the financial sector (the so-called "Twin Peaks Decree") has split the prudential supervision of rules regarding conduct and consumer protection, and has distributed competences between the National Bank of Belgium (hereinafter "the Bank") and the Financial Services and Markets Authority (hereinafter "the FSMA"). It should also be recalled that the prudential provisions apply to undertakings under Belgian law, regardless of the country where the activity is exercised, while non-prudential supervision applies to activities in Belgium, regardless of the country of origin of the insurance undertaking.

For these reasons, it was deemed advisable to limit the scope of the draft decree to the prudential aspects, which does not prejudice the legal and regulatory provisions regarding non-prudential aspects and, in particular, Articles 47 to 53 of the Law of 4 April 2014 concerning insurance.

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FEDERAL PUBLIC SERVICE ECONOMY,

S.M.E., MIDDLE MANAGEMENT AND ENERGY

[C − 2016/11419]

14 SEPTEMBER 2016. — Royal Decree concerning the distribution

of profit sharing and the granting of rebates for insurance

REPORT TO THE KING

Sire,

The draft decree submitted for Your signature has as its object to establish the prudential rules relating to the distribution of profit sharing and the granting of rebates in the matter of insurance.

Distribution and granting of profit sharing

The granting of profit sharing is the subject of two distinct steps:

a) Distribution of profit sharing

The first step consists of the distribution of profit sharing as defined in Article 213, 9° of the Law of 13 March 2016 on the status and control of insurance or reinsurance undertakings (hereinafter, "the Law"), i.e., the assignment, for the benefit of insurance contracts, of all or part of the profit of the insurance undertaking.

This step consists, for an insurance undertaking, in determining the amount of profit it has realized during the closed accounting year that it intends to rebate to policyholders and beneficiaries to compensate for the prudence incorporated in its tariffs.

This amount is therefore determined globally for all concerned policyholders and beneficiaries and no individual right is attached to it yet. It is integrated into the technical provisions of the insurance undertaking in the form of a provision for profit sharing and rebates of the year.

b) Granting of profit sharing

The second step consists of the granting of profit sharing as defined in Article 213, 10° of the Law.

The granting rules are fixed by insurance undertakings based on criteria that are their own in respect of the Law.

Rebates

The granting of rebates is also composed of two steps. The first is the calculation of the amount that can be granted globally to a set of contracts according to the profit realized during the past accounting year. This amount is integrated into the technical provisions in the form of a provision for profit sharing and rebates of the year. At this stage, there is no individual right on the amount to be rebated.

The second step is the granting of the rebates proper.

Unlike profit sharing, rebates do not increase the contractually provided benefits but result in a refund of part of the premium paid.

Rebates are encountered mainly in non-life insurance and profit sharing, in life insurance.

Objective of the draft royal decree

The prudential rules concern only the first step described above, which is the subject of the draft royal decree presented to Your signature.

The second step, for both profit sharing and rebates, falls under consumer protection.

The Royal Decree of 3 March 2011 implementing the evolution of the control structures of the financial sector (so-called "Twin Peaks decree") has split the prudential control of rules relating to behavior and consumer protection and has distributed competences between the National Bank of Belgium (hereinafter, "the Bank") and the Financial Services and Markets Authority (hereinafter, "the FSMA"). It will also be recalled that the prudential provisions apply to companies of Belgian law whatever the country where the activity is exercised while non-prudential control applies to activities in Belgium whatever the country of origin of the insurance undertaking.

For these reasons, it appeared desirable to limit the scope of the draft decree to the prudential aspects, which does not prejudice the legal and regulatory provisions relating to non-prudential aspects and, in particular, Articles 47 to 53 of the Law of 4 April 2014 concerning insurance.

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BELGIAN OFFICIAL JOURNAL — 31.10.2016 — MONITEUR BELGE 72293

Current provisions

Currently, the prudential rules are established by Article 12bis of the Royal Decree of 22 February 1991 establishing the general regulation concerning the control of insurance undertakings (hereinafter "the general regulation"), and the quantitative data required for that control are determined by the Bank, based on Article 11bis of that same decree.

Some provisions of the Royal Decree of 14 November 2003 concerning life insurance activity (hereinafter "the life decree") supplement the prudential aspect, in particular for funds with designated assets (formerly called segregated funds).

Revision of the system regarding profit sharing and rebates

When drafting the Law of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings, the question arose as to whether it was desirable to include the rules regarding the distribution and granting of profit sharing and the granting of rebates within the framework of the new prudential supervision regime for insurance undertakings.

The current system indeed has a number of limitations that must be overcome by basing ourselves as much as possible on the requirements of the new prudential regime. These limitations and the proposed changes are described below.

a) Time horizon

Since profit sharing constitutes a correction of the prudence built into the tariff, it must be assessed whether it is possible to use the same time horizon for its distribution as for the tariff corrected by the profit sharing.

It is indeed not sufficient to base the granting of profit sharing solely on the annual accounting profitability of the insurance contracts, to align with a forward-looking view of the risks of the insurance undertaking during the time horizon in which those operations take place, in particular in the case of life insurance.

Therefore, the profit sharing policy and its supervision must also take into account the future expectations of the insurance undertaking. It would indeed not be logical to agree that financial resources are used to increase the benefits of all insurance contracts or part of them, if it turns out that those same resources will be needed in the near future to maintain the financial equilibrium of the undertaking.

Since the future solvency of an undertaking is in turn influenced by past profit sharing distributions, it is however not possible to fully take into account the future evolution of the financial position of insurance undertakings without creating insoluble cross-references.

Therefore, the prospective approach was limited to the use of the coverage ratio of the Solvency Capital Requirement (SCR).

b) Accountability of undertakings

Based on the derogations currently described in the general regulation, it is not possible to take into account certain specific characteristics of the marketed products, or to take into account the economic context of the past financial year.

The new prudential regime aims to strengthen the responsibility of the members of the management bodies of insurance undertakings, and focuses on the internal management of the latter. This means that the prudential analysis must pay attention to the specific characteristics of the insurance undertakings.

