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Governance, Risk and Compliance – The Belgian Insurance Industry

Governance, Risk and Compliance – The Belgian Insurance Industry

Synopsis

Timetric’s '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 Timetric’s 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.

Summary

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 country’s 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.
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 country’s 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.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Belgium - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Belgium - Life Insurance Regulatory Framework
      • Property insurance
        • Table Belgium - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Belgium - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Belgium - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Social insurance system
      • Air carrier and aircraft operators insurance
        • Table Belgium - Minimum Cover for Aircraft Third-Party Liability per Accident and Aircraft
      • Professional indemnity insurance for alternative investment fund managers
      • Clinical trials liability insurance
      • Liability insurance for drones
        • Table Belgium - Minimum Cover for RPA Third-Party Liability per Accident and per RPA
      • Liability insurance for third-party measurement organizations using CE-marked instruments
      • Professional indemnity insurance for insurance intermediaries
      • Liability for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority
      • National regulatory authority
      • National Bank of Belgium
      • The Financial Services and Markets Authority
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table Belgium - Insurance Premium Taxation 2017
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Belgium - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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