RegAlert2020-09-11
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Royal Decree of 31 July 2020 Approving the National Bank of Belgium Regulation of 12 May 2020 on the Location for Keeping Insurance or Reinsurance Documents
Insurance and reinsurance undertakings must obtain simplified authorization from the National Bank of Belgium before storing insurance or reinsurance documents at a location other than their registered office, provided the storage site is within Belgium or the European Economic Area. The regulation establishes specific conditions for electronic and paper storage, including requirements for permanent access, data integrity, GDPR compliance, and the ability to terminate contracts in case of significant changes by service providers. Undertakings must submit a detailed dossier to the Bank, and for documents related to contracts with Belgian policyholders, also notify the Financial Services and Markets Authority (FSMA). Failure to obtain prior approval subjects the undertaking to administrative measures or sanctions.
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Royal Decree of 31 July 2020 Approving the Regulation of the National Bank of Belgium of 12 May 2020 on the Location for Keeping Insurance or Reinsurance Documents (MB 11 September 2020 Unofficial Coordination 11 September 2020)
Royal Decree of 31 July 2020 Approving the Regulation of the National Bank of Belgium of 12 May 2020 Concerning the Storage Location of Insurance or Reinsurance Documents (BS 11 September 2020 Unofficial Coordination 11 September 2020)
PHILIPPE, King of the Belgians,
To all, present and future, Greetings.
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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