To be able to use this approach, the possibility of derogations must be extended, while the Bank may still assess whether these are justified. Derogations from the general rules will therefore be submitted to the Bank for prior approval.

c) Assessment of financial equilibrium

The draft decree maintains the principle that profit sharing or a rebate may not be distributed if it could endanger the financial equilibrium of the insurance undertaking. This makes it necessary to further define the financial equilibrium of insurance undertakings.

To avoid discussions on this matter, the draft decree uses a concept of financial equilibrium which looks at the coverage ratio of the Solvency Capital Requirement by eligible own funds.

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BELGIAN OFFICIAL JOURNAL — 31.10.2016 — MONITEUR BELGE 72294

Current provisions

Currently, the prudential rules are fixed by Article 12bis of the Royal Decree of 22 February 1991 establishing the general regulation relating to the control of insurance companies (hereinafter "the general regulation") and the quantitative data necessary for their control are determined by the Bank on the basis of Article 11bis of this same decree.

Certain provisions of the Royal Decree of 14 November 2003 relating to life insurance activity (hereinafter, "the life decree") complete the prudential aspect, in particular for funds with dedicated assets (formerly called segregated funds).

Revision of the profit sharing and rebate system

During the elaboration of the Law of 13 March 2016 on the status and control of insurance or reinsurance undertakings, the question arose of integrating the rules relating to the distribution and granting of profit sharing and the granting of rebates within the framework of the new prudential control regime for insurance undertakings.

The current system indeed presents certain limits to which it was necessary to remedy by basing ourselves as much as possible on the requirements of the new prudential regime. These limits and the proposed modifications are described below.

a) Time horizon

Since profit sharing is a correction of the prudence introduced at the tariff level, it would be appropriate to judge the possibility of distribution on the same time horizon as the tariff it corrects.

Basing the granting of profit sharing solely on the annual accounting profitability of insurance contracts is indeed not sufficient to take into account a prospective vision of the risks of the insurance undertaking on the time horizon on which these operations take place, notably in the case of life insurance.

It is therefore appropriate that profit sharing policies and their control also take into account the future prospects of the insurance undertaking. It would indeed not be logical to authorize that financial resources be devoted to increasing the benefits of all or part of the insurance contracts if it appears that these same resources will, in the near future, be necessary to maintain the financial equilibrium of the insurance undertaking.

However, as the future solvency of a company is itself impacted by the profit sharing distributions carried out in the past, it is not possible to fully take into account the future evolutions of the financial situation of insurance undertakings without creating insoluble circular references.

That is why, the prospective approach has been limited to the use of the coverage ratio of the required capital requirement (Solvency capital requirement or SCR).

b) Accountability of companies

The derogations currently provided for by the general regulation do not allow taking into consideration certain specificities relating to marketed products or taking into account the economic context of the past accounting year.

The new prudential regime intends to strengthen the responsibility of the members of the administrative bodies of insurance undertakings and focuses on the internal management of the latter. This implies that the specificities of insurance undertakings must be taken into consideration in the prudential analysis.

In order to respect this approach, it is appropriate to extend the possibility of derogations while allowing the Bank to judge the validity of these. Derogations from the general rules will therefore be submitted to the prior approval of the Bank.

c) Evaluation of financial equilibrium

The draft decree maintains the principle that a profit sharing or a rebate cannot be distributed if it risks putting the financial equilibrium of the insurance undertaking in peril. This imposes defining the financial equilibrium of the insurance undertaking.

To avoid any discussion on this subject, the draft decree resorts to a concept of financial equilibrium based on a vision which is translated by the coverage ratio of the required solvency capital by eligible own funds.

d) Activity Groups
The categories of products as currently established in the general regulations pose practical problems, as they are not based on separate management or on the categories that insurance companies use daily, particularly regarding their profit-sharing or premium refund policies.

Furthermore, the question arises regarding the division of powers among the authorities responsible for, respectively, prudential supervision (the Bank) and consumer protection (the FSMA). The latter must, among other things, ensure a fair balance between the different categories of insurance policyholders and beneficiaries.

The profit-sharing and premium refund policy need not be identical for all contracts of the same insurance company. The company may establish different rules, for example, according to the contractually guaranteed interest rate, the type of guarantee, or whether the contract is linked to a mortgage loan... However, the criteria for establishing the various categories may not be arbitrary. In this regard, insurance companies must comply with the rules set out in, among others, Articles 47 to 53 of the Act of 4 April 2014 concerning insurance. These provisions fall under the competence of the FSMA.

To exercise the supervision intended hereinafter, it may be necessary to divide life or non-life insurance activities into different categories according to the profit-sharing and premium refund policies applied by the companies.

Regarding prudential aspects, the Bank's primary task is to supervise the solvency of insurance companies. That solvency is comprehensive, in that a company cannot be solvent for part of its activities and insolvent for another part. From this perspective, subdividing the activity into different categories is not necessary, except to distinguish between life and non-life insurance activities.

It is necessary to take into account the provisions of Articles 222 to 229 of the Act, which concern the simultaneous exercise of life and non-life insurance activities, and in particular Article 224, third paragraph. This provides that companies authorized to simultaneously exercise life and non-life insurance activities must ensure that "they respect the respective interests of life insurance policyholders and non-life insurance policyholders. This includes in particular that they only grant profit sharing, a premium refund, or an equivalent benefit to life insurance contracts based on the income associated with the life insurance activity, as if the company were exercising only that activity. This also applies to the non-life insurance activity." Profit sharing and premium refunds must therefore be assessed separately for life and non-life insurance activities.

A more detailed subdivision would be justified to avoid certain risk behaviors. For example, a multi-product company could grant profit sharing to a specific category of products in order to attract customers by attributing all realized profit to that category alone. The danger is that expectations are created among the company's clients without certainty that the company has the necessary resources to maintain its long-term policy, since, hypothetically, the distributed profit is not generated by the activity to which it benefits.

Thus, it appears that this prudential concern and the concern for fair treatment of categories of insurance policyholders and beneficiaries overlap at least partially. Thus, the prohibition, for reasons of equity, of subsidizing one category of products with resources from other categories has ipso facto a positive effect from a prudential point of view.

