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Belgium: Detailed Assessment of Observance of Insurance Core Principles

International Monetary Fund

No 2013/134, IMF Staff Country Reports from International Monetary Fund

Abstract: The Belgian insurance industry was adversely affected by the global financial crisis and continued to confront challenges related to legacy assets and economic uncertainties in Europe. The Belgian authorities have made significant progress in updating the insurance regulatory regime and supervisory practice. The updated regulatory framework has a high level of observance with the Insurance Core Principles (ICPs), supported by robust prudential supervision. The authorities are advised to review current conduct-of-business (CoB) regulation and supervision to strengthen the protection for policyholders.

Keywords: ISCR; CR; NBB organic law; risk management; insurance group; NBB statute; corporate governance; senior management; interest rate; Insurance companies; Insurance; Solvency; Internal controls; Legal support in revenue administration; Global; Europe (search for similar items in EconPapers)
Pages: 112
Date: 2013-05-24
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Handle: RePEc:imf:imfscr:2013/134