## Belgium: Financial System Stability Assessment-Technical Note-Banking, Insurance, and Financial Conglomerate Supervision

_IMF Staff Country Reports, March 8, 2018_

## Source details

**Canonical URL:** [Belgium: Financial System Stability Assessment-Technical Note-Banking, Insurance, and Financial Conglomerate Supervision](https://www.imf.org/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-technical-note-banking-insurance-and-financial-45707)

## Other formats

- [Markdown version](/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-technical-note-banking-insurance-and-financial-45707/index.md)
- [Structured JSON version](/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-technical-note-banking-insurance-and-financial-45707/index.json)
- [Bundle manifest](/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-technical-note-banking-insurance-and-financial-45707/bundle-manifest.json)

## Bibliographic details
- Published: March 8, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484345955.002

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### Executive summary and main findings
- The Technical Note analyzes the key aspects of the regulatory and supervisory regime of banks, insurance companies and financial conglomerates (FCs) in Belgium.
- The regulatory framework for Belgian financial institutions has been strengthened substantially since the 2013 Financial Sector Assessment Program.
- Notable reforms and transpositions:
  - New national banking and insurance laws have been issued.
  - The Bank Recovery and Resolution Directive has been transposed.
  - Amendments to the Financial Conglomerate Directive have been transposed.
  - Solvency II has been implemented.
  - The National Bank of Belgium has been designated as the macroprudential authority.
- Impacts of reforms:
  - The regulatory framework has been improved significantly and broadened in scope to better address the challenges posed by FCs.
  - Financial sector supervision has been upgraded markedly.

### Areas of regulatory and supervisory focus
- Banking supervision and capital adequacy: emphasis on strengthened national banking law and alignment with international/regional directives.
- Insurance supervision and solvency: implementation of Solvency II as a core reform.
- Financial conglomerate oversight: transposition of amendments to the Financial Conglomerate Directive and broadened supervisory scope for FCs.
- Macroprudential governance: designation of the National Bank of Belgium as macroprudential authority.

### Subjects and keywords (as provided)
- Subjects:
  - Banking
  - Capital adequacy requirements
  - Credit
  - Financial institutions
  - Financial regulation and supervision
  - Financial sector policy and analysis
  - Insurance
  - Insurance companies
  - Money
  - Solvency
- Keywords:
  - banking group
  - Capital adequacy requirements
  - capital ratio
  - CR
  - Credit
  - credit risk
  - Europe
  - Global
  - group transaction
  - Insurance
  - Insurance companies
  - interest rate
  - ISCR
  - mortgage loan
  - risk management
  - Solvency

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2018/cr1870.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2018/cr1870.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-technical-note-banking-insurance-and-financial-45707_