Furthermore, (prudential) supervision of the profitability of insurance products is not limited to profit sharing and premium refunds. The Bank has other instruments to avoid imprudent behavior by insurance companies.

Therefore, the distribution of profit sharing and the granting of premium refunds will henceforth be assessed separately for the life and non-life activity groups.

d) Activity Groups
The categories of products as currently provided for by the general regulations pose practical problems because they are not based on separate management nor on the categories used by insurance companies in their daily management, particularly regarding their profit-sharing or premium refund policies.

Furthermore, the question arises regarding the division of powers among the authorities responsible respectively for prudential control (the Bank) and consumer protection (the FSMA). The latter must, among other things, ensure balance and equity between the different categories of insurance policyholders and beneficiaries.

The policy regarding profit sharing and premium refunds need not be identical for all contracts of the same insurance company. The latter may establish different rules, for example, according to the contractually guaranteed rate, the type of guarantee, or the fact that the contract is linked to a mortgage loan... Nevertheless, the criteria for defining the different categories cannot be arbitrary. From this point of view, insurance companies must respect the rules provided, among others, by Articles 47 to 53 of the Act of 4 April 2014 on insurance. These provisions fall under the competence of the FSMA.

The implementation of the supervision described below may require the subdivision of life or non-life insurance activities into different categories according to the policies applied by companies regarding profit sharing and premium refunds.

Regarding prudential aspects, the Bank's primary role is to ensure the solvency of insurance companies. This solvency is global in that a company cannot be solvent for part of its activities and insolvent for another. In this regard, subdividing the activity into different categories is not necessary except to distinguish life activities from non-life activities.

It is indeed necessary to take into account the provisions of Articles 222 to 229 of the Act, which concern the simultaneous exercise of life and non-life activities and, in particular, Article 224, paragraph 3. This provides that companies authorized to practice life and non-life activities simultaneously "ensure respect for the respective interests of life insurance policyholders and non-life insurance policyholders. In particular, they do not grant profit sharing, premium refund, or equivalent benefit to life insurance contracts based on the revenues linked to this activity as if the company exercised only this activity. The same applies to the non-life insurance activity." There is therefore a need to assess profit sharing and premium refunds separately for life and non-life activities.

A finer subdivision could be justified to avoid certain risky behaviors. Thus, a multi-product company could grant profit sharing to a specific category of products in order to attract customers by allocating all profit realized to this single category. The danger is to create an expectation in the minds of the company's clients without being certain that the company will have the necessary resources to maintain its long-term policy since, by hypothesis, the distributed profit is not generated by the activity to which it benefits.

Thus, it is observed that this prudential concern overlaps, at least partially, with concerns regarding equity between categories of policyholders and beneficiaries. Thus, the prohibition, for reasons of equity, of subsidizing one category of products with resources from other categories has ipso facto a positive effect from a prudential point of view.

Furthermore, the (prudential) control of the profitability of insurance products is not limited to profit sharing and premium refunds. The Bank has other instruments allowing to avoid imprudent behavior on the part of insurance companies.

That is why henceforth, the assessment of the distribution of profit sharing and the granting of premium refunds will be made according to the life and non-life activity groups.

BELGIAN STATE GAZETTE — 31.10.2016 — MONITEUR BELGE 72295

e) Other Measures
Even if an insurance company meets the criteria enabling it to distribute profit sharing or grant premium refunds, the financial position of that company might still prove worrying. In that case, the Bank must be able to oppose any distribution of profit sharing or granting of premium refunds.

f) Advice of the actuarial function
Article 59, § 1, 10° of the Act states the following: "the actuarial function has the following tasks: (...) issuing advice on the profit-sharing and premium refund policy as well as on compliance with the regulations in this matter".

The draft decree lists the elements that the actuarial function must confirm at minimum in the advice on profit sharing.

Article-by-Article Discussion
CHAPTER I. — Definitions, Purpose, and Scope
Chapter I contains the definitions and determines the purpose and scope of the decree.

Article 1
This article contains the definitions necessary for the application of the draft decree.

1° The Act
This refers to the Act of 13 March 2016 on the status and supervision of insurance or reinsurance companies, which implements Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the access to and exercise of the activities of insurance and reinsurance (Solvency II), the so-called "Solvency II Directive".

2° The Bank
This definition requires no special explanation. It is mentioned for reminder purposes as it already stems from Article 15 of the Act, which contains the necessary definitions for a good understanding of the Act but also of its implementing decrees and regulations.

3° Non-life activity group
4° Life activity group
For these concepts, reference is made to the definitions of Article 15, 16° and 17° of the Act. For non-life insurance, it concerns the activities of branches 1 to 18 of Annex I to the Act, and for life insurance, the activities of branches 21 to 29 of Annex II to the Act.

5° Net technical-financial profit before allocation The possibility of granting profit sharing or premium refunds is based on making accounting profit. This profit is expressed as the net technical-financial profit before allocation.

The draft decree assumes the detailed technical accounts for non-life and life as respectively intended in points I and II of Section II of Chapter II of the annex to the Royal Decree of 17 November 1994 on the annual accounts of insurance and reinsurance companies (hereinafter "the accounting decree").

This profit is calculated based on the net technical-financial balance, which consists of a technical result and a financial result. This technical result is the balance of the actual insurance activity. It concerns the surplus of premiums and other technical revenues over allocations to technical provisions and costs (commissions, management...). The financial result is the net return on assets (revenues minus expenses) in which premiums are invested.

The term "net" also means that the technical-financial balance takes into account the reinsurance result, namely the difference between benefits received from reinsurers and premiums ceded to these reinsurers.

Since it concerns the distribution of part of the profit made, logically only the positive net technical-financial result should be taken into account, i.e., the profit recorded under codes 710/619 (non-life) and 720/628 (life).

72296 BELGIAN STATE GAZETTE — 31.10.2016 — MONITEUR BELGE

Since the allocation of the financial year to the provision for profit sharing and rebates is considered an expense that reduces the technical-financial result, this amount must be added to that profit. The term "net technical-financial profit before allocation" therefore refers to the accounting profit before the allocation of the financial year to the provision for profit sharing and rebates is made, i.e., before it is deducted from that accounting profit.

