Law On The Status And Control Of Insurance Or Reinsurance Undertakings

Original Language Title: Loi relative au statut et au contrôle des entreprises d'assurance ou de réassurance

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2016011092&caller=list&article_lang=F&row_id=1&numero=59&pub_date=2016-03-23&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2016-03-23 Numac: 2016011092 SERVICE PUBLIC FÉDÉRAL ÉCONOMIE, P.M.E., CLASSES average and energy 13 March 2016. -Law on status and control of the business of insurance or reinsurance PHILIPPE, King of the Belgians, to all, present and to come, hi.
The House of representatives has adopted and we sanction the following: book I. -TITLE I General provisions. -Article 1 object. This Act regulates a matter referred to in article 74 of the Constitution.
S. 2. this Act ensures the partial transposition: 1 ° of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the access to the activities of insurance and reinsurance (Solvency II) exercise;
2 ° of 2011/89/EU Directive of the European Parliament and of the Council of 16 November 2011 amending directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC with regard to the supplementary supervision of financial entities of financial conglomerates, with regard to the business of insurance or reinsurance;
3 ° of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 concerning access of credit institutions and the prudential supervision of institutions of credit and investment firms amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, in particular article 71 thereof;
4 ° Directive 2014/51/EU of the European Parliament and of the Council of April 16, 2014 amending Directives 2003/71/EC and 2009/138/EC and regulations (EC) No 1060/2009, (EU) no 1094/2010 and (EU) No. 1095/2010 in relation to the powers of the European supervisory authority (European Insurance Authority and occupational pensions) and of the European supervisory authority (European financial markets authority).
5 ° Directive 2014/59/EU of the European Parliament and of the Council of May 15, 2014 establishing a framework for recovery and resolution of credit institutions and investment firms and amending Directive 82/891 / EEC and the directives of the European Parliament and of the Council 2001/24/EC, 2002/47/EC, 2004/25/EC 2005/56/EC, 2007/36/EC, 2011/35/EU, EU-30-2012 and 2013/36/EU of the European Parliament and of the Council (EU) No. 1093/2010 and (EU) No. 648/2012, in particular articles 84 and 90 and regulations.
S.
3. this Act is intended to address, in the aim of ensuring the protection of policyholders, insured persons and beneficiaries of contracts and insurance operations, and ensure the soundness and the proper functioning of the financial system, in particular, the establishment, activity, and control of the business of insurance or reinsurance operating in Belgium, including certain terms and conditions in contracts and transactions of insurance or reinsurance.
S. 4. this Act is without prejudice to the obligations which the insurance or reinsurance undertakings under special laws governing operations that they practice.
S. 5. for the purposes of this Act and the orders and regulations for its implementation, is defined as: 1 ° business insurance, the undertaking for its own account, has the business of insurance, namely, the activity which consists in entering into contracts or insurance operations;
2 ° company reinsurance, the undertaking for its own account, exercise reinsurance activity, namely: has) the activity consisting in accepting risks ceded by an insurance undertaking or other reinsurance undertaking;
b) with regard to the association of underwriters known as "Lloyd's", the activity of, for an of insurance or reinsurance undertaking other than Lloyd's, in accepting risks ceded by any member of Lloyd's.
Is deemed to be an activity of reinsurance coverage, a company of reinsurance, on its own behalf, an institution for occupational retirement provision falling under the scope of application of titles II and III of the Act of 27 October 2006 on the control of institutions for occupational retirement provision.
TITLE II. -Chapter I: scope. -Provisions general article 6. this Act is applicable to insurance or reinsurance under Belgian law or foreign law undertakings that operate or want to operate in Belgium, by way of a branch or without being established.
S. 7 § 1.
With regard to non-life insurance business and the life insurance activity, this Act applies to the activities of the mentioned branches respectively in Appendix I and Appendix II to this Act.
§
2. Non-life insurance activity also includes the activity of assistance to persons in difficulty during displacement, of absences from their home or habitual residence.
This activity has, subject to the prior payment of a premium, commitment to immediate assistance at the disposal of the beneficiary of a support contract when it is in trouble as a result of a fortuitous event, in the cases and under the conditions provided for in the contract.
Assistance may include cash or in-kind benefits. Benefits in kind can also be provided by the use of staff or equipment specific to the provider.
The assistance activity does not cover the services of maintenance or maintenance, after-sales service or the mere indication or provision, as an intermediary, a help.
CHAPTER II. -Exclusions Section Ire. -Plans legal art. 8. the Act is not applicable to contracts and transactions of insurance forming part of a statutory scheme of social security for which firms do not operate at their own risk.
In particular, this Act is not applicable: 1 ° to mutual societies which are recognized under the law of June 23, 1894, and which are not covered by the law of 6 August 1990 on mutual societies and the national unions of mutual societies;
2 ° to mutual societies, the national unions of mutual societies and mutual companies covered by the law of 6 August 1990 supra that cannot offer insurance and services referred to in article 3, paragraph 1, b) and (c)), of the law of 6 August 1990 supra meet each of the conditions laid down in article 67, paragraph 1, of the law of 26 April 2010 on various provisions regarding the Organization of insurance disease (I);
3 ° to the pools, private fixed bonuses and public institutions with respect to transactions covered by laws relating to the pension plan and survival of workers, employees, minor workers, sailors and the self-employed.
Section II. -Non-life insurance art.
9. as regards non-life insurance business, this Act is not applicable to companies engaged in the following: 1 ° operations of provident and relief which benefits organizations are variables depending on resources available and which require each of their members a lump sum contribution appropriate;
2 ° the operations carried out by an organization with legal personality and which have as their object the mutual guarantee of its members, without giving rise to the payment of premiums or constitution of technical reserves;
3 ° the operations of export credit insurance for the account or with the guarantee of the State, or where the State is the insurer.
S. 10 § 1. This Act shall not apply to undertakings engaged in an activity of assistance insofar as it meets all the following conditions: 1 ° assistance is provided on the occasion of an accident or breakdown involving a road vehicle when the accident or failure occurs on Belgian territory;
2 ° the commitment of assistance is limited to the following: a) Troubleshooting on-site, for which the warranty provider uses, in most circumstances, its staff and its own equipment;
b) the conveyance of the vehicle to the nearest or most appropriate repair place where the repair can be carried out and the possible accompaniment, normally by the same means of assistance, of the driver and passengers to the nearest location from where they may continue their journey by other means;
c) the conveyance of the vehicle, possibly accompanied by the driver and passengers, to their home, point of departure or original destination within Belgian territory;
3 ° assistance is not provided by an undertaking subject to this Act due to other activities justifying its liability under this Act.
§ 2. In the case referred to in paragraph 1, 2 °, a) and b), the condition that the accident or breakdown are occurring on Belgian territory is not required when the company is an organization of which the beneficiary is a member and troubleshooting or the conveyance of the vehicle is made on simple presentation of the Member, without payment of additional premium card, a similar body in the country concerned on the basis of a reciprocal agreement.
S. 11. this Act is not applicable to associations of mutual insurance engaged in activities of non-life insurance which have concluded with another mutual insurance association a convention with the full reinsurance of the insurance contracts they subscribe or the transfer of contractual commitments involving the substitution of company transferee company company for the fulfilment of the commitments

resulting from those contracts. In this case, the transferee company is subject to the provisions of this Act.
Section III. Life insurance art. 12. as regards the activity of life assurance, the Act is not applicable to the following companies: 1 ° agencies welfare and relief that benefits vary according to the resources available and require each of their members a lump sum contribution appropriate;
2 ° organisations other than undertakings referred to in article 6, which are intended to provide workers, employed or not, grouped in a company or a group of companies or an industry professional or interprofessional, benefits in case of death, in the case of life or termination or reduction of activities, commitments resulting from these operations whether or not covered fully and at all times by mathematical provisions;
3 ° the organizations that guarantee only benefits in the event of death, where the amount of such benefits does not exceed the average funeral costs for a death or where the benefits are provided in kind.
Section IV. -Reinsurance article 13. the Act is not applicable to the activity of reinsurance carried out or fully guaranteed by a Member State acting, for reasons of a substantial public interest, as a reinsurer as a last resort, even when this role is required by a situation where it is impossible to obtain adequate reinsurance coverage on the market.
S.
14. this Act is not applicable to reinsurance undertakings which at December 10, 2007, ceased to subscribe new reinsurance contracts and are limited to administer their existing portfolio in order to terminate their activity.
These companies are required to make themselves known to the Bank, specifying the type of reinsurance activities relating to the portfolio of contracts they administer.
The Bank contains a list of the reinsurance undertakings referred to in this article and shall forward to the supervisory authorities of the other Member States.
TITLE III. -Definitions art. 15. for the purposes of the application of this Act and the orders and regulations for its execution, means: 1 ° "regulation" 1094/2010: Regulation (EU) no 1094/2010 of the European Parliament and of the Council of November 24, 2010 establishing a European supervisory authority (European insurance and occupational pensions authority), amending decision No 716/2009/EC and repealing decision 2009/79/EC of the Commission;
2 ° "regulation 2015/35": the delegated Regulation (EU) 2015/35 of the Commission's October 10, 2014 supplementing directive 2009/138/EC of the European Parliament and of the Council on access to the activities of insurance and reinsurance (Solvency II) exercise;
3 ° 'Directive 2002 / 87 / EC': directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, and amending directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC of the Council and directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council;
4 ° 'Directive 2009 / 65 / EC': directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);
5 ° 'Directive 2009 / 103 / EC': directive 2009/103/EC of the Parliament and of the Council of 16 September 2009 relating to insurance of civil liability of the use of motor vehicles and the enforcement of the obligation to insure against such liability;
6 ° 'Directive 2009 / 138 / EC': directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the access to the activities of insurance and reinsurance (Solvency II) exercise;
7 ° 'measures implementing Directive 2009/138/EC': all measures taken in implementation of Directive 2009/138/EC;
8 ° "Directive 2013 / 36 / EU": directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 concerning access of credit institutions and the prudential supervision of credit institutions and investment firms amending directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC;
9 ° "Mortgage law": the law of December 16, 1851, forming title XVIII of Book III of the Code civil.
10 ° "law of 6 April 1995": Act of 6 April 1995 on the status and control of investment firms;
11 ° "law of 22 February 1998": the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium;
12 ° "law of 2 August 2002": Act of 2 August 2002 on the supervision of the financial sector and financial services;
13 ° "Insurance law": the Insurance Act of April 4, 2014;
14 ° "law of April 25, 2014": the Act of April 25, 2014 the status and control of credit institutions;
15 ° "insurance contract": a) is a contract as defined in article 5, 14 °, of the law of insurance, with the exception of capitalization of branch 26 mentioned contracts in Appendix II;
(b) or a contract falling within 24 to 28 mentioned in Appendix II branches;
c) either a transaction falling within branch 29 mentioned in Appendix II;
(d) be any commitments made by an insurance undertaking with similar benefits to those laid down in the contracts and operations branches 21 to 29 referred to in annex II;
16 ° "insurance": the business of insurance relating to branches 1 to 18 referred to in annex I;
17 ° "life": the business of insurance relating to branches 21 to 29 referred to in annex II;
18 ° "policyholder": the person who concludes the contract with the insurance company.
19 ° "insured": the person as defined in article 5, 17 °, of the law assurances;
20 ° "beneficiary": the person to whom are stipulated insurance benefits;
21 ° 'captive insurance firm': an insurance company that is owned either by one financial undertaking other than an insurance or of reinsurance undertaking or a group of insurance or reinsurance undertakings within the meaning of article 339, 2 °, or by a company not financial and that has for object the provision of insurance coverage relating exclusively to the risks of the undertaking or undertakings to which it belongs , or even the risk of one or more other undertakings of the group which it belongs;
22 ° "captive reinsurance undertaking": owned reinsurance undertaking either by one financial undertaking other than an insurance or of reinsurance undertaking or a group of insurance or reinsurance undertakings within the meaning of article 339, 2 °, or by a company not financial and purpose which is to the provision of reinsurance cover relating exclusively the risks of the undertaking or undertakings to which it belongs , or even the risk of one or several undertakings in the group which it belongs;
23 ° "non-life reinsurance": reinsurance activities relating to branches 1 to 18 referred to in annex I;
24 ° "life reinsurance": reinsurance activities relating to branches 21 to 29 referred to in annex II;
25 ° 'securitisation vehicle' ("special purpose vehicle"): any company, that it has the personality legal or not, that an insurance or reinsurance undertaking existing, which takes in charge the risks transferred by insurance or reinsurance undertakings and which funds all its exposure to these risks by the issuance of a debt or other financing mechanism, where the rights to a refund of those having made a payment in the context of this debt or this other financing mechanism are subordinated to the obligations of such a reinsurance company;
26 ° "mutual insurance association": an insurance or reinsurance undertaking which adopted the social form referred to in articles 244 to 271 of the Act;
27 ° "Member State": a State party to the agreement on the European economic area (EEA);
28 ° 'third countries': a State which is not party to the agreement on the European economic area;
29 ° "Home Member State": one of the following Member States: has) for non-life insurance, the Member State in which is situated the Head Office of the assurance undertaking covering the risk;
(b) with regard to life insurance, the Member State in which is situated the registered office of the assurance undertaking covering the commitment;
(c) in the area of reinsurance, the Member State in which is situated the Head Office of the reinsurance undertaking;
30 ° 'country of origin': one of the following third countries: has) in non-life insurance, the third country in which is situated the Head Office of the insurance undertaking covering a risk;
(b) with regard to life insurance, the third country in which is situated the Head Office of the assurance undertaking covering the commitment;
(c) in the area of reinsurance, the third country in which is situated the registered office of the reinsurance undertaking;
31 ° 'Host Member State': the Member State, other than the Member State of origin, in which an insurance or reinsurance undertaking has a branch or provides services of insurance or reinsurance; for life insurance and non-life insurance, means the Member State of provision of services, respectively,

