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The new Insurance and Reinsurance Supervision Act published and entered into force today – Final Solvency II implementation in Belgium

The new Insurance and Reinsurance Supervision Act published and entered into force today – Final Solvency II implementation in Belgium

The new Insurance and Reinsurance Supervision Act published and entered into force today – Final Solvency II implementation in Belgium

23.03.2016 BE law

Today, the Belgian Act of 13 March 2016 on the regime and supervision of insurance and reinsurance undertakings, the new “Insurance and Reinsurance Supervision Act”, was published in the Belgian Official Journal.

Enactment

The text of the Insurance and Reinsurance Supervision Act can be found in French here (FR) and in Dutch here (NL).

The Insurance and Reinsurance Supervision Act implements those parts of the Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (“Solvency II”) that were not yet implemented in Belgium. A first part of Solvency II was already implemented by the Act of 4 April 2014 on insurances (“Act on Insurances”) published on 30 April 2014 in the Belgian Official Journal.

The Insurance and Reinsurance Supervision Act sets out the new standards for the access to the activity and supervision of insurance and reinsurance undertakings and provides the Solvency II quantitative and qualitative, supervisory reporting and public disclosure requirements.

Entry into Force

The Insurance and Reinsurance Supervision Act enters into force as from today.

The Insurance and Reinsurance Supervision Act cancels and replaces the Act on insurance undertakings of 9 July 1975 and the Act on reinsurance of 16 February 2009.

  • 13 MAART 2016 - Wet op het statuut van en het toezicht op de verzekerings- of herverzekeringsondernemingen
  • 13 MARS 2016 - Loi relative au statut et au contrôle des entreprises d'assurance ou de reassurance

 This article was co-written by Sarah De Dijn in her capacity as an associate at Stibbe.

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