Furthermore, the amount of profit sharing and rebates charged to the financial year must be added, i.e., the profit sharing and rebates that have not previously been included in the provision for profit sharing and rebates.

For life insurance, this amount is usually very small; it corresponds to the corrections between the estimated allocation of the financial year and the actually booked allocation. This difference arises, among other things, from a difference between the number of deaths estimated at the time of the allocation calculation and the number of actual deaths at the time of the closing of the accounts.

For non-life insurance, the amount charged to the financial year can be relatively high, particularly when the insurance company applies the experience rating technique. This technique involves adjusting the premium based on the past claims experience of a specific contract. An a priori prudent rating is corrected a posteriori on an individual basis through this technique. In the case of contracts with limited claims experience, this means that future premiums can be reduced but also that profit sharing and rebates can be granted.

Finally, for life insurance activities, the variation of the unactivated Zillmer value must also be added. Zillmerization is a method whereby the life insurance provision is calculated taking into account the commissions due to intermediaries (acquisition loadings) corresponding to the benefits that still have to be established in the financial years after the date of the calculation of the provision.

This technique has the main consequence that the allocation to the life insurance provision included in the income statement is overestimated. By adding this amount to the technical-financial profit as defined in the accounting decree, this overvaluation can be eliminated.

6° Coverage ratio of the Solvency Capital Requirement

Pursuant to Article 151 of the Act, insurance companies are required to calculate a minimum amount of own funds, the so-called "Solvency Capital Requirement" or "SCR" for Solvency Capital Requirement. The frequency and method of calculation of this capital are determined in Articles 152 to 188. This SCR may, in certain cases, be increased with a capital add-on imposed by the Bank pursuant to Article 323 of the Act, to take into account risks not incorporated in the calculation of the SCR in accordance with the aforementioned articles.

Article 140 of the Act concerns the own funds of the insurance company, while Articles 141 to 150 determine the eligible own funds, i.e., the own funds that may be taken into account under the Act.

The coverage ratio of the SCR is the ratio between the eligible own funds and the SCR, determined as described above. In a normal situation, this coverage ratio is at least 100%, while in a critical situation it is less than 100%.

7° Transitional measures

During a transitional period of 16 years starting on 1 January 2016, the amount of technical provisions (Best Estimate and risk margin) may be reduced by applying the measures provided for in Articles 668 and 669 of the Act.

Since own funds are defined as the surplus of assets over liabilities, this reduction leads to an increase in the amount of own funds and consequently the coverage ratio of the Solvency Capital Requirement.

During the 16-year transitional period, a distinction can be made depending on whether the balance is achieved with or without the application of the transitional measures of Articles 668 and 669. It goes without saying that the company's situation is healthier if this balance is achieved without the application of the aforementioned measures.

Article 2

Pursuant to the "home country control" principle of the European insurance directives, the draft decree applies ratione personae to companies under Belgian law and Belgian branches of third countries (which are often equated with companies under Belgian law for supervisory purposes).

Ratione materiae, the decree covers all non-life insurance activities and life insurance activities, i.e., respectively, branches 1 to 18 of Annex I and branches 21 to 29 of Annex II to the Act. Pursuant to Article 219 of the Act, life insurance contracts linked to investment funds (branch 23), however, may not provide for profit sharing derived from investment income.

CHAPTER II. — Rules for the distribution of profit sharing and the granting of rebates

Section I. — General rules

Section I of Chapter II contains the general rules regarding the prudential supervision of the distribution of profit sharing and the granting of rebates. The special rules are contained in Section II of the same chapter.

Article 3

This article establishes the principle that no profit sharing may be distributed and no rebates may be granted if the coverage ratio of the Solvency Capital Requirement without the application of the transitional measures is no longer 100%.

Article 4

This article determines the maximum amount that may be distributed as profit sharing or granted as a rebate when the coverage ratio of the SCR is greater than 100%.

This amount is the net technical-financial profit before allocation of the relevant activity group. What is stipulated in this article is obvious: profit can only be distributed if profit has first been made. However, it is also clarified that this profit must be made solely on the assets that the company has invested in each activity group to cover the obligations related to the contracts for which profit sharing or rebates are granted.

Article 5

This article determines what the actuarial function must confirm at a minimum in the opinion on the distribution of profit sharing and the granting of rebates as stipulated in Article 59, § 1, 10° of the Act.

This confirmation concerns the main elements that must be taken into account in this regard, namely:

• that the amount of profit sharing corresponds to the written policy approved by the statutory governing body;
• that this written policy was correctly taken into account in the calculation of the best estimate;
• the amount of the variation of the unactivated Zillmer value, since this data is not included in the detailed life income statement.

Article 6

Draft Article 6 grants the Bank the possibility to oppose the current and future distribution of profit sharing or granting of rebates if the solvency position of the company would be much worse than appears from the accounting result.

This concerns cases where the conditions of Article 3 are met but the company is nevertheless financially vulnerable. This would be the case, for example, if the positive balance of the financial year is solely attributable to the realization of non-recurring capital gains, while there would be no profitability prospects without these capital gains. This would also be the case if interest rates have fallen sharply compared to the financial year during which the profit to be distributed or rebated was made.

Section II. — Cases in which prior authorization is required for the distribution of profit sharing and the granting of rebates

This section contains the rules for the distribution of profit sharing or the granting of rebates when the conditions of Section I are not met. The prior approval of the Bank is required in all the cases mentioned.

The text distinguishes three cases (Articles 7, 8, and 9), depending on the coverage ratio of the SCR, while Article 10 describes the approval procedure.

Article 7

This article concerns the case where the coverage ratio of the solvency capital requirement, without applying the transitional measures, is at least 100%.

In this case, the authorization concerns a profit distribution amount that is greater than the maximum established by applying Draft Article 4. It may concern an amount greater than the net technical-financial profit before allocation of the activity group concerned (see Draft Article 4, 1°). In other words, for the distribution of profit sharing or the granting of rebates, resources from a source other than the assets allocated to the contracts for which profit sharing is distributed or rebates are granted are used, for example, assets not corresponding to insurance liabilities or equity.