the Member State of the commitment or the Member State where the risk is situated, where such commitment or risk is covered by an assurance undertaking or a branch situated in another Member State;
32 ° 'home country': the third country other than the Member State or the country of origin, in which an insurance or reinsurance undertaking has a branch or provides services of insurance or reinsurance;
for life insurance and non-life insurance, means the third country of delivery of services, respectively, the third country of the commitment or the third country where the risk is situated when such commitment or risk is covered by an assurance undertaking or a branch situated in another country;
33 ° "branch": any agency or branch of an insurance or reinsurance undertaking which is located on the territory of one Member State other than his State member of origin or the territory of a third country;
Is deemed to be a branch any permanent presence of an undertaking in the territory of one Member State other than the Member State of origin or the territory of a third country, even where this presence has not taken the form of a branch but is exercised by means of a simple office run by own personnel of the company or by an independent person but mandated to act permanently for the company as would an agency.
34 ° "establishment" of an insurance or reinsurance undertaking: its seat or one of its subsidiaries;
35 ° "free provision of services": the activity by which an insurance or reinsurance undertaking covers from its head office or a branch situated in a Member State or a third country, risks situated in another Member State or a third country;
36 ° 'Member State or third country where the risk is situated': according to the case, one of the Member States or third countries following: a) the Member State or third country where the goods are located when the insurance relates either to buildings, or to buildings and their contents, insofar as it is covered by the same insurance policy.
(b) the Member State or the third country of registration, where the insurance relates to vehicles of any kind;
By way of derogation from the first paragraph, when a motor vehicle referred to in article 1 of Act of 21 November 1989 on compulsory insurance of liability of motor vehicles, is shipped a State member in another Member, the Member State of destination shall be deemed to be the one where the risk is situated, upon acceptance of delivery by the purchaser for a period of thirty days, even if the vehicle is has not been officially registered in the State member of destination;
(c) the Member State or third country where the lessee agreed the police, if it is a contract of a duration less than or equal to four months, in the matter of risks incurred during a trip or a vacation, whatever the concerned branch;
(d) in all cases not expressly covered slot a), b) or c), the Member State or third country in which one of the following is situated: i) the habitual residence of the policyholder;
(ii) the establishment of the supplier to which the contract relates if the policy-holder is a legal person;
37 ° Member State or third country of the commitment: according to the case, the Member State or third country where one of the following is situated: a) the habitual residence of the policyholder;
(b) the establishment of the supplier to which the contract relates if the policy-holder is a legal person;
38 ° "general agent": a natural person with sufficient powers to engage the insurance or reinsurance undertaking with respect to third parties or, in the case of the Lloyd's underwriters concerned, and for or represent in relations with the authorities and courts of the Member State or the host country.
39 ° "parent undertaking": an undertaking which meets the requirements of the parent company as defined in article 6 of the Code of corporations.
40 ° "subsidiary": a company that meets the requirements of the subsidiary company as defined in article 6 of the Code of corporations. any subsidiary of a subsidiary is also considered to be a subsidiary of the parent undertaking which is at the head of those undertakings;
41 ° "close links": a situation in which two natural or legal persons or more are linked by a control relationship or participation, or a situation in which two natural or legal persons or more are linked permanently in one and the same person by a control relationship;
42 ° "control connection": the relationship between a parent undertaking and a subsidiary, as referred to in article 5 of the Code of corporations, or a similar relationship between any natural or legal person and an undertaking;
43 ° 'participation': holding, directly or through a control relationship, at least 20% of rights; vote or capital of an undertaking
44 ° "qualifying holding": detention, either directly or indirectly, 10% or more of the capital of a company or of the voting rights attached to the securities issued by such company, or possible to exercise a significant influence over the management of the company which is owned a stake; the calculation of voting rights is in accordance with the provisions of the Act of 2 May 2007 on advertising of major holdings, as well as those of its orders of execution; It is not taken into account voting rights or shares held following the underwriting of financial instruments and/or placing of financial instruments with firm commitment, provided that, on the one hand, these rights are not exercised or otherwise used to intervene in the management of the issuer and, on the other hand, they are transferred within a period of one year after their acquisition;
45 ° 'intra-group transaction': any transaction in which an insurance or reinsurance undertaking uses directly or indirectly upon other undertakings within the same group or any person or entity linked to the undertakings within that group by ties, for the performance of an obligation, contractual or otherwise, for payment or not;
46 ° "regulated market": one of the following markets: a) in the case of a market situated in a Member State, a regulated market within the meaning of article 2, paragraph 1, 5 ° or 6 °, of the law of 2 August 2002;
(b) in the case of a market situated in a third country, a financial market that meets the following conditions:-it is recognized by the Member State of origin of the insurance business and meets comparable requirements to those laid down in directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending directives 85/611/EEC and 93/6/EEC of the Council and directive 2000/12/EC of the European Parliament and of the Council and repealing Council directive 93/22/EEC; and - financial instruments that are traded are of a quality comparable to that of instruments traded on the market or markets regulated by the Member State of origin;
47 ° "investment firm": an investment firm within the meaning of article 44 of the law of 6 April 1995;
48 ° "financial institution": one undertaking other than a credit institution, whose main activity is to acquire holdings or to carry one or more of the activities referred to in points 2 to 12 and 15 of the list contained in article 4 of the Act of April 25, 2014;
49 ° "financial undertaking": one of the following entities: a) an insurance or reinsurance undertaking or an insurance holding company within the meaning of article 338, 5 °, or a mixed financial holding company within the meaning of article 2, point 15) of Directive 2002/87/EC;
(((b) a credit institution within the meaning of article 1, § 3, of the Act of April 25, 2014, a financial institution, or an undertaking of ancillary banking services within the meaning of article 89, paragraph 1, b), ii), Regulation No. 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No. 648/2012;
(c) an investment firm;
50 ° "mutual fund": a collective investment undertaking within the meaning of article 3, 1 °, of the law of August 3, 2012 on undertakings for collective investment responding to the conditions of Directive 2009/65/EC and to the investment in debt claims.
51 ° "collective investment management company": a management company of undertakings for collective investment within the meaning of article 3, 12 °, of the law of August 3, 2012 on undertakings for collective investment responding to the conditions of directive 2009/65/EC and to the investment in debt claims.
52 ° "alternative collective investment or"OPCA"organization": a collective investment undertaking within the meaning of article 3, 2 °, of the law of April 19, 2014 on alternative collective investment undertakings and their managers;
53 ° "undertakings for collective investment alternative Manager": a manager of hedge funds within the meaning of article 3, 13 °, of the law of April 19, 2014 on alternative collective investment undertakings and their managers, hereinafter also "Manager of OPCA";
54 ° 'subcontracting': an agreement, regardless of its form, entered into by an insurance or reinsurance undertaking and a service provider, submitted or not to control, under which that service provider is running, either directly or by using himself to subcontracting, a process, a service or an activity which, otherwise, would be executed

by the insurance undertaking or reinsurance itself;
55 ° "function" in a system of governance: internal a capability to perform specific tasks; a system of governance includes the function of risk management, the compliance audit function, the internal audit function and the actuarial function;
56 ° 'underwriting risk": the risk of loss, or of adverse change in the value of insurance liabilities due to inadequate pricing and provisioning assumptions;
57 ° "market risk": the risk of loss, or of adverse change in the financial situation resulting, directly or indirectly, fluctuations affecting the level and volatility of the value of market of the assets, liabilities and financial instruments;
58 ° "credit risk": the risk of loss, or of adverse financial situation change, resulting from fluctuations affecting the quality of credit issuers of securities, counterparties or any debtor to which the insurance or reinsurance undertakings are exposed as counterparty risk, risk related to the fluctuation of the margin or concentration of market risk;
59 ° "eligible central counterparty": a central counterparty which has been approved in accordance with article 14 of Regulation (EU) No. 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties and trade repositories, is recognized in accordance with article 25 of the said regulation;
60 ° 'operational risk': the risk of loss resulting from process or internal procedures, staff, inadequate or faulty systems or external events.
61 ° "liquidity risk": the risk to insurance or reinsurance undertakings cannot achieve their investment and other active to honour their financial commitments at the time where these become payable;
62 ° "risk concentration": all risk exposures which are accompanied by a potential loss severe enough to threaten the solvency or the financial position of the insurance or reinsurance undertakings;
63 ° "risk mitigation techniques": all the techniques that allow the insurance or reinsurance undertakings to transfer all or part of their risks to another party;
64 ° 'diversification effects': the reduction of exposure to the risk faced by it made for companies and groups of insurance or reinsurance to diversify their activities, as soon as the result of a risk can be offset by the more favourable opinion of another risk, when these risks are not perfectly correlated.
65 ° "estimated probability distribution": a mathematical function which assigns to an exhaustive set of mutually exclusive future events a probability of occurrence;
66 ° 'measure of risk': a mathematical function which assigns a monetary amount at a given forecast probability distribution and that increases monotonically with the level of exposure to the risk underlying this forecast probability distribution;
67 ° "external credit assessment institution" or "Cees": a rating agency credit which is registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council or a central bank issuing credit ratings which are exempted from the application of that regulation;
68 ° "technical provisions": reserves established by the company to meet its commitments of insurance or reinsurance to policyholders, insured persons and beneficiaries of the insurance contracts or beneficiaries of contracts of reinsurance, concerning both accrued and not fully liquid contracts ongoing contracts;
69 ° "financial information": quantitative data required under this Act or the implementing measures of the Directive 2009/138/EC, including accounting data;
70 ° "reorganisation measures": measures intended to preserve or restore the financial situation of an insurance undertaking and which affect rights pre-existing of parties other than the insurance undertaking itself. For companies under Belgian law, these measures correspond.
a) to acts of disposal referred to in article 519 of the Act;
(b) to the measures referred to in article 517, § 1, 4 ° and 7 °, of this Act;
(c) the measures referred to in articles 546 and 547 adopted outside of winding-up proceedings;
71 ° 'liquidation procedure': a collective procedure leading to the realisation of the assets of an insurance undertaking and the distribution of proceeds among the creditors, shareholders or members and leading necessarily an intervention by administrative or judicial authorities, that the procedure be based or non-insolvency and that the procedure is voluntary or mandatory. For companies under Belgian law, such a procedure is bankruptcy governed by the law of 8 August 1997 on bankruptcy and collective winding-up proceedings referred to in book IV, title IX, of the Code of corporations.
72 ° 'sanitation authorities': the administrative or judicial authorities competent for remedial action. For companies under Belgian law, those authorities are the King and the Bank with regard to their respective powers on sanitation measures;
73 ° 'liquidation authorities': the administrative or judicial authorities competent in winding-up proceedings. For companies under Belgian law, such authority corresponds to the commercial court with regard to its jurisdiction over bankruptcy and forced dissolution and the Bank with regard to its jurisdiction in all other liquidation procedures;
74 ° "sanitation Commissioner": any person or body appointed by a sanitation authority to administer reorganisation measures;
75 ° "liquidator": any person or body appointed by a liquidation authority or designated in accordance with the legal and statutory rules to administer winding-up proceedings;
76 ° "insurance claim": any amount which is owed by an insurance undertaking to insured persons, policyholders of insurance, beneficiaries or to any injured party having a right of action against the insurance undertaking direct and resulting from a contract of insurance, including amounts set aside for the above-mentioned persons, as long as all elements of the debt are not yet known. To pay premiums owed by an insurance undertaking as a result of the non-conclusion of the cancellation or termination of contracts of insurance, in accordance with the law applicable to these contracts, before the opening of winding-up proceedings, are also considered as insurance claims;
77 ° 'strategic decision': a decision, whenever it is significant and as soon then likely to impact more global business insofar as different functions of the insurance or reinsurance undertaking would be affected or called into question as a result of such decisions, including any investment, divestment, participation or strategic business cooperation relationship, a decision of acquisition or constitution of another company, constitution of a joint venture, establishment in another State member or third countries, cooperation, contribution agreements or acquisition of a branch of activity, merger or scission. The Bank, by means of regulations in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, may specify the decisions which are to be considered as strategic for the purposes of this Act taking account of the risk profile and of the nature of the activities of enterprises. It publishes these details;
78 ° "profit participation": amount of all or part of the profits of the insurance undertaking which is granted to insurance contracts;
79 ° "mutual insurance company": a company referred to in articles 43bis, § 5, and 70, §§ 6, 7 and 8, of the Act of 6 August 1990 to mutual societies and the national unions of mutual societies;
80 ° "supervisory authority": the public authority or public authorities, under the national law of a Member State in accordance with Directive 2009/138/EC, to control the insurance undertakings or reinsurance;
81 ° 'third country authority': an authority in charge of the control of the undertakings of insurance or reinsurance undertaking in a third country.
82 ° 'Bank': the Bank national of Belgium, referred in the law of 22 February 1998;
83 ° "FSMA": the authority of financial markets and services referred to in article 44 of the law of 2 August 2002;
84 ° "the Office of control of mutual societies": the Office of control of mutual societies and the national unions of mutual societies, as referred to in article 49 of the law of 6 August 1990 on mutual societies and the national unions of mutual societies;
85 ° "Common Belgian guarantee fund": the common guarantee fund referred to in article 19A 2 of the Act of 21 November 1989 on compulsory insurance of liability for motor vehicles;
86 ° "Belgian Office": the Belgian national Bureau of insurance referred to in article 19A 1 of Act of 21 November 1989 on compulsory insurance of liability for motor vehicles;
87 ° 'The occupational accidents fund': the occupational accidents fund referred to in article 57 of the occupational accidents Act of 10 April 1971;

88 ° "ESRB": the European systemic risk Board established by Regulation (EU) no 1092/2010 of the European Parliament and of the Council of 24 November 2010 on the financial system macro-prudential oversight in the EU and establishing a European systemic risk Board.
89 ° "EIOPA": the authority of European insurance and occupational pensions, instituted by regulation 1094/2010;
90 ° "ABE": the European banking authority established in Regulation (EU) no 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European banking authority), amending decision No 716/2009/EC and repealing decision 2009/78/EC of the Commission;
91 °, "financial company": a financial institution the subsidiary which are exclusively or mainly one or more credit institutions or financial institutions, one at least of such subsidiaries being a credit institution, and which is not a mixed financial holding company.
TITLE IV.
-Reserved descriptions s. 16 may only make public use in Belgium of the terms "business insurance", "reinsurance undertaking", "insurer" or "reinsurer" or more generally of the terms referring to the status of insurance or reinsurance undertaking, including in their name, in the description of their object, their titles, effects or documents or their advertising: 1 ° undertakings insurance or reinsurance undertakings established in Belgium;
2 ° insurance or reinsurance of foreign law firms operating in Belgium pursuant to sections 556 and 600.
However, 1 ° 1st paragraph is not applicable, in relation to the terms "insurance" and "reinsurance" to active organizations of public international law in the area of insurance or reinsurance which one or more Member States are members;
2 ° 1st paragraph is not applicable, in relation to the terms "firm assurance" and "reinsurance undertaking", business insurance or reinsurance under the right foreign and non-authorized to engage in activities of insurance and reinsurance in Belgium and who conduct public offers of investment instruments or admissions of investment instruments to trading on a regulated market within the meaning of Act of 16 June 2006 on bids of instruments of placement and admissions of investment instruments to trading on a regulated market, for the needs of the offers and admissions of investment instruments referred to above;
3 ° insurance holding companies can make use of the term "insurance" in the expression "insurance holding" or similar expressions.
mixed financial companies and mixed insurance holding companies can, in turn, make use of the term "insurance" in the expressions "bancassurance holding" or "assurfinance" or similar expressions.
In cases where there is a likelihood of confusion, the Bank may require the insurance or reinsurance undertakings under a foreign law authorised user in Belgium of the terms referred to in paragraph 1, adding to their designation of an explanatory statement.
This article is without prejudice to article 265 of the Insurance Act of April 4, 2014.
BOOK II. -Insurance undertakings or REINSURANCE of Belgian title I law. -From access to the chapter I: activity.
-Approval Section Ire. -Obligation of approval s. 17. the insurance or reinsurance undertakings intending to practice in Belgium of insurance or reinsurance activity under this Act are required, before starting their activity, to approve.
S.
18. the approval referred to in article 17 shall be granted: 1 ° in relation to the business of insurance, for one or more of the branches mentioned in annex I or annex II; It covers the entire class unless the applicant wishes to ensure that part of the risks pertaining to that class;
2 ° in relation to the business of reinsurance for the activity of non-life reinsurance, life reinsurance activity or both types of reinsurance activities.
The approval referred to in paragraph 1, 1 °, may, within the limits set by the Bank, be combined with that referred to in paragraph 1, 2 °.
S. 19. any undertaking insurance or reinsurance approved in accordance with article 17, is required to request an extension of its licence if it wishes to extend its activities, respectively: 1 ° to one or more other classes of insurance;
2 ° to other parts of classes of insurance;
3 ° to other reinsurance activities than those covered by the earlier approval.
S. 20. insurance undertakings subject to this Act may engage in the activity of assistance referred to in article 10 under the condition that they have received authorisation for class 18 mentioned in Appendix I, and this without prejudice to article 21, § 2. In this case, the Act applies to this activity.
S.
21 § 1. The risks included in a branch cannot be classified in another class, except as provided in this section.
§ 2. An insurance undertaking who has obtained an authorization for a principal risk belonging to a branch referred to in annex I may also insure risks included in another class without the need to obtain approval for these risks, as these can be considered accessories subject to all of the following conditions: 1 ° these risks are linked to the main risk;
2 ° they relate to a person, property or object which is covered against the principal risk;
3 ° they are guaranteed by the same contract as a primary risk or a related contract which has existence and effect only insofar as the main insurance contract has itself existence and effect.
§
3. By way of derogation from paragraph 2, including risks in the 14 branches, 15 and 17, as set out in annex I may not be regarded as risks ancillary to other branches.
However, legal protection insurance referred to branch 17 mentioned in annex I can be considered as a risk ancillary branch 18 when the conditions set out in paragraph 2 and one of the two following conditions are fulfilled: 1 ° the main risk relates solely to the assistance provided to people in difficulty during displacement, of absences from their home or habitual residence;
2 ° the insurance concerns disputes or risks arising out of the use of maritime vessels or in connection with such use.
Section II. -Procedure art. 22. the application for approval is submitted to the Bank, accompanied by an administrative file meets the requirements laid down and which includes the programme of activities referred to in article 35 and the description of the system of governance of the insurance undertaking or reinsurance and its close ties with other people. Applicants provide all information necessary for the assessment of their application.
The Bank sets the conditions referred to in paragraph 1 taking into account the conditions imposed by the FSMA with respect to the Organization and the procedures which it ensures the control in accordance with article 45, § 1, paragraph 1, 3 °, and § 2 of the law of 2 August 2002.
S. 23. the applicant communicates to the Bank the identity of the natural or legal persons who, directly or indirectly, acting alone or in concert with others, hold in the capital of the insurance or reinsurance undertaking a qualifying, conferring the right to vote or not. Communication includes the indication of the haircuts of the capital and voting rights held by these people.
Absence of qualifying, the communication referred to in paragraph 1 focuses on the identity of the twenty principal shareholders and their proportion in capital.
S. 24 § 1. Where the risks to be covered are class 10 mentioned in Appendix I, the company seeking the approval also joined its application: 1 ° proof of affiliation to the Belgian Bureau and the joint guarantee fund;
2 ° for as far as the risks to be covered are not only the responsibility of the carrier, the name and address of all representatives loads of claims referred to in every other Member State, in accordance with article 12 of the law of 21 November 1989 supra, as well as evidence that those representatives meet the conditions referred to in article 12 , § 1, paragraph 2 in fine and § 5, of the Act on November 21, 1989.
§ 2. Where the risks to be covered concern occupational accidents covered by the Act of 10 April 1971 on work accidents, the company attached to its application: 1 ° the evidence that the occupational accidents Fund informed of the activity envisaged.
2 ° the evidence that a statement was sent to the occupational accidents fund under the terms of which the company will be, at the first request of the occupational accidents Fund, the bank guarantee referred to in article 60 of the Act of 10 April 1971 on work accidents.
S. 25. If the company exercised prior to the request for approval an insurance business that does not require approval in accordance with this Act, she joined in addition to its application the following documents: 1 ° a detailed statement of the technical reserves and corresponding investments at the time of the introduction of the request for approval;
2 ° a statement of claims reported before the start of the calendar year during which is filed the application, and not yet settled.

