Belgium Insurance Industry – Governance, Risk and Compliance
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Belgium Insurance Industry Regulation Overview
The National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) act as the regulator of the Belgium insurance industry supported by the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA). The Belgium Insurance Industry governance regulation report provides a 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 establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · National Bank of Belgium (NBB)
· Financial Services and Markets Authority (FSMA) · International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Belgium Insurance Industry – Key Regulators and Legislation
National Bank of Belgium (NBB): The NBB performs tasks in the general interest at both national and international levels. The NBB took over the charge after the implementation of the Twin Peaks structure in April 2011. The main objective of the NBB is to regulate the industry and is in charge of the micro and macro-prudential supervision of the industry. The functions of the NBB are to protect the rights of the insured and third-party beneficiaries and support and check the financial soundness of insurers and reinsurers.
International Association of Insurance Supervisors (IAIS): The IAIS, established in 1994, is a global, membership-driven organization that represents insurance regulators and supervisors. The IAIS formulates and issues various global insurance principles, standards, and guidance. It also provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. The primary objectives of IAIS are to contribute to global financial stability and promote effective and globally consistent supervision of the insurance industry, to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders.
The key piece of legislation governing the Belgium insurance industry is:
- Insurance Law 2014
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Belgium Insurance Industry - Compulsory Insurance
A few of the key compulsory insurance required within the Belgium insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance. The Law on Compulsory Liability Insurance for Motor Vehicles 1989 – which came into force on May 6, 1991 – governs the motor third-party liability (MTPL) insurance for all motor vehicles, which is compulsory for motor vehicle owners in Belgium.
Belgium Insurance Industry Analysis by Compulsory Insurances
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Belgium Insurance Industry - Company Registration and Operation
Article 17 of the Law stipulates that to operate an insurance business in Belgium, insurance companies must first obtain authorization from the NBB. Reinsurance business on a cross-border basis is permitted for third-country reinsurers. The Royal Decree on mediation does not allow any insurance and reinsurance intermediary to mediate insurance products in Belgium without being registered. However, an intermediary registered in other EEA and EU Member States can engage in cross-border mediation in Belgium, provided it has informed the FSMA through the financial supervision authority of the home country.
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Belgium Insurance Industry – Taxation
Tax is imposed upon insurance premium premiums within the insurance industry in Belgium. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Corporate income tax rate: The FederaleOverheidsdienstFinanciën (FOD Financien) or the Service Public Fédéral Finances (SPF Finances) are responsible for the administration and supervision of taxation. Both are responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration. Rules and regulations related to taxation are outlined in the Taxation Act. Corporate income tax is imposed on a company’s accounting profits. Resident companies are taxed on their worldwide income while non-resident companies are taxed only on their Belgian-sourced income.
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Scope
The report provides:
- Details of the insurance regulatory framework in Belgium.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations about the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The National Bank of Belgium and the Financial Services and Markets Authority regulate and supervise the Belgian insurance industry.
- The new Solvency II regime became effective on January 1, 2016.
- Composite insurance is not permitted in Belgium. However, composite insurers established before 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.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Belgium.
- Track the latest regulatory changes, and expected changes impacting the Belgium 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 about various types of insurance products.
Table of Contents
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Frequently asked questions
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Which are the key regulators of the Belgium insurance industry?
The National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) act as the key regulators of the Belgium insurance industry.
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Which are the other regulatory bodies overseeing operations in the Belgium insurance industry?
The International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA) oversee operations in the Belgian insurance industry.
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Which are the compulsory insurances required within the Belgium insurance industry?
A few of the compulsory insurances required within the Belgium insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Belgium insurance industry?
Tax is imposed upon insurance premium premiums within the insurance industry in Belgium. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
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