NBB_2022_26 / Communication on the tasks of the actuarial function and documentation requirements for technical provisions

The National Bank of Belgium establishes minimum expectations for insurance and reinsurance undertakings regarding the documentation of technical provisions and the performance of the actuarial function under Solvency II. Undertakings must maintain exhaustive documentation for hypotheses, methodological choices, data variations, and expert judgments, while the actuarial function must produce reports demonstrating real added value, clear ownership, and quantitative analysis such as backtesting and sensitivity analysis. The Board of Directors must receive an annual report assessing the effectiveness of the actuarial function's independent control role, and undertakings are required to deploy necessary resources to comply with these standards immediately.

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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 or 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 aid 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 Sickness Funds and the National Federation 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