If the company exercised before the request another activity, the Bank may require all information regarding the financial situation and its operations whatever they are.
S.
26. the Bank shall consult the FSMA before deciding on the application for approval sought by an insurance undertaking or reinsurance which is the subsidiary of a company approved by the FSMA, the subsidiary of the parent undertaking of an undertaking authorised by the FSMA, is still controlled by the same people or entities as a company approved by the FSMA.
When approval is sought by an insurance or reinsurance undertaking which is either a subsidiary of another insurance undertaking or reinsurance, of a credit institution, an investment firm, a manager of OPCA or a management company of undertakings for collective investment, authorised in accordance with the law of another Member State, or the subsidiary of the parent undertaking of another insurance or reinsurance company , of a credit institution, to an investment firm, a handler of OPCA or a collective investment management company, authorised in accordance with the law of another Member State, is still controlled by the same natural or legal persons as those who control other insurance or reinsurance undertaking, a credit institution, an investment firm, a manager of OPCA or a collective investment management company approved in accordance with the law of another Member State, before deciding on the request, the Bank shall consult the competent authorities of those other Member States that control the insurance or reinsurance undertakings, credit institutions, investment firms, OPCA managers or management of undertakings for collective investment companies.
Similarly, the Bank consults before the authorities referred to in paragraph 1 or paragraph 2, for the purposes of assessing qualifications shareholders, executives and officials of the functions of control independent in accordance with articles 39 and 40, where the shareholder is a company referred to paragraph 1 or paragraph 2 or that the person participating in the direction of the insurance or reinsurance undertaking takes part also in the direction of one of the undertakings referred to in paragraph 1 paragraph (2) or of a company which belongs to the same group, or the head of an independent control function performs such a function within the undertakings referred to in paragraph 1 or paragraph 2 or within a company that belongs to the same group. These authorities shall communicate to each other all information useful for the assessment of the qualifications of the shareholders and persons participating in the direction as well as officials of the independent control functions referred to in this paragraph.
S. 27 § 1. The Bank shall decide on the request for approval on the advice of the FSMA with respect: 1 ° the adequacy of the Organization of the insurance undertaking or of reinsurance, including its policy of integrity, as referred to in articles 42 to 60, in terms of compliance with the rules referred to in article 45, § 1, paragraph 1, 3 °, and § 2, of the law of 2 August 2002;
2 ° the integrity of professional persons referred to be members of the legal administration of the insurance undertaking or reinsurance, of the Executive Committee or, in the absence of Management Committee, persons called upon to be responsible for the effective management, as well as people called to be responsible for the control functions independent, if these persons are proposed for the first time for such a function in a company under the control of the Bank pursuant to article 36. 2 of the law of 22 February 1998.
The FSMA makes its opinion on the above issues within a period of one month from the receipt of the request for an opinion by the Bank, accompanied by all the documents received from the company seeking approval. The absence of notice within that period is considered to be a positive opinion. However, before the expiration of the period of one month, the FSMA may inform the Bank that it will communicate its opinion more than within 15 days following expiry of the time limit.
§
2. If the Bank does not take account of the opinion of the FSMA on issues referred to in paragraph 1, paragraph 1, it shall state this and the reasons mentioned in the grounds of the decision on the application for approval. The abovementioned opinion of the FSMA on item 1 °, subsection 1, paragraph 1 is attached to the notification of the decision on the application for approval.
S.
28. the Bank approve the insurance and reinsurance undertakings meeting the conditions laid down in chapter II of this title.
The Bank decision on the application within six months of the introduction of a complete dossier.
Without exceeding the periods referred to in paragraph (2), approval decisions are notified to the applicants within fifteen days by registered letter with acknowledgement of receipt or mail.
S. 29. the Bank may for the sound and prudent management match the approval of requirements for the exercise of some of the planned activities and, inter alia, restrict the approval applied for a branch to some of the activities included in the programme of activities referred to in article 35.
S. 30. when an insurance or reinsurance undertaking is approved, the Bank puts at the disposal of the FSMA, allowing him to exercise the powers referred to in article 45, § 1, 3 °, and § 2, of the law of 2 August 2002, the information referred to in article 22, and any changes to such information.
S. 31. the Bank establishes a list of insurance or reinsurance undertakings authorised pursuant to this paper. This list and any changes that are made are published on its website and notified the EIOPA and the FSMA.
The publication mentions the branches or parts of class of insurance or reinsurance activities for which approval has been granted and, where appropriate, the limits imposed under section 29.
When approval is granted to an insurance or reinsurance undertaking which is the direct or indirect subsidiary of an insurance undertaking or reinsurance governed by the law of a third State, the Bank also informed the European Commission, the EIOPA and the supervisory authorities of the other Member States. This information includes the structure of the group concerned.
CHAPTER II. -Conditions for approval Section Ire. -General art. 32. in addition to the conditions laid down in this chapter, the Bank also takes into account the ability of the company seeking approval to comply with the conditions for the exercise of the activity referred to in title II of this book as well as to achieve its objectives of development in the conditions that require the proper functioning of the business sector of insurance or reinsurance and the financial system as well as the protection of policyholders insured persons and beneficiaries.
Section II. -Form partner and object art. 33. the insurance or reinsurance undertakings are constituted in the form of a limited company, a cooperative society, a mutual insurance association, of a European company or European cooperative society.
In addition, insurance undertakings carrying out an activity of insurance in accordance with article 34, § 2, can be made in the form of a mutual insurance company.
The insurance or reinsurance undertakings established in one of the forms referred to in this article without being governed by the Code of corporations, are nevertheless subject to the obligations imposed on corporations under articles 67, 68, 73, 74, 75, 76, 98, 100, 101, 102, 173, 179, 195, and 1012 of the Code of corporations.
S. 34 § 1. Without prejudice to article 18, paragraph 2, 1 ° insurance undertakings limit their purpose to the business of insurance and operations directly arising therefrom, excluding any other commercial activity;
2 ° reinsurance undertakings limit their reinsurance activity and transactions, including a function of holding company and activities related to the financial sector, within the meaning of article 2, point 8) of directive 2002/87/EC.
§ 2. By way of derogation from paragraph 1, the mutual insurance companies limit their activities to the health insurance within the meaning of branch 2 mentioned Annex I and, in addition, to assistance under branch 18 mentioned in annex I.
Membership of the insurance referred to in paragraph 1 is reserved for the following persons: 1 ° as regards mutual created pursuant to article 43bis, § 5, of the law of 6 August 1990 on mutual insurance companies and mutual societies national unions, people affiliated with the Mutualité (s) affiliate (s) to the mutual insurance company;
2 ° as regards mutual insurance corporations established in application of article 70, §§ 6, 7 and 8 of the aforementioned law of 6 August 1990, the persons referred to in those same paragraphs.
Section III. -Programme of activities art. 35 § 1. The programme of activities referred to in article 22 includes the indications or evidence of the following: 1 ° the nature of risks or liabilities that the insurance or reinsurance undertaking proposes to cover;
2 ° the type of reinsurance which the reinsurance undertaking proposes to conclude with ceding undertakings;

3 ° the guiding principles of the insurance undertaking for reinsurance and reinsurance in surrender undertaking;
4 ° the elements of the basic own funds corresponding to the absolute threshold of the minimum capital requirement;
5 ° the forecast of the costs necessary for the implementation of the system of governance, including expenses of installing the administrative services and the production network, the technical and financial means intended to deal with these costs and, if the risks to be covered are branch 18 mentioned in Appendix I, the means available to the insurance undertaking for the provision of the assistance promised.
§ 2. In addition to the elements required in paragraph 1, the programme of activities contains, for the first three financial years: 1 ° a forecast balance sheet;
2 ° the expectations related to the solvency capital requirement, as provided for in article 151, on the basis of the forecast balance sheet referred to in 1 °, as well as the method of calculation used to derive those estimates;
3 ° the expectations related to the minimum capital requirement, as provided for in article 189, on the basis of the forecast balance sheet referred to in 1 °, as well as the method of calculation used to derive those estimates;
4 ° estimates relating to the financial resources intended to cover technical provisions, the minimum capital requirement and the solvency capital requirement;
5 ° for non-life insurance and reinsurance: a) estimates of management expenses other than the cost of installation, particular current general expenses and commissions;
(b) estimates relating to premiums or contributions and claims;
6 ° to life: a plan showing detailed estimates of income and expenditure both for direct business, reinsurance acceptances and reinsurance cessions.
S. 36. the insurance or approved reinsurance undertaking presents a programme of activities in accordance with article 35 when it seeks approval for the extension of its activities in accordance with article 19.
Section IV. -Fund own s. 37. the insurance or reinsurance undertaking demonstrates: 1 ° that it hold the eligible basic own funds that is needed to reach the absolute minimum capital requirement provided for in article 189, § 1, 4 °;
2 ° that it is in a position to hold eligible own funds to cover at all times solvency capital required, in accordance with article 151;
3 ° it is able to hold the eligible basic own funds that is required to cover the minimum capital requirement provided for in article 189 permanently.
S. 38 § 1. The insurance undertaking or of reinsurance, seeking approval for the expansion of its activities in accordance with article 19, provides evidence that it has the own funds eligible needed to hold the solvency capital requirement and the minimum capital requirement provided for in articles 151 and 189 respectively.
§ 2. Without prejudice to paragraph 1, the insurance undertaking carrying out activities of life seeking approval for the extension of its activities to the risks included in classes 1 or 2 listed in annex I in accordance with article 223, paragraph (2), shows: 1 ° holds the eligible basic own funds that is required to achieve both the absolute threshold of the minimum capital required in the case of life insurance undertakings and the absolute threshold of minimum capital requirement in the companies of insurance as referred to in article 189, § 1, 4 °, d);
2 ° that it undertakes to respect at all times the minimum requirements referred to in 1 °, in accordance with article 225, § 2, paragraph 2.
§ 3. Without prejudice to paragraph 1, an insurance undertaking engaged in activities of insurance for the risks included in classes 1 or 2 listed in annex I, seeking approval for the extension of its activities to the risk of life insurance in accordance with article 223, paragraph (2), shows: 1 ° holds the eligible basic own funds that is required to achieve both the absolute threshold of the minimum capital required in the case of life insurance undertakings and the absolute minimum threshold
capital required in the case of companies of insurance as referred to in article 189, § 1, 4 °, d);
2 ° that it undertakes to respect at all times the minimum requirements referred to in 1 °, in accordance with article 225, § 2, paragraph 2.
Section V.
-Owners of capital art. 39. the approval shall be refused if the Bank has grounds for considering that the natural or legal persons referred to in article 23 are not the qualifications to ensure a sound and prudent management of the insurance or reinsurance undertaking.
The assessment of the qualifications necessary to ensure a healthy and prudent management of the insurance or reinsurance undertaking is carried out against the following criteria: 1 ° the integrity of the natural persons or legal entities referred to in article 23;
2 ° the professional repute and expertise of any person referred to in article 40, that will ensure the direction of the activities of the insurance or reinsurance undertaking;
3 ° the financial strength of the natural persons or legal entities referred to in article 23, the especially in light of the type of activities performed and envisaged in the insurance or reinsurance undertaking;
4 ° the capacity of the insurance undertaking or of reinsurance meet and continue to meet the prudential requirements arising from this Act, of the orders and regulations for its implementation and enforcement of Directive 2009/138/EC, in particular the existence, within the group to which it belongs, a structure that allows to exercise effective surveillance, Exchange actually information between supervisory authorities and to determine the sharing of responsibilities between the authorities of control;
5 ° the existence of reasonable grounds to suspect that a transaction or an attempt of laundering of capital and financing of terrorism is underway or has occurred in relation to the proposed acquisition, or that the proposed acquisition could increase the risk.
Section VI. -Leaders articles 40 § 1.
Members of the legal Board of Directors and the Board of Directors of insurance or reinsurance undertakings, the persons responsible for the effective management and the heads of the independent control functions are only natural persons.
The persons referred to in paragraph 1 must have permanently the professional repute and expertise appropriate to the exercise of their function.
§ 2. Effective management of insurance or reinsurance undertakings should be entrusted to two persons at least.
S.
41. article 20 of the Act of April 25, 2014 is applicable to persons referred to in article 40.
Section VII. -Organization subsection Ire. -Principles General s. 42 § 1. Any insurance or reinsurance undertaking has to a system of adequate governance, including monitoring, to ensure an effective and prudent management of the company, based inter alia on: 1 ° a based adequate management structure, at the highest level, on a clear distinction between the effective management of the insurance undertaking or of reinsurance on the one hand and control over this direction other , and providing, within the company, adequate separation of functions and a device of allocation of responsibilities that is well-defined, transparent and consistent.
2 ° an administrative and accounting organization and an adequate internal control, involving particular control procedures provide a reasonable degree of certainty about the reliability of the reporting processes of information 3 ° procedures for identification, measurement, management, monitoring and internal reporting of the risks to which the company is or may be exposed, including the prevention of conflicts of interest;
4 ° of the functions of control independent, i.e. key of internal audit, risk management, compliance (compliance) audit and actuarial functions independent proper;
5 ° a proper integrity policy;
6 ° a considerate policy of remuneration ensuring sound and effective risk management taking risks exceeding the tolerance level set by the company;
7 ° of the mechanisms of control and safety in the computer field appropriate to the activities of the company;
8 ° an adequate warning system internal including a transmission mode specific, independent and autonomous, of the offences to the standards and codes of conduct of the undertaking;
9 ° implementing adequate measures of business continuity to ensure the maintenance of data and critical functions or their recovery as quickly as possible as recovery within a reasonable time of the exercise of normal activities;
10 ° the establishment of structures and systems appropriate to meet requests for information required by the Bank pursuant to articles 201-312.
11 ° the establishment of procedures to detect deterioration of financial conditions and to inform the Bank immediately when it occurs.
§
2. The governance system referred to in paragraph 1 is exhaustive and is proportionate to the nature, magnitude and the complexity of the risks inherent in the business model and the activities of the insurance or reinsurance undertaking.
§ 3. The insurance undertaking

