RegAlert2025-06-17 | NBB_2025_08Added
Prudential expectations of the National Bank of Belgium regarding the governance system for the insurance and reinsurance sector
This circular revises the previous NBB_2016_31 document to clarify the National Bank of Belgium's expectations and recommendations for the implementation and interpretation of governance rules under Solvency II. It applies to Belgian insurance and reinsurance undertakings, third-country branches in Belgium, and responsible entities of Belgian insurance groups or financial conglomerates. The document replaces the prior circular upon entry into force and coordinates various thematic circulars into a single framework while incorporating updates from legal changes since 2016 and supervisory experience.
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National Bank of Belgium
Eurosystem
Circular
Brussels, 17 June 2025
Reference: NBB_2025_08 your contact: Aurélie Leclercq phone +32 2 221 39 65 aurelie.leclercq@nbb.be
Prudential expectations of the National Bank of Belgium regarding the governance system for the insurance and reinsurance sector
Scope
- Belgian insurance or reinsurance undertakings (excluding small Belgian insurance undertakings referred to in Articles 275 and 276 or local undertakings referred to in Article 294 of the Solvency II Law¹).
- Branches in Belgium of insurance or reinsurance undertakings subject to the law of a third country.
- Responsible entities² of a Belgian insurance or reinsurance group within the meaning of Article 339, 2° of the Solvency II Law or of a Belgian financial conglomerate within the meaning of Article 340, 1° of the Solvency II Law.
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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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