IMF Staff Country Reports

Belgium: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision

December 8, 2023

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Belgium: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision, (USA: International Monetary Fund, 2023) accessed September 26, 2024

Summary

The Financial Sector Assessment Program (FSAP) conducted a focused review of insurance regulation and supervision in Belgium. This technical note (TN) provides an update on the insurance sector and highlights risks and vulnerabilities. It analyzes key aspects of regulatory and supervisory oversight: supervisor; the solvency framework; supervision (micro and macro); changes in control and portfolio transfer, reinsurance; conduct of business and group supervision and supervisory co-operation and co-ordination.2 Belgium has adopted a twin peaks model of regulatory oversight and supervision. The National Bank of Belgium (NBB) is responsible for prudential supervision at both a micro and macro level whilst the Financial Services and Markets Authority (FSMA) is mandated with conduct of business supervision. The analysis focuses on supervision within the scope of the NBB’s and the FSMA’s mandates. The TN comments on progress in respect of the implementation of recommendations made by the previous FSAP and offers further recommendations to strengthen the regulatory and supervisory regime.

Subject: Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Insurance, Insurance companies, International organization, Monetary policy, Mortgages, Solvency

Keywords: Conduct risk, Financial Sector Assessment Program, Global, Group supervision, Insurance, Insurance companies, Mortgages, NBB's role, Pre-emptive conduct supervision, Risk assessment framework, Solvency

Publication Details

  • Pages:

    42

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2023/389

  • Stock No:

    1BELEA2023007

  • ISBN:

    9798400261992

  • ISSN:

    1934-7685

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