or reinsurance establishes a governance memorandum that includes to the undertaking concerned and, where appropriate, the group or subgroup which it is the mother superior company, the whole system of governance referred to paragraph 1, and in particular of written policies relating to the risk management, internal, internal audit control and, where appropriate, to subcontracting.
Without prejudice to the implementing measures of the Directive 2009/138/EC, if the insurance or reinsurance undertaking is part of a group subject to the control of the Bank, the memorandum prepared at the level of the insurance undertaking or of reinsurance can be part of the memorandum of this group.
§ 4. The provisions of sections II to IV, specify, in specific areas, the scope of the General obligations referred to in paragraphs 1 and 2.
S. 43. If there are ties between the insurance undertaking or of reinsurance and other natural persons or legal, or if the insurance or reinsurance undertaking is part of a group, these links or the legal structure of the Group may not hinder the exercise of individual prudential control of the undertaking or the group to which control part company.
If the insurance or reinsurance undertaking has close links with a physical or legal person under the law of a third country, the laws, regulations and administrative provisions applicable to that person or their implementation may not hinder the exercise of individual prudential control of the undertaking or the group to which control part company.
Subsection II. -Bodies members art. 44. the legal governing body assumes final responsibility for the insurance or reinsurance undertaking.
To this end, the legal governing body sets and oversees, including: 1 ° the strategy and objectives of the company;
2 ° the policy risks, including general risk tolerance limits.
S. 45 § 1. Insurance or reinsurance undertakings incorporated under the form of Société anonyme shall set up an Executive Committee within the meaning of article 524bis of the Code of corporations to which is delegated all the powers of management of the Board of Directors. However, this delegation cannot wear or on the determination of the policy, or the acts reserved to the Board of directors by the other provisions of the Code of corporations or by this Act.
The Steering Committee is composed, except pursuant to article 56, § 3, of at least three persons who are members of the Board of Directors.
§
2. The Board has a majority of directors who are not members of the Executive Committee.
§ 3. The function of president of the Board of directors cannot be exercised by a member of the Executive Committee.
§ 4. The daily management referred to in article 525 of the Code of corporations cannot be entrusted to a non-executive member of the Board of Directors.
S.
46 § 1. The statutes of the of insurance or reinsurance undertakings established in another form than that of Société anonyme may require, within the legal administration body, of a body called "Management Committee", to which is delegated all the powers of management of the body of legal administration excluding the determination of the general policy, acts reserved to the body of legal administration in the Code of corporations or by this Act.
The Steering Committee is composed, except pursuant to article 56, § 3, of at least three persons who are members of the statutory governing body.
§ 2. The legal Board has a majority of members who are not members of the Management Committee referred to in paragraph 1.
§
3. The function of Chairman of the statutory governing body cannot be exercised by a member of the Executive Committee.
§ 4. The daily management may be entrusted to a non-executive member of the statutory governing body.
S. 47. the Bank may, in the light of the size and profile of risks of an insurance undertaking or reinsurance, particularly with regard to the group which it forms part, allow it to derogate, wholly or in part, to the obligations provided for in articles 45 and 46.
The derogation may include: 1 ° on the requirement to establish a Steering Committee, without prejudice to respect for article 40, § 2; in this case, the obligations, by or under this Act, the Executive Committee and its members are performed by the persons responsible for the effective management;
2 ° on a cumulation of the functions of Member of the Board of management and Chairman of the statutory governing body.
Sub-section III. -Setting up of committees within the legal governing body art. 48. without prejudice to the tasks of the legal Board, insurance or reinsurance undertakings are, in this body, the following committees: 1 ° an audit committee;
2 ° a remuneration Committee;
3 ° a risk Committee, composed exclusively of members of the legal Board of directors who are not executive members and including at least one Member is independent within the meaning of article 526ter of the companies Code.
S. 49 § 1.
In addition to the requirements laid down in article 48, the members of the audit committee have a collective competence in the field of the business of insurance or reinsurance undertaking in question and in accounting and audit. At least one member of the audit committee is competent in accounting and/or auditing.
§ 2. The audit committee is the least responsible for the following tasks: 1 ° monitoring the financial reporting process;
2 ° monitoring of the effectiveness of the systems of internal control and management of the risks of the insurance or reinsurance undertaking;
3 ° monitoring of internal audit and its activities;
4 ° monitoring the statutory audit of annual accounts and accounts, including consolidated tracking of issues and recommendations made by the Commissioner approved;
5 ° the examination and monitoring of the independence of the Auditor, in particular for the provision of additional services to the insurance undertaking or of reinsurance or a person with whom she has a close relationship.
The audit committee reports regularly to the legal body governing the exercise of its tasks, at least in the preparation of annual and consolidated accounts and the regular information referred to in articles 199, paragraph 2 and 201 respectively transmitted by the insurance undertaking or of reinsurance at the end of the financial year and at the end of the first half of social.
The Bank may, by regulation made in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, specify and complement points of technical items listed in the list contained in this paragraph.
§ 3. The Commissioner approved: 1 ° shall communicate annually to the audit committee any additional services provided to the insurance undertaking or of reinsurance and the companies with which the insurance or reinsurance undertaking has a close connection;
2 ° examines with the audit committee the risks to its independence and safeguard measures to mitigate these risks, recorded by him;
3 ° confirms annually his independence to the audit committee from the insurance or reinsurance undertaking.
S. 50 § 1. The remuneration Committee is composed of manner to enable it to exercise competent and independent judgement on the policies and practices of remuneration and incentives created under the control of risks, needs capital and liquidity position.
§ 2. Remuneration Committee shall issue an opinion on the remuneration policy to be adopted by the legal governing body as well as any change that is made.
§ 3. The remuneration Committee is responsible for preparing decisions on remuneration, including those that have an impact on risk and risk management in the insurance undertaking or reinsurance undertaking in question and on which the legal governing body is called upon to determine. During the preparation of these decisions, the remuneration Committee takes into account long term shareholders, investors and other stakeholders interests of the insurance undertaking or of reinsurance as well as the public interest.
1 paragraph is also apply to decisions concerning the remuneration of the persons in charge of the independent control functions. The remuneration Committee ensures, in addition, a direct supervision in what concerns remuneration allocated to officials of the independent control functions.
S.
51. the members of the risk Committee have individual knowledge, skills, experience and skills to enable them to understand and apprehend the strategy and the level of tolerance at the risk of the insurance or reinsurance undertaking.
The risk Committee advises the legal governing body for aspects of the strategy and the level of tolerance for risk, both present and future. He assists the legal governing body when it oversees the implementation of this strategy by the Executive Committee.
S.
52 § 1. Business insurance or reinsurance responding based on consolidated to at least two of the following three criteria: a) an average number of employees less than 250 people throughout the year in question, b) a total of the balance sheet of less or equal to 43 000 000 euros,

(c) a turnover net annual less than or equal to 50 000 000 euros, the constitution of the committees referred to in article 48 within the statutory governing body is not required, but the functions of these committees are then exercised by the legal Board as a whole body. When a derogation granted in accordance with article 47, the president of this body is an Executive Member, he presided not over the legal governing body when it acts as one of the committees referred to in article 48.
§ 2. The Bank may grant a derogation from the requirement to establish a remuneration Committee within the legal organ of Directors at companies that do not comply with the condition referred to in paragraph 1 but which the organization provides adequate support of the legal Board of Directors and the Executive Committee in their respective tasks policy of remuneration as referred to in articles 77 , § 5 and 80, § 3.
§ 3. The Bank may, with respect to insurance or reinsurance undertakings which are subsidiaries or sub-subsidiaries of a joint financial company, a mixed-activity insurance holding company, an insurance holding company, financial company, of another insurance undertaking or reinsurance, of a credit institution, an investment firm, a handler of OPCA or of a collective investment management company, grant derogations from the provisions of this subsection and set specific conditions on the granting of these derogations provided that have formed within groups or subgroups involved one or more committees within the meaning of articles 49 to 51 whose powers extend to the insurance or reinsurance undertaking and meet the requirements of this Act.
§ 4. Without prejudice to articles 49, § 1, and 51, paragraph 1, insurance or reinsurance undertakings may provide that a single Committee ensures the tasks assigned to the risk Committee and the audit committee.
S. 53. the provisions of this subsection are without prejudice to the provisions of the companies Code relating to the audit committee and the remuneration Committee in listed companies within the meaning of article 4 of this Code.
Sub-section IV. -Independent control functions art. 54 § 1. Insurance or reinsurance undertakings shall take measures necessary for independent control functions permanently available suitable following: 1 ° a function of verification of compliance (compliance);
2 ° a risk management function;
3 ° an audit function internal;
4 ° an actuarial function.
People who ensure the exercise of the functions referred to in paragraph 1 are independent units and operational functions of the company and have the powers and resources necessary for the proper performance of their duties. The remuneration of these persons is set according to the achievement of the objectives related to their functions, regardless of the performance of the controlled areas.
The people responsible for the functions referred to in paragraph 1 of the report directly to the legal body governing at least once a year, the performance of their mission, with information from the Executive Committee and, for the internal audit where applicable via the audit committee function.
§ 2. In its assessment of the adequacy of the functions referred to in paragraph 1, the Bank takes into account the provisions of article 42, paragraph 2.
S. 55 § 1. The function of verification of compliance (compliance) is intended to ensure that, by the company, members of its legal authority, the members of its Executive Committee, its senior managers, its employees, its agents and agents and subagents of insurance or reinsurance, the legal and regulatory provisions governing the activity of insurance or reinsurance, in particular the rules of integrity and conduct that apply to this activity.
The function of the compliance audit also includes the assessment of the possible impact of any change in the legal environment on the activities of the insurance or reinsurance undertaking, as well as the identification and assessment of the risk of noncompliance.
Paragraph 1 does not prejudice the provisions of article 87bis of the law of 2 August 2002.
§
2. In addition to the communication referred to in article 54, § 1, paragraph 3, the person responsible for the function of compliance (compliance) audit regularly informs and makes recommendations to the legal governing body and Executive Committee on compliance with legal and regulatory provisions referred to in paragraph 1.
S. 56 § 1.
The function of risk management is structured to enable the implementation of the risk management system referred to in paragraph 2.
Management system risks includes the strategies, processes and information procedures to identify, measure, monitor, manage and declare, permanently, the risks to both individual and aggregate, to which the company is or may be exposed, as well as interdependencies between these risks.
§ 2. The management system of risks is efficient and properly integrated to the organizational structure and procedures of decision-making of the insurance or reinsurance undertaking and duly taken into account by persons who run actually the undertaking or have other key functions.
In particular, persons who perform the function of management of risks are actively involved in the development of the strategy for the company's risk as well as to all management decisions affecting significant risk and can provide a comprehensive view of the range of risks to which the company is exposed.
§ 3. The risk management function is headed by a member of the Executive Committee which is the only particular function for which he is individually responsible.
By way of derogation from paragraph 1, 1 ° given the nature, extent and complexity of the risks inherent to the activity of insurance or reinsurance undertaking, and taking into account the appropriateness of the Organization of the risk management function at the level of the group which is part the undertaking concerned, the Bank may authorise a member of the staff of the company as part of the senior management assumes the function of risk management provided that there is in his head no conflict of interest;
2 ° the Member of management responsible for the function of Management Committee risks can ensure also the responsibility of the compliance (compliance) audit function as well as the responsibility for the tasks of the actuarial function that are not generating risk, to the condition that the exercise of three independent control functions remain insured separately and either not generate conflicts of interest.
In insurance or reinsurance undertakings which have a total of more than EUR 3 billion balance, the benefit of article 2, 2 °, is subject to the prior permission of the Bank.
S. 57. in addition to the communication referred to in articles 54, § 1, paragraph 3 and 55, § 2, the persons responsible for the functions of managing risk and compliance (compliance) are part initiative to the legal body of Directors, without having to refer the matter to the Management Committee's concerns and warn him, as appropriate, in the event of changing risks affecting or likely to affect the company such as harm to his reputation.
1 paragraph does not prejudice to the responsibilities of the legal governing body under this Act and European regulations.
S. 58 § 1.
The internal audit function is to provide the legal governing body and Executive Committee an independent assessment of the quality and efficiency of internal control, management of risk and the system of corporate governance.
Insurance or reinsurance undertakings guarantee in an audit Charter, at least, the independence of the internal audit function and the scope of its missions in any activity and entity of the company, including in the event of subcontracting.
§
2. The person responsible for the internal audit function communicates its conclusions and recommendations to the legal governing body and the Executive Committee.
S. 59 § 1.
The actuarial function has the task of: 1 ° to coordinate the calculation of technical provisions;
2 ° to ensure the appropriateness of methodologies, models underlying sub- and the assumptions used in the calculation of technical provisions;
3 ° assessing the sufficiency and quality of the data used in the calculation of technical provisions;
4 ° compare best estimates to empirical observations;
5 ° informing the legal governing body and the Executive Committee of the reliability and adequacy of the calculation of technical provisions;
6 ° supervising the calculation of technical provisions in the cases referred to in article 137, paragraph 2;
7 ° issuing an opinion on the overall underwriting policy;
8 ° issue an opinion on the adequacy of the arrangements for reinsurance;
9 ° contribute to the effective implementation of the risk management system referred to in article 84, in particular with regard to the risk modelling underlying the calculation of capital provided for in articles 74 and 75, requirements and the assessment referred to in article 91;

10 ° opine on bonuses and dividends policy as well as on compliance with the relevant legislation.
§ 2. The actuarial function is performed by persons who have a knowledge of actuarial and financial mathematics to measure the nature, extent and complexity of the risks inherent to the activity of insurance or reinsurance undertaking and which can demonstrate relevant experience in the light of professional standards and other applicable standards.
S. 60. the Bank may, without prejudice to the provisions of sections 48 to 59, specify, by regulation made under article 12bis, paragraph 2, of the law of 22 February 1998, that there is reason to hear by adequate management structure, internal control adequate, adequate independent risk management function, adequate independent internal audit function, adequate actuarial function and , on the advice of the FSMA, function of verification of compliance (compliance) independent, and develop more specific rules in accordance with the European regulations.
Section VIII. -Administration central s.
61. the central administration of the insurance or reinsurance undertakings is located in Belgium.
Section IX. -Protection of s. insurance creditors 62 insurance companies adhere to a welfare system funded by life insurance and to ensure, in the event of failure, compensation in the amount of insurance in which creditors regarding insurance on life with guaranteed performance contracts falling within class 21 mentioned in annex II or any other category of contracts covered by such a system put in place by or under the Act , and this under the conditions determined by the rules governing these systems.
TITLE II. -Conditions for the exercise of the activity, chapter I. -General art. 63. the insurance or reinsurance undertakings must at all times comply with the conditions laid down by or pursuant to chapter II of title I of this paper.
CHAPTER II. -Changes in the structure of capital art. 64. without prejudice to the law of May 2, 2007 on the disclosure of important shareholdings, any physical or legal person acting alone or in concert with others, who took the decision to acquire, directly or indirectly, a qualifying holding in an insurance or reinsurance undertaking Belgian, to carry out, directly or indirectly, to an increase of the qualifying holding in an insurance undertaking or reinsurance under Belgian law in such a way that the proportion of voting or equity rights held reaches or exceeds the thresholds of 20%, 30% or 50% or the insurance or reinsurance undertaking would become its subsidiary, is required to notify in writing prior to the Bank the amount envisaged his participation and relevant information referred to in paragraph 2.
The Bank publishes on its website a list specifying the relevant information, proportionate and adapted to the nature of the proposed acquirer and the proposed acquisition, which are necessary to carry out the assessment and that must be communicated to him at the time of the notification referred to in paragraph 1.
S. 65 § 1.
Diligently, and in any event within a period of two working days after receipt of the notification and the information referred to in article 64, as well as following the possible subsequent receipt of the information referred to in paragraph 2, the Bank acknowledges receipt in writing to the proposed acquirer.
The acknowledgement indicates the expiration of the evaluation period.
The evaluation period available to the Bank to carry out the assessment referred to in article 66 is maximum sixty working days from the date of the acknowledgement of receipt of the notification and all documents required on the basis of the list referred to in article 64, paragraph 2.
§ 2. During the period of evaluation, and no later than the fiftieth working day of the assessment period, the Bank may request additional information necessary to carry out its assessment. This request is made in writing and specifies additional information necessary.
During the period between the date of the request for information by the Bank and the receipt of a response from the proposed acquirer to this request, the evaluation period is suspended. This suspension cannot exceed 20 working days. The Bank may make, beyond the date limit determined in accordance with the preceding paragraph, to other applications to collect additional information or clarification, without these applications do however place a suspension of the evaluation period.
§
3. The Bank can carry the suspension referred to in paragraph 2, subparagraph 2, to 30 working days: 1 ° if the proposed acquirer is established out of the economic area European or statement of non-Community rules; or 2 ° If the proposed acquirer is a natural or legal person who is not subject to supervision under: has) Directive 2009/138/EC;
(b) Directive 2009/65/EC;
c) 2011/61/EU Directive of the European Parliament and of the Council of 8 June 2011 on investment fund managers and amending and alternative directives 2003/41/EC and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No. 1095/2010;
d) 65-2014-EU Directive of the European Parliament and of the Council on May 15, 2014, on markets in financial instruments and amending directive 2002/92/EC and the directive EU-61-2011;
(e) Directive 2013/36/EU).
S.
66. in proceeding with the assessment of the notification and the information referred to in article 64 and the additional information referred to in article 65, § 2, the Bank appreciates, in order to ensure sound and prudent management of the insurance undertaking or of reinsurance covered by the proposed acquisition and taking into account the likely influence of the proposed acquirer on the insurance undertaking or of reinsurance the suitability of the proposed acquirer and the financial soundness of the proposed acquisition by applying all the criteria referred to in article 39, paragraph 2.
The Bank may, in the course of the evaluation period referred to in article 65, oppose the completion of the acquisition if it has reasonable grounds to consider, on the basis of the criteria laid down in article 39, paragraph 2, that the acquirer does not the necessary qualities to ensure a sound and prudent management of the insurance or reinsurance undertaking or if the information provided by the proposed acquirer is incomplete.
If the Bank decides to oppose the proposed acquisition, at the end of the assessment, it shall notify in writing to the proposed acquirer, within a period of two working days, and not exceeding the assessment period. An appropriate statement of the reasons for the decision may be made available to the public at the request of the proposed acquirer.
If, at the end of the evaluation period, the Bank did not oppose the proposed acquisition, it is deemed approved.
The Bank may fix a maximum period for concluding the proposed acquisition and extend it where appropriate.
S. 67. the Bank performs the assessment referred to in article 65 in full consultation with other relevant supervisory authority and, where appropriate, with the FSMA if the proposed acquirer is: 1 ° an insurance undertaking, a reinsurance undertaking, a credit institution, an investment firm, a manager of OPCA or a collective investment management company authorised under the law of another Member State , or, as appropriate, by the FSMA.
2 ° the parent undertaking of a company with one of the qualifications referred to in 1 °;
3 ° a natural or legal person controlling a company with one of the qualifications referred to in 1 °.
To this end, the Bank Exchange any essential or relevant information for the evaluation as soon as possible, with these authorities.
In this context, it communicates on request all relevant information, on its own initiative all essential information.
In the cases referred to in paragraph 1, any decision of the Bank mentioned any notice or reservations expressed by the competent authority of the proposed acquirer or, where appropriate, by the FSMA.
S. 68. any natural or legal person who has taken the decision to stop holding, directly or indirectly, a qualifying holding in an insurance or reinsurance undertaking shall notify in writing prior to the Bank and shall communicate the proposed amount of its participation after the transfer. Such a person shall similarly notify the Bank its decision to reduce his qualifying holding so that the proportion of voting rights of owned capital shares falls below the thresholds of 20%, 30% or 50%, or that the insurance undertaking or reinsurance cease to be its subsidiary after the assignment.
S.
69. in the case of forbearance to the notifications prescribed by sections 64 or 68 or in the event of acquisition or increase of participation despite the opposition referred to in article 66, paragraph 2, the president of the tribunal de commerce in the jurisdiction of which the insurance or reinsurance undertaking has its head acting as in interlocutory proceedings, may take the measures referred to in article 516 §§ 1 and 4 of the Code of corporations.
The procedure is initiated by citation from the Bank.
Article 516, § 3, of the Code of corporations is of application.
S.
70. without prejudice to the law of May 2, 2007 on the disclosure of important shareholdings, all