The Bank will base its decision on whether or not to grant its authorization on the long-term solvency and profitability prospects of the companies, based on elements such as the type of activities of the insurance company, the nature of the commitments it has undertaken, its investment policy, the structure of its assets and its equity, ...

Article 8

This article concerns the case where the coverage ratio of the solvency capital requirement is at least 100% without applying the transitional measures.

In that case, the company may not distribute profit sharing or rebates, even if the conditions of Article 4 are met, unless the Bank has granted prior authorization for this. The aim is to examine the medium- and long-term development prospects of the company, so as not to deprive the company of resources it might need in the future.

To assess these prospects, the Bank will base itself, inter alia, on the interim report mentioned in Article 671 of the Act. This report must be submitted annually by insurance companies benefiting from the transitional measures mentioned in Articles 668 or 669. The report must enable the Bank to assess, with a minimum degree of certainty, whether the company will be able to meet the requirements imposed by the Act regarding technical provisions and, therefore, the solvency capital requirement, by the end of the transitional period.

The Bank may also take into account any other elements available to it.

The amount distributed as profit sharing or rebates is not limited to the amount referred to in Article 4. However, to ensure equal treatment of insurance companies, it goes without saying that an amount to be distributed that is higher than that amount will be assessed, per activity group, based on the criteria also used in the context of Article 7 (coverage ratio of the solvency capital reached without benefiting from the transitional measures).

Article 9

This article concerns the case where the coverage ratio of the solvency capital requirement is less than 100% even though the transitional measures are applied.

In principle, a company in this case may not distribute profit sharing or grant rebates. However, it is provided that the Bank may grant an exemption if the financial situation of the company permits.

Thus, it may be that the coverage ratio of the solvency capital requirement is not met due to the eligibility criteria for equity, established by Article 150 of the Act and Article 82 of Delegated Regulation 2015/35 of the Commission of 10 October 2014 supplementing the Solvency II Directive, although the insurance company otherwise has significant equity components.

Furthermore, it should be avoided that the application of a rule leads to procyclical effects, such as a mass surrender of contracts, which could have disastrous consequences for the company.

The table below summarizes the new prudential supervision regime for the distribution of profit sharing and the granting of rebates.

Coverage ratio of the solvency capital requirement	Distribution or granting of the maximum amount established in Article 4	Distribution or granting of an amount higher than the maximum amount established in Article 4
At least 100% without applying the transitional measures	Unconditionally permitted, unless the Bank objects	Permitted, subject to prior authorization by the Bank
At least 100% with applying the transitional measures	Permitted, subject to prior authorization by the Bank	Permitted, subject to prior authorization by the Bank
Less than 100% even with applying the transitional measures	Prohibited, unless the Bank grants prior authorization	Prohibited, unless the Bank grants prior authorization

Article 10

This article sets the deadline by which one of the requests for authorization referred to in Articles 7, 8, or 9 must be submitted to the Bank.

The deadline remains unchanged compared to current practice. This date falls three weeks before the general meeting of the insurance company at which it is decided to approve the allocation of the result of the financial year. However, this date may not be after the submission of the annual information to be received by the Bank.

This provision does not prevent companies from communicating an estimate of the profit sharing before the aforementioned date. When they do so, however, it is subject to a decision by the Bank prohibiting the distribution of profit sharing or the granting of rebates, in accordance with the draft decree.

CHAPTER III. — Final Provisions

This chapter concerns the date of entry into force and contains the final provisions.

Article 11

Since the draft decree is based on the aforementioned Act of 13 March 2016, it applies for the first time to the first financial year subject to that Act, namely the financial year beginning on 1 January 2016.

Concretely, this means that the new rules will apply for the first time to the profit sharing distributed and the rebates granted during the financial year beginning on 1 January 2016. Since the financial year for insurance companies always ends on 31 December, the distribution and granting criteria will relate to the technical-financial results of life and non-life insurance for the 2016 financial year. On that profit sharing and rebates, an ad-hoc allocation to the provision may be applied during the 2017 financial year.

Article 12

Since the provisions of Article 12bis of the General Supervision Regulation were replaced by or incorporated into the provisions of the draft decree, this article may be repealed.

It should be noted, however, that this provision remains applicable for the 2015 financial year, in other words, for the profit sharing to be distributed and rebates to be granted during the 2016 financial year.

Article 13

This article determines which minister is competent for the application of the draft decree. Since this is a purely prudential matter, this competence is assigned to the minister responsible for supervising insurance companies.

It should be noted that, apart from the obligations determined by this draft decree, non-prudential regulations may impose their own rules. This concerns, for example, rules regarding the provision of information to policyholders and transparency. It may also concern standards for the distribution or granting of profit sharing or the granting of rebates, following the Royal Decree of 14 November 2003 concerning the granting of non-statutory benefits to employees referred to in Royal Decree No. 50 of 24 October 1967 concerning the retirement and survivor's pension for employees and to the persons referred to in Article 32, first paragraph, 1° and 2° of the Income Tax Code 1992, employed outside an employment contract. It goes without saying that the insurance company, in applying this draft decree, must take into account the limitations resulting from those non-prudential rules.

This is, Sir, the scope of the decree submitted to you for signature.

I have the honor to be,
Sir,
Your Majesty's, very respectful and very faithful servant,

The Deputy Prime Minister and Minister of the Economy, K. PEETERS

ADVICE 59.571/1/V OF 4 AUGUST 2016 OF THE COUNCIL OF STATE, LEGISLATION SECTION, ON A DRAFT ROYAL DECREE 'CONCERNING THE DISTRIBUTION OF PROFIT SHARING AND THE GRANTING OF REBATES FOR INSURANCE'

On 9 June 2016, the Council of State, Legislation Section, was requested by the Minister of the Economy to provide an opinion within a period of thirty days, extended to 10 August 2016, on a draft royal decree 'concerning the distribution of profit sharing and the granting of rebates for insurance'.

The draft was examined by the first vacation chamber on 2 August 2016.

