Regulatory Alerts2002-10-25
Added · Updated
Statistics of Direct Non-Life Insurance Operations in Belgium and Abroad
The Insurance Supervisory Authority modifies statistical reporting requirements for direct non-life insurance operations for Belgian and third-country insurance undertakings. "P&C" statistics are renamed "non-life" and must now explicitly include accident at work insurance and dependency insurance, leading to an increase in product categories from 33 to 43 and products from 93 to 107. Transport insurance reporting is also further subdivided. Undertakings must adapt their internal systems to provide data for accounting years 2003 (reporting 2004) and subsequent years according to the new model, and are required to provide historical data for 2001, 2002, and 2003 for new products in supplementary tables. Specific details are added for accident at work insurance, requiring separate detailing of provisions for outstanding claims and benefits, as well as premiums subject to ONSS and definitive annuities for pre-1988 accidents.
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