RegAlert2017-06-02 | NBB_2017_18Added
Procedures for Belgian Insurance or Reinsurance Companies Taking Up Activity Abroad
Insurance and reinsurance companies governed by Belgian law must notify the National Bank of Belgium before opening a branch or providing services in another EEA Member State or a third country. The notification requires submitting specific forms with an English translation, and the Bank may oppose the plan within three months if it negatively impacts governance, financial stability, or supervision. For activities in third countries, the Bank may also oppose the plan if it doubts compliance with local legislation or the ability to exercise effective supervision. Establishing or acquiring a subsidiary abroad requires prior notification, and strategic decisions by the Bank must be made within three months of receiving a complete dossier.
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NBB_2017_18 – 2 June 2017 Communication – P. 1/8 Boulevard de Berlaimont 14 – BE-1000 Brussels Phone +32 2 221 35 88 – fax +32 2 221 31 04 Company number: 0203.201.340 RPM (Trade Register) Brussels www.nbb.be Communication Brussels, 2 June 2017 Reference: NBB_2017_18 Contact persons:
Nicolas Strypstein
Phone +32 2 221 44 74 – fax +32 2 221 31 04 nicolas.strypstein@nbb.be Communication on the procedures to be followed by insurance or reinsurance companies governed by Belgian law that wish to take up an insurance or reinsurance activity abroad (in another Member State of the EEA or in a third country) « This is a courtesy translation. Only the Dutch and French version have legal value ». Scope
- Insurance and reinsurance companies governed by Belgian law that are subject to the Law
of 13 March 2016 on the legal status and supervision of insurance or reinsurance companies (with the exception of the insurance companies referred to in Articles 275, 276 or 294 of the aforementioned Law of 13 March 2016) Résumé/Objectif This Communication sets out the conditions and describes the procedures to be followed by insurance or reinsurance companies governed by Belgian law that wish to take up an activity in the territory of another Member State of the European Economic Area or in a third country which is not a Member State of this Area, through a branch or under the freedom to provide services. It also specifies the information to be supplied to the National Bank of Belgium in the event of the establishment or acquisition of a subsidiary abroad. Legal references Law of 13 March 2016 on the legal status and supervision of insurance or reinsurance companies, Articles 107 to 122. Structure
I. Objective
II. Definitions
III. Pursuit of an insurance or reinsurance activity in another Member State of the European
Economic Area
IV. Pursuit of an insurance or reinsurance activity in a third country
V. Establishment or acquisition of a subsidiary carrying on an insurance or reinsurance
activity abroad
VI. Repeal
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Lineage: In force
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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