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Governance, Risk and Compliance - The Belgian Insurance Industry

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Details

Governance, Risk and Compliance-The Belgian Insurance Industry

Summary

"Governance, Risk and Compliance-The Belgian Insurance Industry", is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Belgium. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Belgium, including-

- An overview of the insurance regulatory framework in Belgium.

- The latest key changes, and changes expected in the country's insurance regulatory framework.

- Key regulations and market practices related to different types of insurance product in the country.

- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Belgium.

- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

- Details of the tax and legal systems in the country.

Some of the Key Takeaway's of the report are-

- The National Bank of Belgium and the Financial Services and Markets Authority regulate and supervise the Belgian insurance industry.

- The new Solvency II regime became effective from January 1, 2016.

- Composite insurance is not permitted in Belgium. However, composite insurers established prior to the introduction of this legal prohibition in 1992 are permitted to continue their operations.

- Motor third-party liability insurance, aviation liability insurance, and workers compensation insurance are the key compulsory classes of insurance in Belgium.

- Non-admitted insurance is prohibited in Belgium. However, insurance and reinsurance companies from EEA and EU Member States are permitted to operate without a license.

Scope

- The report covers details of the insurance regulatory framework in Belgium.

- The report contains details of the rules and regulations governing insurance products and insurance entities.

- The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

- Gain insights into the insurance regulatory framework in Belgium.

- Track the latest regulatory changes, and expected changes impacting the Belgian insurance industry.

- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

- Understand key regulations and market practices pertaining to various types of insurance product.

READ MORE

Table Of Content

Scope

Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Social insurance system

2.4.3 Air carrier and aircraft operators insurance

2.4.4 Professional indemnity insurance for alternative investment fund managers

2.4.5 Clinical trials liability insurance

2.4.6 Liability insurance for drones

2.4.7 Liability insurance for third-party measurement organizations using CE-marked instruments

2.4.8 Professional indemnity insurance for insurance intermediaries

2.4.9 Liability for ships with respect to oil pollution

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 European Insurance and Occupational Pensions Authority

2.5.3 National regulatory authority

2.5.4 National Bank of Belgium

2.5.5 The Financial Services and Markets Authority

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData's Services

3.5 Disclaimer


List Of Figure

List of Figures

Figure 1: Belgium-Insurance Supervision and Control at Various Levels

Figure 2: Belgium-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Belgium-Insurance Regulatory Framework Key Features

Table 3: Belgium-Life Insurance Regulatory Framework

Table 4: Belgium-Property Insurance Regulatory Framework

Table 5: Belgium-Motor Insurance Regulatory Framework

Table 6: Belgium-Liability Insurance Regulatory Framework

Table 7: Belgium-Minimum Cover for Aircraft Third-Party Liability per Accident

Table 8: Belgium-Minimum Cover for RPA Third-Party Liability per Accident and per RPA

Table 9: Belgium-Insurance Premium Taxation 2018

Table 10: Belgium-Corporate Tax Rates for the Financial Year 2018

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Governance, Risk and Compliance-The Belgian Insurance Industry

Summary

"Governance, Risk and Compliance-The Belgian Insurance Industry", is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Belgium. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Belgium, including-

- An overview of the insurance regulatory framework in Belgium.

- The latest key changes, and changes expected in the country's insurance regulatory framework.

- Key regulations and market practices related to different types of insurance product in the country.

- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Belgium.

- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

- Details of the tax and legal systems in the country.

Some of the Key Takeaway's of the report are-

- The National Bank of Belgium and the Financial Services and Markets Authority regulate and supervise the Belgian insurance industry.

- The new Solvency II regime became effective from January 1, 2016.

- Composite insurance is not permitted in Belgium. However, composite insurers established prior to the introduction of this legal prohibition in 1992 are permitted to continue their operations.

- Motor third-party liability insurance, aviation liability insurance, and workers compensation insurance are the key compulsory classes of insurance in Belgium.

- Non-admitted insurance is prohibited in Belgium. However, insurance and reinsurance companies from EEA and EU Member States are permitted to operate without a license.

Scope

- The report covers details of the insurance regulatory framework in Belgium.

- The report contains details of the rules and regulations governing insurance products and insurance entities.

- The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

- Gain insights into the insurance regulatory framework in Belgium.

- Track the latest regulatory changes, and expected changes impacting the Belgian insurance industry.

- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

- Understand key regulations and market practices pertaining to various types of insurance product.

READ MORE

Scope

Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Social insurance system

2.4.3 Air carrier and aircraft operators insurance

2.4.4 Professional indemnity insurance for alternative investment fund managers

2.4.5 Clinical trials liability insurance

2.4.6 Liability insurance for drones

2.4.7 Liability insurance for third-party measurement organizations using CE-marked instruments

2.4.8 Professional indemnity insurance for insurance intermediaries

2.4.9 Liability for ships with respect to oil pollution

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 European Insurance and Occupational Pensions Authority

2.5.3 National regulatory authority

2.5.4 National Bank of Belgium

2.5.5 The Financial Services and Markets Authority

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData's Services

3.5 Disclaimer


List Of Figure

List of Figures

Figure 1: Belgium-Insurance Supervision and Control at Various Levels

Figure 2: Belgium-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Belgium-Insurance Regulatory Framework Key Features

Table 3: Belgium-Life Insurance Regulatory Framework

Table 4: Belgium-Property Insurance Regulatory Framework

Table 5: Belgium-Motor Insurance Regulatory Framework

Table 6: Belgium-Liability Insurance Regulatory Framework

Table 7: Belgium-Minimum Cover for Aircraft Third-Party Liability per Accident

Table 8: Belgium-Minimum Cover for RPA Third-Party Liability per Accident and per RPA

Table 9: Belgium-Insurance Premium Taxation 2018

Table 10: Belgium-Corporate Tax Rates for the Financial Year 2018

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com