person or entity acting alone or in concert with others, which acquired, directly or indirectly, an interest in an insurance undertaking or of reinsurance under Belgian law, or who has made, directly or indirectly, to an increase of its participation in an insurance undertaking or of reinsurance under Belgian law, in such a way that the proportion of voting rights or of capital units owned reaches or exceeds 5% of the voting rights or capital, without so far holding a qualifying, is required to notify in writing to the Bank within a period of ten working days after the acquisition or the increase of the holding.
The same notification is required within a period of ten working days of any physical or legal person who has ceased to hold, directly or indirectly, alone or acting in concert with others, a participation of more than 5% of the capital or of the voting rights of a company of insurance or reinsurance, which does not constitute a qualifying holding.
The notifications referred to in paragraphs 1 and 2 indicate the precise identity of the buyers, the number of shares acquired or transferred and the percentage of the rights to vote and the capital of the insurance undertaking or of reinsurance held following the acquisition or transfer, as well as the necessary information the list is published by the Bank on its website in accordance with section 64 paragraph 2.
S. 71. the insurance or reinsurance undertakings shall notify the Bank as soon as they have knowledge, acquisitions or dispositions of their securities or shares that cause the crossing upwards or downwards by one of the thresholds referred to in article 64.
Likewise they shall forthwith communicate to the Bank all information of which they have knowledge, affect the status of their shareholders or related assessment criteria referred to in article 39, paragraph 2. The same obligation to provide information is the responsibility of the persons referred to in article 23.
In the same conditions and at least once a year, they communicate to the Bank the identity of shareholders or partners who have, directly or indirectly, acting alone or in concert, participations in their capital, as well as the proportion of the capital and thus held voting rights. They communicate the same to the Bank the proportion of shares and voting rights y related including the acquisition or disposition them is declared in accordance with article 515 of the Code of corporations in the case where the statutes do not prescribe their declaration to the Bank.
S. 72. where the Bank has grounds for considering that the influence exerted by a natural or legal person owning, directly or indirectly, a qualifying holding in an insurance or reinsurance undertaking is likely to endanger the sound and prudent management of the company, and without prejudice to other measures provided for in this Act, it may: 1 ° suspend the exercise of the voting rights attached to shares held by the shareholder or the shareholder in question; It may, at the request of any interested person, grant the lifting of the measures ordered by it; its decision shall be notified in the manner most appropriate to the shareholder or the shareholder in question; his decision is binding as soon as it has been notified; the Bank may make its decision public;
2 ° give injunction to the shareholder or the shareholder subject to transfer, within the time limit laid down of shareholder rights it holds.
Absence of assignment within the deadline, the Bank may order the receivership of the fees associated with such institution or person it shall determine. The receiver gives knowledge to the insurance or reinsurance undertaking amends accordingly the register of shares or sell personal and that accepts the exercise of rights attached thereto by the only receiver. It is in the interests of a healthy and prudent management of the insurance or reinsurance undertaking and the holder of the rights of the shareholders were the subject of the receiver. It exercises all the rights attached to the shares or sell them are collected by the receiver in respect of dividend or otherwise are provided by him to the supra holder if it has complied with the injunction in paragraph 1, 2 °.
Subscription to increases of capital or other securities conferring or the right to vote, the option of dividend payable in the company's securities, the response to public purchase or Exchange offers and the release of not fully released titles are subordinated to the supra cardholder agreement.
Rights of shareholders acquired under these operations are, of right, the object of the above intended receiver.
The remuneration of the receiver is set by the Bank and is in charge of the supra holder. The receiver may charge his earnings on amounts which are paid to him in his capacity as receiver or by the supra holder for the purpose or as a consequence of the transactions contemplated by this article.
When voting rights were exercised by the holder or by a person, other that the receiver, acting on behalf of the holder after the expiry of the time limit in accordance with paragraph 1, 2 °, first sentence, or notwithstanding a suspension of their exercise pronounced pursuant to the paragraph 1, 1 °, the commercial court in the jurisdiction in which the insurance undertaking has its registered office may on request of the Bank, decide the invalidity of all or part of the deliberations of the General Assembly, without voting rights exercised illegally, presence or majority quorum required by such deliberations have not met.
S. 73. where the acquisition of an interest in an insurance or reinsurance undertaking is made by a company governed by the law of a third country, so that the insurance or reinsurance undertaking becomes the subsidiary, the Bank shall inform the Commission European, the EIOPA and the supervisory authorities of the other Member States.
CHAPTER III. -General conditions of operation Section Ire.
-Fund own minimum s. 74. the insurance or reinsurance undertakings hold eligible own funds within the meaning of articles 140 to 150 permanently covering the solvency capital requirement determined in accordance with article 151.
S. 75. the insurance or reinsurance undertakings hold also the eligible basic own funds within the meaning of articles 140 to 150 covering at all times the minimum capital requirement determined in accordance with article 189.
Section II. -Conservation of documents art. 76. the insurance and reinsurance undertakings retain documents relating to their activities at their headquarters or in any other place authorised by the Bank in consultation with the FSMA.
Without prejudice to other legal provisions governing the keeping of records, the Bank may establish, by means of regulations in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the period and the terms of conservation of the documents referred to in paragraph 1.
Section III. -Direction and leadership sub-section Ire. -Monitoring and evaluation by the legal governing body art. 77 § 1. The legal Governing Body assesses periodically, and at least once a year, the effectiveness of the system of governance of the undertaking referred to in article 42 and its compliance with the obligations laid down in or under this Act and, where appropriate, by enforcement of Directive 2009/138/EC. It ensures that the Executive Committee should take steps to remedy the shortcomings.
§ 2.
The legal governing body exercises effective control on Steering Committee and provides oversight of the decisions taken by the Executive Committee and senior managers of the company.
§
3. The legal governing body in particular evaluates the proper functioning of the independent control functions referred to in article 54.
§ 4. The annual report of the legal governing body justifies the jurisdiction individual and collective members of the committees referred to in article 48.
§
5. The legal governing body adopts and evaluates regularly, at least once a year, the General principles of the remuneration policy and monitors its implementation. For this assessment, it can have recourse to the independent control functions.
§ 6. The legal governing body ensures that the update of the governance memorandum referred to in article 42, paragraph 3, and transmission to the Bank of the updated governance memorandum.
§ 7. The legal governing body approves a written policy ensuring the continuing adequacy of the information provided to the Bank in implementation of articles 312 to 316.
§ 8. Prior to publication, the legal governing body approves the report on solvency and financial condition referred to in article 95. It provides annual update of this report and transmission to the Bank of the updated report.
§ 9. The legal governing body determines what actions must be taken as a result of the conclusions and recommendations of the internal audit and shall ensure that these actions are completed.
S. 78 § 1. The legal administrative organ shall in particular the integrity of the systems of accounting and reporting of financial information, including operational and financial controls. It assesses the operation of the control

internal at least once per year and shall ensure that this control provides a reasonable degree of certainty about the reliability of the reporting of the information process, so that, inter alia, annual accounts and financial information are consistent with the regulations in force.
§
2. The legal governing body oversees the publishing process and communication required by or under this Act and, where appropriate, by European regulations.
S. 79. the auditor shall report to the legal administration body, where appropriate, through the Committee audit on the important issues emerged in the exercise of his mission of statutory audit of accounts, and in particular the significant weaknesses internal control with regard to the process of reporting of financial information.
Subsection II. -Measures to be taken by the Executive Committee art. 80 § 1. Without prejudice to the powers vested in the legal organ of administration and under its supervision, the Steering Committee takes the necessary measures to ensure respect for and the implementation of the provisions of article 42.
§ 2. Management Committee shall report at least once annually to the legal body governing, the auditor and the Bank on the evaluation of the effectiveness of the governance system referred to in article 42 and the measures taken as appropriate to remedy the deficiencies which have been identified. The report justifies what these measures satisfy legal and regulatory provisions.
§
3. Without prejudice to its other tasks, it implements the remuneration policy adopted by the legal governing body.
§ 4. The Executive Committee also implements measures to ensure the control of risks referred to in Section IV of this chapter.
§
5. The Board of the insurance undertaking or reinsurance told the Bank that the information provided in accordance with sections 312 to 316 are complete and correctly reflect the situation of the company in light of its risk profile and they are prepared in accordance with the requirements laid down in or under this Act, to the implementing Directive 2009/138 / EC and instructions of the Bank.
Sub-section III. -Appointments, resignations and exercise of external functions art. 81 § 1. Insurance or reinsurance undertakings previously inform the Bank of the proposal for the appointment of members of the legal Board of Directors and the members of the Committee of management or, in the absence of Management Committee, of those responsible for the effective management and responsible persons of the independent control functions.
In the context of the information required under paragraph 1, insurance or reinsurance undertakings shall communicate to the Bank all documents and information to assess if the persons whose appointment is proposed have the required professional repute and the appropriate expertise in the performance of their duties in accordance with article 41.
Paragraph 1 is also applicable to the proposal for renewal of the appointment of persons who are covered as well as the non-renewal of their appointment, their dismissal, their dismissal or resignation.
§ 2. The appointment of the persons referred to in paragraph 1 is subject to the prior approval of the Bank.
When it comes to the appointment of a person who is proposed for the first time to a function referred to in paragraph 1 in a company under the control of the Bank by application of article 36/2 of the law of 22 February 1998, the Bank consults before the FSMA.
The FSMA communicate its opinion to the Bank within a period of one week from the receipt of the request for an opinion.
§ 3. Insurance or reinsurance undertakings shall inform the Bank of the possible distribution of the tasks among the members of the legal governing body, among the members of the Committee of management or, in the absence of Executive Committee, between the persons responsible for the effective management.
Significant changes in the distribution of the tasks referred to in paragraph 1, give rise to the application of paragraphs 1 and 2.
S. 82. the people who are responsible for the independent control functions referred to in article 54 cannot be dismissed from their function without the consent of the legal administrative body.
S.
83. § 1. Members of the statutory governing body, the members of the Executive Committee and, in the absence of Management Committee, the people in charge of the effective management spend the time necessary to the exercise of their functions within the company.
§
2. Without prejudice to paragraph 1 and of article 42, members of the bodies of the insurance or reinsurance undertaking and all persons who under any name and in any capacity whatsoever, take part in its administration or management may, in representation of the insurance or reinsurance undertaking exercising warrants administrator or Manager or take part in the administration or management within a corporation or business form a business of another form of Belgian or foreign or public institution Belgian or foreign law, business industrial, commercial or financial, to the conditions and within the limits laid down in this article.
§
3. External functions referred to in paragraph 2 are governed by internal rules that the insurance or reinsurance undertaking adopts and enforces to pursue the following objectives: 1 ° avoid that the performance of these duties by persons involved in the effective management of the insurance or reinsurance undertaking shall affect the availability required for the exercise of effective management;
2 ° prevent the occurrence of conflicts of interests as well as the risks involved in the exercise of these functions, especially in terms of insider trading in the head of the insurance or reinsurance undertaking;
3 ° ensure appropriate publicity of these functions.
The Bank sets the terms of those obligations by means of regulations adopted in accordance with article 12bis, paragraph 2, of the law of 22 February 1998.
§ 4. Corporate officers appointed on presentation of the insurance or reinsurance undertaking must be members of the Board of the insurance undertaking or reinsurance or persons designated by the Executive Committee.
§
5. The legal governing body members which are not members of the Board of Directors of the insurance or reinsurance undertaking cannot exercise a mandate in a society in which the insurance or reinsurance undertaking holds participation if they do not participate in the day-to-day management of the company.
§ 6. The members of the Committee of management or, in the absence of Management Committee, people involved in the effective management of the insurance or reinsurance undertaking cannot exercise a mandate with a participation in the day-to-day management if it: 1 ° a corporation described in article 89, paragraph 1, of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 concerning prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, with which the assurance undertaking has close links;
(2) an undertaking for investment in debt to statute within the meaning of the law of August 3, 2012 on collective investment undertakings which meet the conditions of directive 2009/65/EC and organizations investment in debt claims or an undertaking for collective investment in statutory form within the meaning of the Act on August 3, 2012 or the Act of April 19, 2014 alternative collective investment undertakings and their managers;
3 ° of an undertaking whose business is situated in the extension of the activity of insurance or reinsurance, such insurance and reinsurance intermediation or claims;
as part of the normal management of their heritage, 4 ° of a heritage society in which such persons or their families hold a significant interest.
Those involved in the effective management of a mutual insurance company, may also participate in the daily management of a mutuality of a national union of mutual societies or another mutual company covered by the Act of 6 August 1990 supra with which members of the mutual insurance company, can join.
§ 7. Insurance or reinsurance undertakings shall immediately notify the bank functions outside the insurance or reinsurance undertaking by persons referred to in paragraph 1 for the purposes of the control of compliance with the provisions laid down in this article.
The Bank said the terms of the communication provided for in the paragraph 1.
Section IV. -Management of risks art. 84. the insurance or reinsurance undertakings provide their risks in accordance with the provisions of this Section.
S. 85 § 1. The risk management system referred to in article 56, covers the risks to be considered in the calculation of the solvency capital required in accordance with article 151, § 4, as well as the risks not covered, or not fully included in this calculation.
§ 2. In addition, the risk management system covers at least the following areas: 1 ° the subscription and provisioning;
2 ° the management

