Regulatory Alerts2017-06-02 | NBB_2017_19Added · Updated
Procedures for Insurance or Reinsurance Activities in Belgium by Foreign Companies
The National Bank of Belgium outlines the procedures for EEA insurance and reinsurance companies to operate in Belgium via branches or the freedom to provide services, requiring notification through home state authorities and a two-month review period. For third-country insurance companies, the document establishes strict conditions for branch establishment, including prior authorization, proof of eligible own funds equal to half the minimum capital requirement, and cooperation agreements with home supervisors. It also details specific notification requirements for third-country firms providing services under GATS or OECD Code agreements, allowing activities to commence if the Bank does not object within two months.