Belgium: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision
IMF Staff Country Reports, December 8, 2023
Source details
- Canonical URL
- Belgium: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision
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Bibliographic details
- Published: December 8, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400261992.002
Overview and scope
- 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.
- The analysis focuses on supervision within the scope of the National Bank of Belgium’s (NBB) and the Financial Services and Markets Authority’s (FSMA) 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.
Institutional framework and mandates
- 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.
- The Financial Services and Markets Authority (FSMA) is mandated with conduct of business supervision.
- The TN 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; group supervision; and supervisory co-operation and co-ordination.
Key findings and risks
- The TN highlights risks and vulnerabilities in the Belgian insurance sector (specific risks and vulnerabilities are identified in the full TN).
- The TN assesses progress on recommendations from the previous FSAP (details and assessment results are in the full TN).
Recommendations and supervisory priorities
- The TN offers further recommendations to strengthen the regulatory and supervisory regime (specific recommendations are provided in the full TN).
Publication and metadata
- Publication date: December 8, 2023
- Pages: 42
- Volume: 2023
- Issue: 389
- Series: Country Report No. 2023/389
- DOI: https://doi.org/10.5089/9798400261992.002
- Stock No: 1BELEA2023007
- ISBN: 9798400261992
- ISSN: 1934-7685
- Subject keywords: Financial institutions; Financial Sector Assessment Program; Financial sector policy and analysis; Insurance; Insurance companies; International organization; Monetary policy; Mortgages; Solvency
- Additional 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
Source: Belgium: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision (IMF Staff Country Reports 2023, 389).
Content in this bundle
- 1belea2023007 - Executive Summary