asset-liability (asset-liability management - ALM);
3 ° investments, especially in the derivatives and similar commitments;
4 ° the liquidity and concentration risk management;
5 ° the management of operational risk;
6 ° the reinsurance and other risk mitigation techniques.
The written policies concerning the management of the risks referred to in article 42, paragraph 3, include policies covering the areas listed in this paragraph.
S. 86. where the insurance or reinsurance undertakings apply Equalizer adjustment referred to in article 129 or correction for volatility referred to in article 131, they establish a liquidity plan containing a forecast of incoming and outgoing cash flows to the look of the assets and liabilities subject to such adjustments and corrections.
S. 87. with regard to the management of assets and liabilities, insurance or reinsurance undertakings regularly evaluate: 1 ° the sensitivity of their technical provisions and their eligible own funds to the assumptions underlying the extrapolation of the relevant risk-free interest rate curve referred to in article 126, § 2;
2 ° in case of application of the equalizer adjustment referred to in article 129: a) the sensitivity of their technical provisions and their eligible own funds to the assumptions underlying the calculation of the equalizer adjustment, including the calculation of the basic margin referred to in article 130, § 1, 2 °, and the potential effects of a sale of assets on their eligible own funds;
(b) the sensitivity of their technical provisions and their eligible own funds to the changes in the composition of the assigned portfolio of assets;
c) the consequences of a reduction of the equalizer adjustment to zero;
3 ° in case of application of the correction for volatility referred to in article 131: a) the sensitivity of their technical provisions and their eligible own funds to the assumptions underlying the calculation of the correction for volatility and the potential consequences of a sale of assets on their eligible own funds;
(b)) the consequences of a reduction of the correction for volatility to zero.
Insurance or reinsurance undertakings shall submit annually the assessments referred to in paragraph 1, to the Bank through the communication of information referred to in article 312. In the case where the reduction of the equalizer adjustment or correction for volatility to zero would non-compliance with the solvency capital requirement, the undertaking shall also submit an analysis of the measures it could take in order to restore the level of own funds eligible for the solvency capital requirement or reduce the risk profile to ensure compliance of the solvency capital requirement.
When correction for volatility referred to in article 131 is applied, the written policy for the management of the risk referred to in article 42, paragraph 3, includes a policy on criteria for the application of the correction for volatility.
S.
88. with regard to the investment risk, insurance or reinsurance undertakings demonstrate that they satisfy the provisions of articles 190 to 198.
S. 89. in order to protect themselves from an excess of confidence in external credit assessment institutions when they use the external credit assessments for the calculation of technical provisions and the solvency capital requirement, insurance or reinsurance undertakings check under their credit management of risks, the merits of external assessments using, if applicable , of additional assessments in order to preserve of automatic dependence on these external evaluations.
S.
90. for insurance undertakings or reinsurance using a full or partial internal model which has been approved in accordance with articles 167 and 168, the risk management function covers the following additional tasks: 1 ° the design and the implementation of the internal model;
2 ° the test and validation of the internal model;
3 ° the documentary follow-up of the internal model and any changes which it is made;
4 ° analysis of the performance of the internal model and the production of summary reports for this analysis;
5 ° the information of the legal Board of Directors and the Steering Committee on the performance of the model internal suggesting areas for improvement, and communication to these bodies of the status of efforts to address the weaknesses detected.
Section V. - Internal assessment of risks and solvency (Own Risk and Solvency Assessment) s. 91 § 1. As part of its risk management system, the insurance or reinsurance undertaking conducts an internal assessment of risks and solvency (Own Risk and Solvency Assessment or "ORSA").
This evaluation covers at least the following: 1 ° the global need for solvency, account account the risk profile of specific and General limits of tolerance to risk and strategy of the company, approved by the legal governing body;
2 ° the permanent compliance with the capital requirements set out in Section II of Chapter VI and requirements concerning the technical provisions laid down in Section I, subsection II of Chapter VI;
3 ° the extent to which the risk profile of the undertaking deviates from the assumptions underlying the solvency capital requirement provided for in article 151, it is calculated using the standard in accordance with articles 153 to 166 formula or using a model internal, partial or full, in accordance with articles 167-188.
§ 2. For the purposes of paragraph 1, paragraph 2, 1 °, the undertaking concerned shall establish procedures proportionate to the nature, magnitude and complexity of the risks inherent in its business and that enable it to identify and evaluate adequately the risks to which it is or may be exposed to short and long term. The company demonstrates the relevance of the methods it uses for this evaluation.
§ 3. When the insurance or reinsurance undertaking applies the equalizer adjustment referred to in article 129, the correction for volatility referred to in section 131 or the transitional measures referred to in articles 668 and 669, it evaluates the conformity with the requirements of capital referred to in paragraph 1, paragraph 2, 2 °, both taking into account and without taking into account these adjustments and corrections and transitional measures.
§
4. In the case referred to in paragraph 1, paragraph 2, 3 °, when internal a model is used, the assessment is made at the same time at the recalibration that aligns the results of the internal model on risk measurement and calibration underlying the solvency capital requirement.
§
5. Internal risk and solvency assessment is an integral part of business strategy and in account shall be taken systematically into strategic decisions of the undertaking.
§
6. Insurance or reinsurance undertakings shall carry out the assessment referred to in paragraph 1 at least once per year, as well as immediately following any significant changes in their risk profile.
§ 7. Insurance or reinsurance undertakings shall inform the Bank of the conclusions of each internal assessment of risks and solvency, in the context of the information to be provided pursuant to article 312.
§ 8. Internal risk and solvency assessment is not used to calculate an amount of capital required. The solvency capital requirement shall be adjusted in accordance with articles 323, 373 to 379 and 383.
Section VI. -Recourse to subcontracting s. 92. the insurance or reinsurance undertaking outsources functions, activities or operational tasks retains full responsibility for compliance with all the obligations that its responsibility under this Act or the implementing of the Directive 2009/138/EC.
Outsourcing of operational tasks may not result in one of the following: 1 ° seriously compromise the quality of the system of governance of the insurance or reinsurance undertaking;
2 ° unduly increase the operational risk;
3 ° compromise the ability of the Bank to verify that the insurance or reinsurance undertaking fulfilling its obligations laid down in or under this Act or by the enforcement of Directive 2009/138/EC;
4 ° harming the continued provision of a level of satisfactory service with respect to policyholders, insured persons and beneficiaries of insurance contracts or people affected by the execution of reinsurance contracts.
Insurance or reinsurance undertakings shall inform prior and timely manner the Bank of their intention to outsource functions, activities or operational tasks, which are important or critical, as well as any important later developments with regard to these tasks.
Section VII. -Operations subject to limitations or prohibition and payments subject to nullity art.
93 § 1. Insurance or reinsurance undertakings cannot consent, directly or indirectly, loans, credits or guarantees and insurance contracts 1 ° to their legal governing body members, members of their Executive Committee or to all participants in their effective management as well as general agents;
2 ° to the persons referred to in article 23, paragraph 1 as well as members of their various bodies and individuals involved in their effective management;
3 ° to the companies or institutions

in which the persons referred to in 1 °, hold a qualified participation or perform a function referred to in 1 °;
4 ° to the relatives of the persons referred to in 1 °. Are considered, to this end, as "related persons", spouses, partners considered according to their national law as equivalent to a spouse and parents in the first degree, as to the conditions, in respect of amounts and subject to the normal guarantees of the market.
Loans, credits and guarantees referred to in paragraph 1 must be subject to express information, within a period allowing the legal governing body to oppose, when based on cumulated for a person, a company or an institution, they exceed the amount of € 100,000. Regardless of the body called proceedings, members having personal or functional interest direct or indirect may sit.
Loans, credits and guarantees referred to in paragraph 2 shall be notified to the Bank according to the frequency and modalities that it determines.
The Bank may, if the operations referred to in paragraph 1, were not reached to the normal conditions of the market, require adaptation of the conditions agreed on the date where these operations have released their effects. Otherwise, the legal governing body members who have taken the decision are jointly and severally liable for the difference to the company.
§ 2. By way of derogation from the provisions of the Code of corporations and notwithstanding paragraph 1, no loan, credit or warranty, including by means of a contract of credit insurance and suretyship insurance, may not be made, directly or indirectly, to a person with a view to allow, directly or indirectly, to acquire or subscribe for shares or shares or any other securities conferring a right to dividends of the insurance undertaking or reinsurance or a company with which there is a close relationship, or conferring the right to acquire such securities.
S. 94. in the case of bankruptcy of an insurance or reinsurance undertaking, are void and without effect relatively to the mass, the payments made by the company, or in cash, or otherwise, to members of the legal governing body and its members of the Board, as directors or other bonuses, during the two years preceding the time determined by the tribunal as being that of the cessation of payments.
Paragraph 1 does not apply if the tribunal recognizes that no fault serious and characterized these people contributed to the bankruptcy.
Section VIII. -Communication of information on the situation of the insurance undertaking or of reinsurance article 95. the insurance or reinsurance undertakings publish annually, taking into account the information required in article 312, § 3, and principles set out in article 312, § 4, a report on their solvency and their financial situation (Solvency and Financial Condition Report or "SFCR").
S. 96 § 1. The report on solvency and financial condition referred to in article 95 contains the following information: 1 a description of the activity and results of the enterprise;
2 ° a description of the governance system and an assessment of its relevance to the risk profile of the undertaking;
3 ° a description, performed separately for each category of risk of exposure to the risk, concentrations of risk, mitigation of risk and sensitivity to the risk;
4 ° a description, conducted separately for the assets, technical provisions and other liabilities, bases and methods used for the purpose of their evaluation, accompanied by explanation of any major differences existing in the bases and methods used for the purpose of their evaluation in the financial statements;
5 ° a description of the manner in which regulatory capital is managed, including at least the following elements: a) the structure and the amount of capital, as well as its quality.
(b) the amounts of capital solvency and the minimum capital requirement;
c) the option referred to in article 162, which is used for the calculation of the solvency capital requirement;
(d) information to well understand the main differences between the assumptions underlying the standard formula and any internal used by the company to calculate its solvency capital requirement;
(e) in the case of a breach of the requirement of minimum capital requirement or breach of significant to the solvency capital requirement, that occurred during the reporting period and notwithstanding the fact that the problem would have been solved later, the amount of the difference established with an explanation of its origin and consequences, as well as any corrective measures which have been taken.
§ 2. In the case where the equalizer adjustment referred to in article 129 is applied, the description referred to in paragraph 1, 4 ° includes a description of the equalizer adjustment and bond portfolio and assets of the assigned portfolio to which applies the equalizer adjustment, as well as quantification of the effects of a rescission of the Equalizer on fiscal adjustment by the company.
The description referred to in paragraph 1, 4 ° also includes a statement indicating if correction for volatility referred to in article 131 is used by the undertaking concerned as well as quantification of the effects of a rescission of the correction for volatility on the financial situation of the company.
§ 3. The description referred to in paragraph 1, 5 °, has), includes an analysis of any significant changes occurred in comparison with the previous reporting period and an explanation of any significant differences observed in the financial statements, in the value of the considered elements, as well as a brief description of the transferability of capital.
§
4. The publication of the solvency capital requirement referred to in paragraph 1, 5 °, b), indicate separately the amount calculated in accordance with the provisions of Section II of Chapter VI, and the amount of any additional capital requirement imposed pursuant to section 323, or the effect of that insurance undertaking-specific parameters or reinsurance is required to use under section 166. This publication is accompanied by a concise information as to the reason for which the Bank has imposed this requirement of additional capital.
Publication of the solvency capital requirement is accompanied, where appropriate, an indication that its final amount remains subordinate to an evaluation in the context of the control exercised by the Bank.
§ 5. The information required under this section are published verbatim or, on the authorisation of the Bank, by reference to equivalent information, their nature and scope, published under other legal or regulatory provisions.
S. 97 § 1. In the event of major event affecting significantly the relevance of the information communicated pursuant to sections 95 and 96, insurance or reinsurance undertakings publish adequate information on the nature and the effects of the major event.
§ 2. For the purposes of paragraph 1, are less considered a major event in the following circumstances: 1 ° the observation of a deviation from the minimum capital requirement and the fact that the Bank considers that the company will not be able to submit a realistic short-term financing plan or it gets not this plan within a period of one month from the date where the gap was observed;
2 ° the observation of a significant departure from the solvency capital requirement and the fact that the Bank gets no realistic program of recovery within a period of two months from the date that the gap has been observed.
In the case referred to in paragraph 1, 1 °, the company shall forthwith publish the amount of the gap, with an explanation about its origin and its consequences and any corrective action that was taken. If, in spite of a short-term financing plan term originally considered realistic, a deviation from the minimum capital requirement has not been corrected three months after it was found, the amount of this difference is published at the expiration of this time limit, with an explanation of its origin and its consequences including with respect to the corrective measures taken and any new planned corrective measures.
In the case referred to in paragraph 1, 2 °, the company shall forthwith publish the amount of the gap, with an explanation about its origin and its consequences and any corrective action that was taken. If, despite recovery strategy initially considered realistic, a significant departure from the solvency capital requirement has not been patched six months after it was found, the amount of this difference is published at the expiration of this time limit, with an explanation of its origin and consequences, including with respect to the corrective measures taken and any new planned corrective measures.
S.
98. the insurance or reinsurance undertakings may publish on their own initiative any information or explanation to their credit and their financial situation which the publication is not already required under articles 95 to 97.
S. 99. insurance undertakings or reinsurance shall put in place the structures and systems appropriate to satisfy the requirements laid down in articles 95 to 97, as well as a written policy to ensure the adequacy of any information published in accordance with articles 95 to 97.
S. 100. the Bank may authorise a company

insurance or reinsurance to not publish information referred to in article 96 § 1, 1 °, 4 °, and § 2, in cases where: 1 ° publication of this information would give the competitors of the undertaking concerned a significant unfair advantage;
2 ° the company is held to an obligation of confidentiality due to obligations to policyholders of insurance or relations with other counterparties.
When the non-publication of information is authorized by the Bank, the company indicated in its report on its solvency and its financial situation and explains why.
In the case of an insurance undertaking, the authorisation referred to in article is granted or denied only after the Bank has sought the opinion of the FSMA. The latter shall deliver its opinion within 15 days of the receipt of the application. The absence of notice endeans this period equivalent to a favourable opinion.
S. 101. the Bank may specify the content and format of the information required under this Section, by means of regulations adopted in accordance with article 12bis, paragraph 2, of the law of 22 February 1998.
CHAPTER IV. -Transfer of portfolio and other special transactions art. 102 are subject to the prior permission of the Bank: 1 ° the strategic decisions of an insurance or reinsurance undertaking;
2 ° mergers involving an insurance or reinsurance undertaking as well as the divisions of insurance or reinsurance undertakings;
3 ° the sale of all or part of the activities, including all or part of a portfolio involving the transfer of the rights and obligations arising under the contracts of insurance or reinsurance.
The Bank shall decide within three months of receipt of a complete project folder. She may refuse approval for reasons relating to the ability of the company to comply with the provisions laid down in or under this Act or Directive 2009/138/EC implementing measures or holding on to the sound and prudent management of the company or if the decision is likely to affect significantly the stability of the financial system. Without prejudice to article 104, § 1, 2 °, if it is not reached within the time limit fixed above, the authorization is deemed to be earned.
In addition, when they relate to insurance contracts relating to risks and commitments located in Belgium, the transfers referred to in paragraph 1, 3 ° for the benefit of a third country insurance undertaking are allowed only when the Belgian branch of the insurance undertaking is made as transferee involving compliance in its head of legal and regulatory constraints inherent in the risks and liabilities transferred.
S.
103. the Bank shall determine, on a case by case basis, depending on the peculiarities of the operation and the undertaking concerned or the undertakings concerned, the contents of the file relating to the operations referred to in article 102. At a minimum, the file relating to the operations referred to in article 102, paragraph 1, 3 ° contains: 1 ° identification of the counterparty to the agreement to transfer;
2 ° a description of contracts to transfer;
3 ° the assets and liabilities items to transfer.
4 ° the indication of the Member States and of third countries where the risks and liabilities to be transferred are located.
5 ° the indication of the Member States in which the transferring undertaking has a branch concerned by the transfer;
6 ° any other information requested by the Bank for authorization of the assignment.
S. 104. § 1. In addition to the conditions referred to in article 102, paragraph 2, of the agreement of the Bank may be given concerning operations referred to in article 102, paragraph 1, 3 °, if the following conditions are met: 1 ° if the assignee company falls under the law of another Member State, the control of that State authorities have attested that this company has, in light of the proposed transfer eligible own funds to cover the solvency capital requirement under the legislation which that undertaking falls within;
2 ° when authorization is sought by an insurance undertaking, as carrier company, the transfer of all or part of a portfolio of insurance contracts underwritten through a branch situated in another Member State or the free provision of services regime, requires, in addition, the prior agreement of the supervisory authorities of the home Member State. To this end, the Bank shall communicate without delay the draft assignment to the supervisory authorities of the Member States concerned. In the absence of reaction from these authorities within a period of three months following their consultation, the agreement of those authorities is presumed.
§ 2. When the Bank is consulted by the supervisory authorities of a Member State concerning an operation referred to in article 102, paragraph 1, 3 ° to which an insurance undertaking or reinsurance under Belgian law intervenes as assignee, the Bank issues, within three months of receipt of the request, a certificate indicating whether the assignee company has, taking into account the proposed transfer the eligible own funds to cover the solvency capital requirement referred to in article 151.
S. 105. the bank informs the FSMA of applications for authorization of assignment of contracts of insurance referred to it pursuant to article 102, paragraph 1, 3 °, and the decisions that it takes them on.
S. 106. the Bank shall carry out publication in the Belgian Official Gazette of an extract of any decision for authorization, in accordance with article 102, paragraph 1, 2 ° and 3 °, of a merger or a transfer of rights and obligations arising under contracts of insurance or reinsurance. Without prejudice to articles 17 and 18 of the Insurance Act, any total or partial assignment of the rights and obligations resulting from these operations is enforceable against third parties, including policyholders, insured persons and beneficiaries, upon publication in the Moniteur belge of the permission of the Bank.
Extracts referred to in paragraph 1 are also advertising for information on the website of the Bank.
Transfers authorized by the Bank pursuant to article 102, paragraph 1, 2 ° and 3 °, may be the object of a declaration of invalidity or unenforceability under article 1167 of the civil Code and articles 17, 18 or 20 of the Act of 8 August 1997 on bankruptcy.
Chapter V. - Exercise of activities of insurance or reinsurance abroad Section Ire.
-Creation or acquisition of subsidiaries abroad article 107. the insurance undertaking or of reinsurance which intends to acquire or provide, directly or indirectly, a subsidiary abroad exercising the activity of insurance or reinsurance shall notify its intention to the Bank.
The insurance or reinsurance undertaking attached to the notification referred to in paragraph 1 information on activities, the Organization, executives and the structure of the shareholding of the company concerned.
Section II. -Opening branches abroad subsection Ire. -Opening branches abroad by a business insurance article 108 § 1.
The insurance undertaking that proposes to establish a branch within the territory of another Member State to carry on an insurance business for which it is authorised in Belgium shall notify its intention to the Bank.
This notification is accompanied by a file containing the following information: 1 ° the State member in the territory of which the assurance undertaking plans to establish the branch;
2 ° the programme of activities, in which at least outlined the types of business envisaged and the structure of the Organization of the branch;
3 ° the name, address and the powers of the general representative of the branch referred to in paragraph 2 and, where applicable, of other persons responsible for the effective management of the branch as well as officials of the independent control functions of the branch;
4 ° the address at which documents may be obtained and issued to the insurance undertaking in the State host Member, including communications to the authorized agent;
5 ° in the case where the insurance undertaking intends its branch to cover risks in class 10, mentioned in annex I, other than carrier's liability, a declaration according to which it became a member of the national bureau and the national guarantee fund of the host Member State;
6 ° in the case where an insurance undertaking intends to cover by its branch the risk of accident at work, the evidence, if it is required by the host Member State, compliance with the specific provisions laid down by the national law of that State member in terms of coverage of this type of risk.
§ 2. The business of insurance referred to in paragraph 1 refers to a general agent of the branch. In case of waiver of the mandate or removal of the general agent or in case of his death, the insurance company takes steps to provide for its replacement in the month.
The Attorney general as well as, where appropriate, other persons responsible for the effective management of the branch and the independent control functions of the branch managers have constantly the professional repute and expertise appropriate to the exercise of their function. Articles 41, 81 and 82 are applicable by analogy.
§ 3. The Bank may oppose the project by decision motivated by failure to comply with the requirements laid down in paragraph 2 or the adverse impact

