Press release
An overview of the Insurance Industry - Governance, Risk and Compliance
Synopsis
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Belgium, including:
An overview of the insurance regulatory framework in Belgium.
The latest key changes, and changes expected in the countrys insurance regulatory framework.
Key regulations and market practices related to different types of insurance product in the country.
Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Belgium.
Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
Details of the tax and legal systems in the country.
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Summary
Timetrics Governance, Risk and Compliance The Belgian Insurance Industry report is the result of extensive research into the insurance regulatory framework in Belgium.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
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Scope
The report covers details of the insurance regulatory framework in Belgium.
The report contains details of the rules and regulations governing insurance products and insurance entities.
The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
The report provides details of taxation imposed on insurance products and insurance companies.
Reasons To Buy
Gain insights into the insurance regulatory framework in Belgium.
Track the latest regulatory changes, and expected changes impacting the Belgian insurance industry.
Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
Understand key regulations and market practices pertaining to various types of insurance product.
Key Highlights
The Belgian insurance industry is regulated by the National Bank of Belgium and the Financial Services and Markets Authority.
The new Solvency II regime became effective from January 1, 2016.
Composite insurance is not permitted in Belgium. However, composite insurers established prior to the introduction of this legal prohibition in 1992 are permitted to continue their operations.
Motor third-party liability insurance, aviation liability insurance, and workers compensation insurance are the key compulsory classes of insurance in Belgium.
Non-admitted insurance is prohibited in Belgium. However, insurance and reinsurance companies from EEA and EU member states are permitted to operate without a license.
Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social insurance system
2.4.3 Air carrier and aircraft operators insurance
2.4.4 Professional indemnity insurance for alternative investment fund managers
2.4.5 Clinical trials liability insurance
2.4.6 Professional indemnity insurance for insurance intermediaries
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
2.5.3 Federation of European Risk Management Associations (FERMA)
2.5.4 National Bank of Belgium (NBB)
2.5.5 The Financial Services and Markets Authority (FSMA)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a domestic company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetrics Services
3.5 Disclaimer
About us
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