The chamber was composed of Marnix Van Damme, chamber president, Wilfried Van Vaerenbergh and Bert Thys, State Councillors, Bruno Peeters, assessor, and Annemie Goossens, clerk.

The report was presented by Paul Depuydt, first auditor section head.

The conformity between the French and Dutch text of the advice was reviewed under the supervision of Marnix Van Damme, chamber president.

The advice, the text of which follows, was given on 4 August 2016.

1. In application of Article 84, § 3, first paragraph, of the laws on the Council of State, coordinated on 12 January 1973, the Legislation Section focused its examination on the competence of the author of the act, the legal basis, as well as the question of whether the prescribed formal requirements were met.

Scope and legal basis of the draft

2. The draft royal decree submitted for advice aims to establish the prudential rules for the distribution of profit sharing and the granting of rebates for, respectively, the activity group 'non-life' and the activity group 'life'. The request for advice clarifies that '[the] royal decree (...) is a decree implementing the 'Solvency II' Act' and that '[o]nly the prudential aspect of the matter is regulated in this royal decree. More specifically, the distribution of profit sharing and rebates and not the granting. The non-prudential aspects fall under the competence of the FSMA and [will] be the subject of a separate royal decree'.

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The relevant prudential rules are currently essentially established in Article 12bis of the Royal Decree of 22 February 1991 'general regulations concerning the supervision of insurance companies', Article 12 of the draft aims to repeal.

3. The proposed scheme can find its legal basis in Article 212, second paragraph, of the Law of 13 March 2016 'on the status and supervision of insurance or reinsurance companies', regarding non-life insurance, and in Article 221, second paragraph, 6°, of the same law, regarding life insurance.

General Observation

4. Both the text of the draft (1) and the report to the King repeatedly mention “the Law of 23/03/2016 on the status and supervision of insurance or reinsurance companies”. What is meant is “the Law of 13 March 2016 on the status and supervision of insurance or reinsurance companies”. The relevant law must always be cited with the correct date and – regarding the Dutch text – the correct title.

Examination of the Text

Preamble

5. Since Article 12 of the draft aims to repeal Article 12bis of the Royal Decree of 22 February 1991, the following paragraph must be inserted immediately after the paragraph of the preamble referring to Articles 212, second paragraph, and 221, second paragraph, 6°, of the Law of 13 March 2016 (not: 23/03/2016):

“Having regard to the Royal Decree of 22 February 1991 general regulations concerning the supervision of insurance companies;” (2).

Article 7

6. In Article 7, first paragraph, of the draft, the Dutch (“for one or more activity or product groups”) and French (“pour un ou plusieurs groupes d’activités”) texts do not correspond. This discrepancy must be resolved.

Article 12

7. The wording of the first sentence of Article 12 of the draft shall be adapted as follows:

“Article 12bis of the Royal Decree of 22 February 1991 general regulations concerning the supervision of insurance companies, replaced by the Royal Decree of 26 November 1999 and amended by the Royal Decree of 3 March 2011, is repealed.”

(1) See the first paragraph of the preamble and Article 1, 1°, of the draft.
(2) See Principles of Legislative Technique. Guide for drafting legislative and regulatory texts, Council of State, 2008, recommendations nos. 29 and 30, consultable on the website of the Council of State (www.raadvst-consetat.be).

The Clerk, The President,
A. Goossens. M. Van Damme.

14 SEPTEMBER 2016. — Royal Decree concerning the distribution of profit sharing and the granting of rebates for insurance

PHILIP, King of the Belgians,

To all who are now and hereafter shall be, Greetings.

Having regard to the Law of 13 March 2016 on the status and supervision of insurance or reinsurance companies, Article 212, second paragraph, and Article 221, second paragraph, 6°;

Having regard to the Royal Decree of 22 February 1991 general regulations concerning the supervision of insurance companies;

Having regard to the opinion of the Financial Services and Markets Authority, given on 13 January 2016;

Having regard to the opinion of the National Bank of Belgium, given on 28 April 2016;

Having regard to Opinion No. 59.571/1/V of the Council of State, given on 4 August 2016, pursuant to Article 84, § 1, first paragraph, 2°, of the Laws on the Council of State, coordinated on 12 January 1973;

Les règles prudentielles concernées sont actuellement fixées pour l’essentiel à l’article 12bis de l’arrêté royal du 22 février 1991 « portant règlement général relatif au contrôle des entreprises d’assurances », que l’article 12 du projet vise à abroger.

3. Le dispositif en projet peut trouver un fondement juridique dans l’article 212, alinéa 2, de la loi du 13 mars 2016 ‘relative au statut et au contrôle des entreprises d’assurance ou de réassurance’, en ce qui concerne les assurances non-vie, et dans l’article 221, alinéa 2, 6°, de la même loi, en ce qui concerne les assurances-vie.

Observation générale

4. Tant le texte du projet (1) que celui du rapport au Roi mentionnent à plusieurs reprises « la loi du 23/03/2016 relative au statut et au contrôle des entreprises d’assurance ou de réassurance ».C’est « la loi du 13 mars 2016 relative au statut et au contrôle des entreprises d’assurance ou de réassurance » qui est visée. Il s’impose de chaque fois mentionner la date correcte et – en ce qui concerne le texte néerlandais – l’intitulé exact de la loi concernée.

Examen du texte

Préambule

5. Dès lors que l’article 12 du projet a pour objet d’abroger l’article 12bis de l’arrêté royal du 22 février 1991, il y a lieu d’insérer l’alinéa suivant immédiatement après l’alinéa du préambule qui vise les articles 212, alinéa 2, et 221, alinéa 2, 6°, de la loi du 13 mars 2016 (pas : 23/03/2016) :

« Vu l’arrêté royal du 22 février 1991 portant règlement général relatif au contrôle des entreprises d’assurances ; » (2).

Article 7

6. A l’article 7, alinéa 1er, du projet, les textes français (« pour un ou plusieurs groupes d’activités ») et néerlandais (« voor een of meer activités- of productgroepen ») ne correspondent pas. Cette discordance doit être éliminée.

