Regulatory Alerts2022-11-02 | NBB_2022_26Added · Updated
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.