on the system of governance, the financial situation, including taking into account the risks inherent in the activities proposed, or control of the insurance undertaking.
The decision of the Bank shall be notified to the insurance company by registered letter or mail with acknowledgement of receipt no later than three months after receipt of the complete file containing the information referred to in paragraph 1, paragraph 2. If the Bank has not notified of decision within this period, it is deemed not to oppose the company's project.
§ 4. The Bank shall communicate to the European Commission and the EIOPA the number and nature of cases in which a final opposition decision was taken in accordance with paragraph 3.
§ 5. This article, with the exception of paragraph 4, shall apply mutatis mutandis to the opening of branches in a third country, on the understanding that the Bank may also oppose the project of an insurance undertaking if it has reason to doubt the respect of the rules for access to the activity prescribed under the legislation of the third country or, taking into account the intended activity and plan of cooperation with the supervisory authorities of the third country , of the possibility of exercising an effective control of the branch on the territory of that third country.
S. 109. where the State of implementation of the branch is a Member State, the Bank, if it is not opposed to the realization of the project in accordance with article 108, paragraph 3, shall communicate to the competent authority of the host Member State concerned within three months of their receipt, all the information required by section 108, § 1, paragraph 2 as well as a certificate attesting that the assurance undertaking has capital solvency and minimum capital requirement calculated in accordance with articles 100 and Directive 2009/138/EC 129.
The Bank shall notify in writing the insurance undertaking concerned disclosure of the file referred to in paragraph 1 and the date on which the competent authorities of the host Member State have accused reception.
When the home Member State supervisory authorities have transmitted the conditions in which, for reasons of general interest, the activities of the branch can be carried out in that Member State, the Bank shall communicate this information to the concerned insurance undertaking.
S. 110. where the State of implementation of the branch is a third country, the Bank may agree with the authority of the third country concerned, the means of opening and control of the branch as well as exchanges of useful information in respect of the provisions of chapter IV/1, Section 4, of the law of 22 February 1998.
S. 111. where the State of implementation of the branch is a Member State, the operations of the branch may commence from the date on which the Bank has received the information referred to in article 109, paragraph 3 and at the latest at the expiry of a period of two months on the date of receipt by the control authorities of the host Member State of information communicated pursuant to article 109 paragraph 1.
When the State of implementation of the branch is a third country, without prejudice to compliance with the legal provisions of the country access to the business of insurance, the activities of the branch may commence from the date on which the opening of the branch project did not subject to an objection in accordance with article 108, paragraph 3.
S. 112. the insurance undertaking shall notify the Bank and, where appropriate, the supervisory authorities of the host Member States concerned all changes it intends to make to the information provided pursuant to article 108, § 1, paragraph 2, 2 °, 3 ° and 4 °, and this, at least one month before they are made. Article 108, paragraph 3, shall apply in relation to these changes.
Subsection II. -Opening of a branch abroad by s. reinsurance undertaking
113. the reinsurance undertaking that proposes to establish a branch within the territory of another Member State or a third country to exercise reinsurance activity to which it has an accreditation in Belgium shall notify its intention to the Bank.
S. 114. articles 108, § 1, paragraph 1, 2 °, 4 ° and §§ 2, 3 and 5, 110, 111, paragraph 2 and 112 shall apply mutatis mutandis to opening branches abroad by a reinsurance undertaking, on the understanding that: 1 the cooperation agreements referred to in article 110 ° may also be concluded by the Bank with the supervisory authorities of the Member States host;
2 ° article 111, paragraph 2, also applies where the State of implementation of the branch is a Member State.
Section III. -Provision of services of insurance or reinsurance abroad subsection Ire. -Provision of services abroad by a business insurance article
115 § 1. The insurance undertaking which intends to exercise on the territory of another Member State, without establishing branch, an activity of insurance for which it is authorized in Belgium, notify its intention to the Bank.
This notification is accompanied by a file containing the following information: 1 ° the State member in the territory of which the assurance undertaking intends to carry on business;
2 ° the type of insurance operations that it intends to exercise under the free provision of services and branches responsible for these operations.
3 ° where an insurance undertaking intends to cover, within the framework of the free provision of services, risks falling within class 10, mentioned in annex I, other than carrier's liability, and if the host Member State requires the disclosure of such information, a statement that the insurance undertaking has become a member of the national bureau and the national guarantee fund of the host Member State.
§ 2. The Bank may oppose the project by decision motivated by the adverse impact of cross-border provision of activity of insurance on the system of governance, the financial situation, including taking into account the risks inherent in the planned activity, or control of the insurance undertaking.
The decision of the Bank shall be notified to the insurance undertaking by registered mail or with proof of receipt at the latest one month after the receipt of the complete file containing the information referred to in paragraph 1, paragraph 2. If the Bank has not notified of decision within this period, it is deemed not to oppose the project of the insurance undertaking.
§ 3,
. The Bank shall communicate to the European Commission and the EIOPA the number and nature of cases in which a final opposition decision was taken pursuant to paragraph 2.
§ 4.
This article, with the exception of paragraph 3, shall apply mutatis mutandis to the exercise of the business of insurance in the territory of a third country, without establishing a branch, although 1 ° the Bank may also oppose the project of an insurance undertaking if it has reason to doubt the respect of the rules for access to the activity prescribed under the legislation of the third country or taking into account the intended activity and plan of cooperation with the supervisory authorities of the third country of the possibility of exercising an effective control with respect to cross-border activity on the territory of that third country;
2 ° the period referred to in paragraph 2, subparagraph 2, is extended to three months.
S. 116 where the State on whose territory the cross-border insurance business is exercised is a Member State, the Bank, if it is not opposed to the realization of the project in accordance with article 115 § 2, communicates to the supervisory authority of the State of concerned home within one month of their reception, all the information required by article 115 § 1, paragraph 2 as well as a certificate attesting that the assurance undertaking has capital solvency and minimum capital requirement calculated in accordance with the Articles 100 and 129 of the Directive 2009/138/EC. It shall also notify the classes of insurance for which an insurance undertaking has been authorised by the Bank.
The Bank shall notify, in writing, of the assurance undertaking concerned the communication referred to in paragraph 1.
When the home Member State supervisory authorities have transmitted the conditions in which, for reasons of general interest, cross-border activities may be carried out in that Member State, the Bank shall communicate this information to the concerned insurance undertaking.
S. 117. where the State on whose territory the cross-border insurance business is exercised is a third country, the Bank may agree with the authority of the third country concerned, methods of control of this activity as well as exchanges of useful information in compliance with the provisions of chapter IV/1, Section 4, of the law of 22 February 1998.
S. 118. where the State on whose territory the cross-border insurance business is exercised is a Member State, cross-border activities may commence from the date on which the undertaking has been notified by the Bank of the communication provided for in article 116, paragraph 1.
When the State on whose territory cross-border insurance business is exercised is a third country, without prejudice to compliance with the legal provisions of the country access to the business of insurance, cross-border activities may commence from the date on which the project of cross-border activities has not made the subject of an objection in accordance with article 115, paragraph 2.

S. 119. the insurance undertaking which exercises on the territory of another Member State or from a third country, without establishing branch, an insurance business, shall notify in advance to the Bank all changes it intends to make to the information communicated in accordance with article 115, § 1, paragraph 2. Article 115 § 2 is applicable with respect to these amendments.
Subsection II. -Provision of services abroad by s. reinsurance undertaking 120. the reinsurance company that plans to exercise on the territory of another Member State or a third country, without establishing branch activity reinsurance for which it has an accreditation in Belgium shall notify its intention to the Bank.
S. 121. articles 115 § 1, paragraph 2, and §§ 2 and 4, 117, 118, paragraph 2 and 119 shall apply mutatis mutandis to the exercise of cross-border reinsurance abroad, activities without establishing a branch, on the understanding that: 1 ° of the cooperation agreements referred to in article 117 may also be concluded by the Bank with the supervisory authorities of the Member States host in which cross-border reinsurance activity is carried out;
2 ° the time limit referred to in article 115, § 2, paragraph 2, is extended to three months;
3 ° article 118, paragraph 2, applies also when the State in which the cross-border reinsurance activities is exercised is a Member State.
Section IV. -Provisions common to the exercise of the activity in another Member s. State 122. each insurance or reinsurance undertaking shall communicate to the Bank, separately for transactions carried out in the context of the opening of a branch and those carried out within the framework of the free provision of services, the amount of the premiums, claims and commissions, without deduction of reinsurance, by Member State of implementation of a branch and by Member State within the territory of which an insurance or reinsurance cross-border activity is carried out. This communication takes place as follows: 1 ° for non-life insurance, by lines of activity, in accordance with Directive 2009/138/EC implementing measures;
2 ° for life insurance, by lines of activity, in accordance with Directive 2009/138/EC implementing measures;
3 ° for the non-life reinsurance;
4 ° to life reinsurance.
Regards class 10 mentioned in annex I, other than carrier's liability, the concerned insurance undertaking shall also inform the Bank the frequency and average cost of claims.
The Bank shall communicate the information referred to in paragraphs 1 and 2 within a reasonable time and in aggregate form to the supervisory authorities of each of the Member States concerned which so request.
CHAPTER VI. -Standards and regulatory obligations Section Ire.
-Rules of valuation subsection Ire. -Rules General s.
123. for the purposes of compliance with the requirements laid down by or pursuant to this chapter, insurance or reinsurance undertakings value assets and liabilities as follows: 1 ° the assets are valued at the amount for which they could be exchanged in a concluded transaction, in conditions of normal competition, between knowledgeable, willing parties;
2 ° the liabilities are valued at the amount for which they could be transferred or settled a transaction concluded under conditions of normal competition, between knowledgeable, willing parties.
When valuing liabilities in respect of the 2 °, no adjustment to take account of the quality of credit to the insurance undertaking or reinsurance is done.
Subsection II.
-Rules relating to technical provisions § 1. General provisions art.
124. the insurance or reinsurance undertakings shall calculate and record under the name of technical provisions, all their commitments of insurance or reinsurance to policyholders, insured persons and beneficiaries of insurance contracts or beneficiaries of reinsurance contracts.
Technical provisions concern both accrued and not fully liquid contracts ongoing contracts.
S. 125. the technical provisions are calculated in a prudent, reliable and objective manner.
The value of technical provisions is the current amount of insurance or reinsurance undertakings should pay if they were transferring their commitments of insurance or reinsurance to another insurance or reinsurance undertaking with immediate effect.
The calculation of technical provisions used by being consistent with them, the information provided by the financial markets and generally available data on underwriting risks (consistency with the market).
Following the principles set out in this section and in light of those contained in article 123, the calculation of technical provisions is carried out in accordance with articles 126-137, made rules for their implementation and the regulations of Directive 2009/138 / EC.
S. 126 § 1. The value of the technical provisions is equal to the sum of the best estimate (best estimate) and the margin of risk (risk margin) respectively described in paragraphs 2 and 3.
§ 2. The best estimate corresponds to the average weighted by their probability of future cash flows, taking into account the time value of money (present value of future cash flows), estimated on the basis of the relevant risk-free interest rate curve.
The calculation of the best estimate is based on timely and credible information and realistic assumptions and it uses actuarial and statistical methods adequate, applicable and relevant.
The projection of cash flows used in the calculation of the best estimate takes into account all inputs and outputs of cash necessary to deal with liabilities of insurance or reinsurance for the duration of these.
The best estimate is calculated gross without deduction of receivables arising under contracts of reinsurance and securitisation vehicles. These amounts are calculated separately, in accordance with article 136.
§
3. The risk margin is calculated so as to ensure that the value of the technical provisions is equivalent to the amount that insurance or reinsurance undertakings would require to resume and the commitments of insurance or reinsurance.
S. 127 § 1.
Insurance or reinsurance undertakings shall undertake a separate best estimate and the risk margin assessment.
However, when the future cash flows related to insurance or reinsurance undertakings can be reliably replicated by means of financial instruments for which there is an observable reliable market value, the value of the technical provisions related to those future cash flows is determined using the market value of these financial instruments.
In this case, it is not necessary to separate the best estimate and the risk margin calculation.
§ 2. When carrying out a separate best estimate and the risk margin assessment, insurance or reinsurance undertakings shall calculate the risk margin in determining the cost of the mobilization of an amount of eligible own funds equal to the solvency capital requirement needed to face liabilities insurance or reinsurance for the duration thereof.
The rate used to determine the cost of mobilization of the amount of eligible own funds (the cost of capital rate) is the same for all insurance or reinsurance undertakings. A regulation for the implementation of the Directive 2009/138/EC lays down and periodically revises this rate.
The rate of the cost of the capital employed is equal to the additional rate, adding to the interest rate without risk, that would support an insurance or reinsurance undertaking holding an amount of eligible own funds, in accordance with subsection III of this chapter equal to the solvency capital requirement that is necessary to make facing liabilities of insurance or reinsurance for the duration thereof.
§ 2. Extrapolation of the relevant risk-free interest rate curve (risk-free interest rate term structure) art. 128. the determination of the relevant curve of the risk-free interest rate referred to in article 126, § 2, made use of information from relevant financial instruments and remains consistent with them. This determination takes into account the relevant financial instruments to the deadlines to which such financial instruments, including the bond markets, markets are deep, liquid and transparent.
For the deadlines to which the relevant financial instruments or bonds markets are more deep, liquid and transparent, the relevant risk-free interest rate curve is extrapolated.
Part extrapolated the relevant risk-free interest rates curve based on converging futures rates smoothly from a rate, or a set of forward rates, for maturities longer that it is possible to observe the relevant financial instrument denominated bonds, on a deep, liquid and transparent, up to the ultimate rate term (ultimate forward rate).
§ 3. Equalizer (Matching adjustment) adjustment of the relevant curve of Art. riskfree interest rates 129 § 1. Insurance or reinsurance undertakings may apply an equalizer adjustment of the relevant curve of

