Regulatory Alerts2003-11-14
Added · Updated
Royal Decree of 5 December 1996 implementing Article 2, § 3, 5°, of the Law of 9 July 1975 on the control of insurance undertakings
This Royal Decree implements specific provisions of the Law of 9 July 1975 regarding the control of insurance undertakings, primarily establishing the regulatory framework for mutual insurance companies and common insurance funds. It mandates separate accounting for pension-related operations unless identical profit distribution methods are applied, and grants existing entities a three-month deadline to submit authorization requests and establish coverage values, with a subsequent six-month period for the King to decide on their admission. The decree also updates technical bases for life insurance, sets maximum loading percentages for management and payout costs, and repeals several outdated royal decrees from 1930 and 1931 while transferring supervisory authority to the CBFA.
More like this from NBB
We email you every new NBB publication the day it's published.