RegAlert2022-11-02 | NBB_2022_26Added
NBB_2022_26 / Communication on the tasks of the actuarial function and documentation requirements for technical provisions
The National Bank of Belgium reminds insurance and reinsurance undertakings of Solvency II prudential requirements regarding the documentation of technical provisions and the tasks of the actuarial function. The document establishes minimum expectations, requiring exhaustive documentation of hypotheses, methodological choices, and expert judgments, as well as specific quantitative work by the actuarial function such as backtesting and sensitivity analysis. It mandates that actuarial reports provide real added value for supervision rather than mere descriptions, and requires the management body to annually report on the effectiveness of independent control functions.
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National Bank
OF BELGIUM
Communication
Brussels, 2 November 2022
Reference: NBB_2022_26 your correspondent:
Emmanuel Cortese tel. +32 2 221 30 72 emmanuel.cortese@nbb.be
Communication on the tasks of the actuarial function and the requirements regarding the documentation of technical provisions
Scope of Application
- Insurance or reinsurance undertakings governed by Belgian law.
- Insurance or reinsurance undertakings that are part of a group governed by Belgian law within the meaning of Article 339, 2° of the Act of 13 March 2016 on the status and supervision of insurance and reinsurance undertakings.
- Undertakings governed by Belgian law that are part of a financial conglomerate governed by Belgian law within the meaning of Article 340, 1° of the aforementioned Act of 13 March 2016.
- Branches of undertakings from third countries that carry out insurance [or reinsurance] activities in Belgium.
- This communication applies to mutual insurance companies as defined in Article 15, 79° of the aforementioned Act of 13 March 2016. For these undertakings, "the Bank" must be replaced by "the Control Service for the sickness funds and the national associations of sickness funds" as defined in Article 15, 84° of the same Act.
- This communication does not apply to insurance undertakings referred to in Articles 275, 276 or 294 of the aforementioned Act of 13 March 2016.
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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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