Article 12

7. La première phrase de l’article 12 du projet sera adaptée comme suit :

« L’article 12bis de l’arrêté royal du 22 février 1991 portant règlement général relatif au contrôle des entreprises d’assurances, remplacé par l’arrêté royal du 26 novembre 1999 et modifié par l’arrêté royal du 3 mars 2011, est abrogé».

(1) Voir le premier alinéa du préambule et l’article 1er, 1°, du projet.
(2) Voir Principes de technique législative. Guide de rédaction des textes législatifs et réglementaires, Conseil d’Etat, 2008, recommandations nos 29 et 30, à consulter sur le site internet du Conseil d’Etat (www.raadvst-consetat.be).

Le greffier, Le président,
A. Goossens. M. Van Damme.

14 SEPTEMBER 2016. — Royal Decree concerning the distribution of profit sharing and the granting of rebates for insurance

PHILIP, King of the Belgians,

To all who are now and hereafter shall be, Greetings.

Having regard to the Law of 13 March 2016 on the status and supervision of insurance or reinsurance companies, Article 212, second paragraph, and Article 221, second paragraph, 6°;

Having regard to the Royal Decree of 22 February 1991 general regulations concerning the supervision of insurance companies;

Having regard to the opinion of the Financial Services and Markets Authority, given on 13 January 2016;

Having regard to the opinion of the National Bank of Belgium, given on 28 April 2016;

Having regard to Opinion No. 59.571/1/V of the Council of State, given on 4 August 2016, pursuant to Article 84, § 1, first paragraph, 2°, of the Laws on the Council of State, coordinated on 12 January 1973;

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On the proposal of the Deputy Prime Minister and Minister of Economy,

We have decided and hereby decide:

CHAPTER I. — Definitions, purpose and scope

Article 1. For the purposes of this Decree, the following shall be understood:

1° “the Law”: the Law of 13 March 2016 on the status and supervision of insurance or reinsurance companies;

2° “the Bank”: the National Bank of Belgium, as referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium;

3° “non-life activity group”: the non-life insurance activities as described in Article 15, 16° of the Law;

4° “life activity group”: the life insurance activities as defined in Article 15, 17° of the Law;

5° “net technical-financial profit before provision”:
a) for the non-life activity group: the profit from the detailed technical income statement for non-life (code 710/619, columns 1 to 4) as described in point I of Section II of Chapter II of the Annex to the Royal Decree of 17 November 1994 on the annual accounts of insurance and reinsurance companies, to which the following is added:
i) the amount of profit sharing and rebates charged to the financial year (code 612.112, columns 1 to 4) of the same statement, ii) the provision of the financial year to the provision for profit sharing and rebates (code 612.211 011, columns 1 to 4) of the same statement; b) for the life activity group: the profit from the detailed technical income statement for life (code 720/628, columns 1 to 4) as described in point II of Section II of Chapter II of the Annex to the aforementioned Royal Decree of 17 November 1994, to which the following is added:
i) the amount of profit sharing and rebates charged to the financial year (code 622.112, columns 1 to 4) of the same statement, ii) the provision of the financial year to the provision for profit sharing and rebates (code 622.211 011, columns 1 to 4) of the same statement; iii) the variation of the unactivated Zillmer value;

6° “solvency capital requirement coverage ratio”: the ratio between:
a) the eligible own funds as referred to in Articles 140 to 150 of the Law and b) the solvency capital requirement as established in accordance with Article 151 and, where applicable, Article 323 of the Law;

7° “transitional measures”: the transitional measures as referred to in Articles 668 and 669 of the Law;

Art. 2. This Decree determines the maximum amount that insurance companies may distribute as profit sharing or grant as rebates, respectively for the non-life activity group and the life activity group.

CHAPTER II. — Rules for the distribution of profit sharing and the granting of rebates

Section I. — General rules

Art. 3. The distribution of profit sharing and the granting of rebates are subject to the condition that the solvency capital requirement coverage ratio, without applying the transitional measures, is at least 100%.

Art. 4. The amount that may be distributed during a financial year per activity group as profit sharing or granted as rebates may not be greater than the net technical-financial profit before provision of the activity group of that financial year.

Art. 5. The actuarial function confirms in the opinion referred to in Article 59, § 1, 10° of the Law at least:

1° that the amount of profit sharing conforms to the written policy approved by the statutory governing body;

On the proposal of the Deputy Prime Minister and Minister of Economy,

We have decided and hereby decide:

CHAPTER I. — Definitions, purpose and scope

Article 1. For the purposes of this Decree, the following shall be understood:

1° “the Law”: the Law of 13 March 2016 on the status and supervision of insurance or reinsurance companies;

2° “the Bank”: the National Bank of Belgium, as referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium;

3° “non-life activity group”: the non-life insurance activities as described in Article 15, 16° of the Law;

4° “life activity group”: the life insurance activities as defined in Article 15, 17° of the Law;

5° “net technical-financial profit before provision”:
a) for the non-life activity group: the profit from the detailed technical income statement for non-life (code 710/619, columns 1 to 4) as described in point I of Section II of Chapter II of the Annex to the Royal Decree of 17 November 1994 on the annual accounts of insurance and reinsurance companies, to which the following is added:
i) the amount of profit sharing and rebates charged to the financial year (code 612.112, columns 1 to 4) of the same statement, ii) the provision of the financial year to the provision for profit sharing and rebates (code 612.211 011, columns 1 to 4) of the same statement; b) for the life activity group: the profit from the detailed technical income statement for life (code 720/628, columns 1 to 4) as described in point II of Section II of Chapter II of the Annex to the aforementioned Royal Decree of 17 November 1994, to which the following is added:
i) the amount of profit sharing and rebates charged to the financial year (code 622.112, columns 1 to 4) of the same statement, ii) the provision of the financial year to the provision for profit sharing and rebates (code 622.211 011, columns 1 to 4) of the same statement; iii) the variation of the unactivated Zillmer value;

6° “solvency capital requirement coverage ratio”: the ratio between:
a) the eligible own funds as referred to in Articles 140 to 150 of the Law and b) the solvency capital requirement as established in accordance with Article 151 and, where applicable, Article 323 of the Law;

7° “transitional measures”: the transitional measures as referred to in Articles 668 and 669 of the Law;

Art. 2. This Decree determines the maximum amount that insurance companies may distribute as profit sharing or grant as rebates, respectively for the non-life activity group and the life activity group.

