Belgium Insurance Industry – Governance, Risk and Compliance

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Published: April 13, 2023 Report Code: GDIS0095RR-ST

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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 regulators 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 the establishment and operation of 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)

·       The 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 a national and international level. 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 oversee the micro and macro-prudential supervision of the industry. The main functions of 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 is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, 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.

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Belgium Insurance Industry - Compulsory Insurance

Some of the key compulsory insurances required within the Belgium insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Belgium Insurance Industry Analysis by Compulsory Insurances

Belgium Insurance Industry Analysis by Compulsory Insurances

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Belgium Insurance Industry - Company Registration and Operation

A license is required to operate in the Belgium insurance industry. 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, 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 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: The FederaleOverheidsdienstFinanciën (FOD Financien) or the Service Public Fédéral Finances (SPF Finances) 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, but non-resident companies are taxed only on their Belgian-sourced income.

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Scope

This 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 pertaining to the country’s insurance regulatory framework

  • Analysis of the rules and regulations pertaining to 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 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.

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 Belgian insurance industry.

  • Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.

  • Understand key regulations and market practices pertaining to various types of insurance products.

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Table of Contents

  • 1. BELGIUM

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control

      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance

    • 1.3. Non-Admitted Insurance Regulations

    • 1.4. Company Registration and Operation

      • 1.4.1. License

      • 1.4.2. Foreign Direct Investment / Ownership

      • 1.4.3. Minimum Capital Requirements

      • 1.4.4. Solvency Margins

      • 1.4.5. Reserve Requirements

      • 1.4.6. Statutory Return Requirements

      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium

      • 1.5.2. Corporate Income Tax

      • 1.5.3. Corporate Capital Gains Tax

      • 1.5.4. Value Added Tax

    • 1.6. Legal System

    • 1.7. Policy Practice

  • 2. About GlobalData

  • 3. Contact Us

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