Regulatory Alerts2020-09-11
Added · Updated
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.