## 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](https://www.imf.org/en/publications/cr/issues/2023/12/07/belgium-financial-sector-assessment-program-technical-note-on-insurance-regulation-and-542064)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/12/07/belgium-financial-sector-assessment-program-technical-note-on-insurance-regulation-and-542064/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/12/07/belgium-financial-sector-assessment-program-technical-note-on-insurance-regulation-and-542064/index.json)
- [Bundle manifest](/en/publications/cr/issues/2023/12/07/belgium-financial-sector-assessment-program-technical-note-on-insurance-regulation-and-542064/bundle-manifest.json)

## 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**
  - [1belea2023007 - Executive Summary (Markdown version)](/-/media/files/publications/cr/2023/english/1belea2023007.pdf.md){rel="alternate" type="text/markdown"}
  - [1belea2023007 - Executive Summary (PDF)](/-/media/files/publications/cr/2023/english/1belea2023007.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2023/12/07/belgium-financial-sector-assessment-program-technical-note-on-insurance-regulation-and-542064_