CHAPTER II. — Rules for the distribution of profit sharing and the granting of rebates

Section I. — General rules

Art. 3. The distribution of profit sharing and the granting of rebates are subject to the condition that the solvency capital requirement coverage ratio, without applying the transitional measures, is at least 100%.

Art. 4. The amount that may be distributed during a financial year per activity group as profit sharing or granted as rebates may not be greater than the net technical-financial profit before provision of the activity group of that financial year.

Art. 5. The actuarial function confirms in the opinion referred to in Article 59, § 1, 10° of the Law at least:

1° that the amount of profit sharing conforms to the written policy approved by the statutory governing body;

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2° that this written policy was correctly taken into account in the modeling of the cash flows considered in the calculation of the best estimate as referred to in Article 126 of the Law;

3° the amount of the variation of the unactivated Zillmer value.

Art. 6. In derogation of Article 3, the Bank may oppose the distribution of profit sharing and the granting of rebates when such distribution or granting may endanger the financial position of the insurance company in the short or long term.

Section II. — Cases where prior authorization is required for the distribution of profit sharing and the granting of rebates

Art. 7. With the prior consent of the Bank, the insurance company may distribute or grant an amount for one or more activity groups that is higher than the amount determined by applying Article 4 when the solvency capital requirement coverage ratio, without applying the transitional measures, is at least 100%.

The consent of the Bank may only be granted if such distribution or granting does not endanger the financial position of the company in the short or long term.

Art. 8. With the prior consent of the Bank, the insurance company may, in derogation of Article 3, distribute profit sharing or grant rebates for one or more activity groups when the solvency capital requirement coverage ratio, with applying the transitional measures, is only 100%.

The Bank takes into account the impact of the proposed distribution of profit sharing or granting of rebates on the financial position of the company in the short or long term. It also takes into account the interim report as referred to in Article 671, § 1 of the Law.

Art. 9. With the prior consent of the Bank, the insurance company may, in derogation of Article 3, distribute profit sharing or grant rebates for one or more activity groups when the solvency capital requirement coverage ratio, even with applying the transitional measures, is less than 100%, provided that the company demonstrates that not distributing profit sharing or not granting rebates would have adverse procyclical effects or that such distribution or granting does not endanger its financial position in the short or long term.

Art. 10. Insurance companies applying for one of the authorizations referred to in this chapter must submit a file at the latest three weeks before the date of the general meeting or, if earlier, before the date on which the other information for supervisory purposes must be provided to the Bank in accordance with Article 659 of the Law.

That file must be accompanied by the opinion of the actuarial function referred to in Article 5.

CHAPTER III. — Final provisions

Art. 11. Articles 1 to 10 of this Decree apply from the first financial year beginning on 1 January 2016.

Art. 12. Article 12bis of the Royal Decree of 22 February 1991 general regulations concerning the supervision of insurance companies, replaced by the Royal Decree of 26 November 1999 and amended by the Royal Decree of 3 March 2011, is repealed. However, it remains applicable to profit sharing and rebates relating to financial years ending no later than 31 December 2015.

Art. 13. The Minister responsible for the supervision of insurance companies is charged with the implementation of this Decree.

Given in Brussels, 14 September 2016.

PHILIP

By the King:

The Deputy Prime Minister and Minister of Economy, K. PEETERS

2° that this written policy was correctly modeled in the cash flow model used in the calculation of the best estimate as referred to in Article 126 of the Law;

3° the amount of the variation of the unactivated Zillmer value.

Art. 6. In derogation of Article 3, the Bank may oppose any distribution of profit sharing and granting of rebates when such distribution or granting risks compromising the short or long-term financial situation of the insurance company.

Section II. — Distribution of profit sharing and granting of rebates subject to prior authorization

Art. 7. With the prior authorization of the Bank, the insurance company may, for one or more activity groups, distribute or grant an amount higher than that determined by applying Article 4 when the solvency capital requirement coverage ratio is at least 100% without the benefit of transitional measures.

The authorization of the Bank may only be granted if such distribution or granting does not compromise the financial situation of the company in the short and long term.

Art. 8. In derogation of Article 3, the insurance company may, for one or more activity groups, with the prior authorization of the Bank, distribute profit sharing or grant rebates when the solvency capital requirement coverage ratio reaches 100% only with the benefit of transitional measures.

The Bank takes into account the impact of the proposed distribution of profit sharing or granting of rebates on the financial situation of the company in the short and long term. To this end, it also takes into consideration the progress report referred to in Article 671, § 1 of the Law.

Art. 9. In derogation of Article 3, the insurance company may, for one or more activity groups, with the prior authorization of the Bank, distribute profit sharing or grant rebates when the solvency capital requirement coverage ratio is less than 100% even with the benefit of transitional measures, provided that the company demonstrates that the absence of distribution or granting would have adverse procyclical effects or that such distribution or granting does not compromise its financial situation in the short and long term.

Art. 10. The insurance company applying for one of the authorizations referred to in this chapter must submit a file at the latest three weeks before the date of the general meeting or, if earlier, before the date on which the other information for supervisory purposes must be transmitted to the Bank in accordance with Article 659 of the Law.

This file must be accompanied by the opinion of the actuarial function referred to in Article 5.

CHAPTER III. — Final provisions

Art. 11. Articles 1 to 10 of this Decree apply from the first accounting year beginning on 1 January 2016.

Art. 12. Article 12bis of the Royal Decree of 22 February 1991 general regulations concerning the supervision of insurance companies, replaced by the Royal Decree of 26 November 1999 and amended by the Royal Decree of 3 March 2011, is repealed. However, it remains applicable to profit sharing and rebates relating to accounting years ending no later than 31 December 2015.

Art. 13. The Minister responsible for the supervision of insurance companies is charged with the implementation of this Decree.

Given in Brussels, 14 September 2016.

PHILIPPE

By the King:

The Deputy Prime Minister and Minister of Economy, K. PEETERS

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