interest rate without risk to calculate the best estimate of a portfolio of commitments of insurance or reinsurance life, including pensions arising out of contracts of insurance and non-life reinsurance, subject to the prior agreement of the Bank, where the following conditions are fulfilled: 1 ° the insurance or reinsurance undertakings were assigned a portfolio of assets, consisting of obligations or of other titles with similar characteristics in cash flow on the cover of the best estimate of the liabilities of insurance or reinsurance portfolio and retain this assignment to maturity such undertakings, except to maintain the equivalence of expected cash flows between assets and liabilities if these flows have changed significantly.
2 ° the portfolio of commitments of insurance or reinsurance to which EQ adjustment is applied and the affected asset portfolio are identified, managed and organised separately from the other activities of undertakings, and affected asset portfolio can be used to cover losses resulting from other activities of enterprises;
3 ° expected portfolio assigned asset cash flows respond in the same currency, point by point, to the cash flows expected portfolio of insurance or reinsurance undertakings and no rupture equivalency gives rise to risks that are real compared to the risks inherent in the insurance or reinsurance activity to which the equalizer adjustment applies;
4 ° the underlying contracts in the portfolio of insurance or reinsurance undertakings do not give right to the payment of premiums futures;
5 ° the only underwriting risks associated with portfolio of insurance or reinsurance undertakings are the longevity risk, the risk of expenditure, the risk of revision and the risk of mortality.
6 ° when underwriting commitments of insurance or reinsurance portfolio-related risk includes the risk of mortality, the best estimate of the liabilities of insurance or reinsurance portfolio must not increase by more than 5% in a clash of risk of mortality calibrated in accordance with article 151, §§ 2, 5;
7 ° the underlying contracts of insurance or reinsurance undertakings portfolios include only a repurchase option at the condition that the commuted value does not exceed the value of assets, assessed in accordance with article 123, covering liabilities of insurance or reinsurance on the date which is exercised the option of redemption;
8 ° the cash flows of the assets constituting the portfolio assigned assets are fixed and cannot be changed by the issuers of securities or third parties;
9 ° insurance or a contract of insurance or reinsurance reinsurance undertakings are not divided into different parts during the composition of the portfolio of liabilities of insurance or reinsurance for the purposes of this paragraph.
Notwithstanding paragraph 1, 8 °, the insurance or reinsurance undertaking may use assets whose cash flows are fixed, except indexed on inflation, provided that these assets match the liabilities of insurance or reinsurance portfolio cash flows, which are a function of inflation.
Where issuers or third parties have the right to change the flow of an asset in a manner such that the investor receives adequate compensation to enable it to obtain the same cash flows by reinvesting in a level of credit equivalent or better quality assets, the right to modify the cash flows does not exclude the assets to be eligible the portfolio assigned pursuant to paragraph 1 , 8°.
§
2. Insurance or reinsurance undertakings which apply EQ adjustment to a portfolio of insurance or reinsurance undertakings cannot return to a method that ignores the equalizer adjustment. If an insurance or reinsurance undertaking which applies the equalizer adjustment is no longer able to meet the conditions laid down in paragraph 1, it shall immediately inform the Bank and take the necessary measures to return to compliance with these conditions. If she is unable to return to compliance with the conditions within a period of two months from the date of non-compliance, the company ceases to apply EQ adjustment to its insurance or reinsurance undertakings and cannot apply such an adjustment again only after a period of 24 months.
§
3. EQ adjustment is not applied to insurance or reinsurance undertakings where the relevant risk-free interest rate curve used to calculate the best estimate such undertakings involves a correction for volatility under section 131 or a transitional measure on the interest rate without risk under article 668.
S. 130 § 1.
In each currency, the equalizer adjustment referred to in article 129 is calculated in accordance with the following principles: 1 ° the equalizer adjustment is equal to the difference between the following amounts: has) the annual percentage rate, calculated as the rate of discount which, if it were applied to the cash flow of portfolio of insurance or reinsurance undertakings, would give a value equal to the value calculated in accordance with article 123 of the assigned assets portfolio;
(b) the annual percentage rate, calculated as the single discount rate which, if it were applied to the cash flow of portfolio of insurance or reinsurance undertakings, would give a value equal to the value of the best estimate of the portfolio of commitments of insurance or reinsurance undertaking for which the time value of money is taken into account along the relevant risk-free interest rates;
2 ° the equalizer adjustment can not include the basic margin (fundamental spread) reflecting the risk assumed by the insurance or reinsurance undertaking;
3 ° Notwithstanding the 1 °, the basic margin (fundamental spread) is increased, where appropriate, so that the equalizer adjustment for assets which the quality is inferior to that of good quality assets does not exceed the equalizer adjustment for good quality assets and same duration and same category;
4 ° the use of external evaluations of credit in the calculation of the equalizer adjustment conforms to the specifications defined in accordance with article 111, paragraph 1, n) of Directive 2009/138/EC.
§ 2. For the purposes of paragraph 1, 2 °, the basic margin (fundamental spread) is: 1 ° equal to the sum of the following components: a) line of credit corresponding to the probability of default of assets;
b) line of credit corresponds to the loss of impairment of assets;
2 ° for exposures to central Governments and central banks of the Member States, as it is found on the financial markets; greater than or equal to 30% of the average long-term margin compared with the interest rate without risk of assets of the same duration, same credit quality and category
3 ° for assets other than exposures to central Governments and central banks of the Member States, greater than or equal to 35% of the average long-term margin compared with the interest rate without risk of assets of the same duration, same credit quality and category, as it is found on the financial markets.
The probability of default referred to in paragraph 1, 1 °, a), is based on long term fault statistics that are relevant for the asset in question, according to its duration, its credit quality and its category.
When no reliable credit line can be drawn from failure statistics referred to in the second subparagraph, the basic margin is equal to the share of the average long-term margin compared with the interest rate without risk that attach the 2 ° and 3 °.
§ 4. Correction for volatility (Volatility adjustment) of the relevant risk-free interest rate curve.
S. 131 § 1.
One business insurance or reinsurance which intends to use the correction for volatility of the relevant curve of interest rates without risk to calculate the best estimate referred to in article 126, paragraph 2, shall inform previously the Bank.
The Bank may, at any time, prohibit, restrict or condition the use of correction for volatility referred to in paragraph 1 if it finds that the insurance or reinsurance undertaking meets the conditions laid down in this section or the European regulations made pursuant to article 86, paragraph 1, i), Directive 2009/138/EC, or that its risk profile differs substantially from the conditions of application of the correction of such volatility provided for by the provisions of these regulations.
§ 2. For each relevant currency correction for volatility of the relevant risk-free interest rate curve is the gap between the interest rate that it would be possible to make assets included in a portfolio of reference in this currency and the relevant risk-free interest rate curve corresponding rates in this currency.
The reference in a currency portfolio is representative of assets that are denominated in such currency and in which the insurance or reinsurance undertakings have invested to cover the best estimate of insurance or reinsurance liabilities denominated in this currency.
§ 3. The amount of the correction for volatility of the relevant risk-free interest rate curve corresponds to

65% of the gap "currency" for correction of the risk.
The gap "currency" for correction of risk is calculated on the basis of the difference between the difference referred to in paragraph 2 and the part of this gap due to a realistic assessment of expected losses, the risk of credit not expected or any other risk assets.
Correction for volatility is applicable to the rates of the relevant curve of the risk-free interest rate that are not calculated by means of extrapolation in accordance with article 128. Extrapolation of the relevant risk-free interest rate curve is adjusted risk-free interest rates.
§ 4. For each country concerned, the correction for volatility of the risk-free interest rate referred to in paragraph 3 in the currency of that country is, before application of the factor of 65%, increased by the difference between the 'countries' gap for correction of risk and double the gap "currency" for correction of risk, where that difference is positive and that the gap "countries" for correction of the risk is greater than 100 basis points.
The correction for volatility increase applies to the calculation of the best estimate of liabilities of insurance or reinsurance of products sold on the market of the insurance or reinsurance of this country. The 'country' gap for correction of risk is calculated in the same way that the gap "currency" for correction of the risk of the country but on the basis of a benchmark portfolio that is representative of the portfolio of assets in which the insurance or reinsurance undertakings have invested to cover the best estimate of liabilities of insurance or reinsurance products sold on the market of the insurance or reinsurance of this countries and denominated in the currency of that country.
§ 5. Correction for volatility does not apply to insurance liabilities if the relevant curve of the risk-free interest rate used to calculate the best estimate of these commitments involves Equalizer adjustment provided for in article 129.
§
6. By way of derogation from article 151, the le capital capital solvency does not cover the risk of loss of basic own funds arising from variation of correction for volatility.
§
5. Other provisions relating to technical provisions art. 132 when technical information referred to in article 77sexies, paragraph 1 of Directive 2009/138/EC are adopted by the Commission European in accordance with paragraph 2 of the same article, insurance or reinsurance undertakings make use of these technical information to calculate the best estimate in accordance with articles 126 and 127, the adjustment equalizer in accordance with article 130, and correction for volatility in accordance with article 131.
With respect to the currencies for which and national markets on which the adjustment referred to in article 77sexies, paragraph 1, c) of Directive 2009/138/EC, is not foreseen in implementing acts referred to in paragraph 2 of the same article, no correction for volatility will be applied to the relevant curve of interest rates used to calculate the best estimate.
S. 133. in addition to the provisions of articles 126 and 127, insurance or reinsurance undertakings take account of the following when they calculate their technical provisions: 1 ° all expenses to be incurred for the purpose of meeting the liabilities of insurance or reinsurance;
2 ° inflation, including expenses and claims inflation;
3 ° all payments to policyholders and insurance beneficiaries, including discretionary investments that insurance or reinsurance undertakings plan to pay in the future, that these payments whether or not guaranteed contractually, unless they fall under article 145, paragraph 2.
S. 134. when they calculate their technical provisions, insurance or reinsurance undertakings reflect the value of financial guarantees and any contractual options included in insurance and reinsurance contracts.
Any event held by the insurance or reinsurance undertakings on the likelihood that policyholders exercise contractual options that are offered to them, including the right to reduction in benefits and the right of redemption, is realistic and based on current and credible information. It takes account, explicitly or implicitly, of the impact that could have potential changes in financial conditions and financial on the exercise of these options.
S.
135. when they calculate their technical provisions, insurance or reinsurance undertakings shall segment their obligations of insurance or reinsurance groups of homogeneous risk and, at a minimum by lines of business.
S. 136 when they calculate the receivables arising from reinsurance contracts and securitization vehicles, insurance or reinsurance undertakings shall comply with sections 125 to 135.
When they calculate the receivables arising from reinsurance contracts and securitization vehicles, insurance or reinsurance undertakings take account of the time difference between recoveries and direct payments.
The result of this calculation is adjusted to take account of the probable losses for lack of consideration. This adjustment is based on an assessment of the probability of default of the counterparty and the average loss resulting therefrom (loss in case of default).
S. 137. the insurance or reinsurance undertakings implement processes and procedures to ensure the appropriateness, completeness and accuracy of the data used in the calculation of their technical provisions.
When, in special circumstances, insurance or reinsurance undertakings do not have sufficient data of a quality appropriate to apply an actuarial reliable method to a set or to a subset of their insurance liabilities reinsurance, or claims arising out of contracts of reinsurance and securitization adequate approximations vehicles, including approaches to case by case can be used for the calculation of the best estimate.
S.
138. the insurance or reinsurance undertakings implement processes and procedures to ensure a regular comparison of their best estimates and the assumptions underlying the calculation of the latter with data derived from experience.
When this comparison highlights a systematic difference between the data from the experiment and calculations of the best estimates of the insurance or reinsurance undertaking, the undertaking concerned provides adjustments to be used actuarial methods or assumptions.
S. 139. at the request of the Bank, insurance or reinsurance undertakings demonstrate the appropriateness of the level of their technical provisions, as well as the applicability and relevance of the methods applied and the adequacy of the underlying statistical data.
Sub-section III. -Fund own s. 140. the own funds correspond to the sum of basic own funds referred to in article 141 and ancillary own funds referred to in article 142.
S. 141. the basic own funds consist of the following: 1 ° the surplus of assets from payable liabilities (liabilities), assessed pursuant to section 123 and the sub-section II of this Section;
2 ° subordinated liabilities.
The surplus referred to in 1 °, is reduced by the amount of its own shares held by the insurance or reinsurance undertaking.
S. 142 § 1. Ancillary own funds consist of elements other than basic own funds, which may be called upon to absorb losses.
Ancillary own funds may include the following elements, insofar as it is not basic own fund items: 1 ° the portion not paid capital or initial fund which has not been called;
2 ° letters of credit and guarantees;
3 ° any other legally binding commitment received by the insurance or reinsurance undertakings.
In the case of an association of mutual insurance with variable contributions, ancillary own funds may also include any future claims that this mutual insurance association may have against its members by way of a call for supplementary contributions, within the next 12 months.
§ 2. When an element of ancillary own funds has been paid or called, it is assimilated to an asset and cease to be part of ancillary own funds.
S.
143 § 1. The amount of ancillary own fund items to consider to determine own funds are subject to the prior approval of the Bank.
§
2. The amount allocated to each ancillary own fund item reflects the absorption capacity of the concerned element losses and is based on prudent and realistic assumptions. When a fixed nominal value is attached to an element of ancillary own funds, the amount of this element is equal to its nominal value, provided that it appropriately reflects its ability to absorb losses.
§
3. The Bank approves either of the following: 1 ° a monetary amount for each ancillary own fund item;
2 ° a method of calculation of the amount of each ancillary own fund item, in which case the approval by the Bank of the amount thus calculated is given for a specified period.

§ 4. For each ancillary own fund item, the Bank based its approval on the evaluation of the following: 1 ° the status of the relevant counterparties, given their ability and their willingness to pay.
2 ° the possibility of recovery of the equity, account item held by the legal form of the element considered, as well as any circumstances that may prevent either paid or called successfully;
3 ° any information on the outcome of calls made in the past by the insurance undertakings or reinsurance for similar ancillary own Fund, insofar as this information can be reasonably used to estimate the outcome of future calls.
S. 144. in addition to the requirements laid down in article 68 of the regulation 2015/35, direct, indirect and synthetic, detention held by an insurance or reinsurance undertaking in equity of the financial sector instruments are deducted from its own fund items where there is a detention cross between these entities and the insurance or reinsurance undertaking and that the Bank considers that this participation is aimed at artificially increasing the equity of the insurance or reinsurance undertaking.
For the purposes of this article, shall mean: 1 ° "financial sector" as defined by section 338, 9 °;
2 ° by "synthetic detention", an investment in a financial instrument whose value is directly related to the value of the instruments of capital issued by an entity in the financial sector.
S. 145. the surplus funds are made up of accumulated profits which have not yet been made available for distribution to policyholders and beneficiaries.
Surplus funds are not considered non-insurance or reinsurance undertakings insofar as they meet the criteria set out in article 147, § 1.
S.
146 § 1. Own funds are classified into three levels. The ordering of these elements is a function of their nature as core capital or ancillary own funds and the extent in which they have the following characteristics: 1 ° the element is available, or can be called on demand to absorb completely losses, either as part of a continuous operation or liquidation (permanent availability);
2 ° in case of liquidation, the total amount of the element is available for the absorption of losses and refund of the item is refused to its holder until all other commitments, including the commitments of insurance or reinsurance towards policyholders and beneficiaries of insurance or reinsurance contracts, have been honoured (subordination).
§ 2. To assess how own fund items have the characteristics set out in paragraph 1, 1 ° and 2 °, at that moment and in the future, it is important to take into account the duration of the clip, especially if it has a determined or not. When the element's own funds is a term, its relative duration, compared to the duration of insurance or reinsurance company, is taken into account (sufficient duration).
The following factors are, in addition, taken into account, whether the element is free: 1 ° from any obligation to repay or incitement to repay its nominal amount (lack of incentive to repay).
2 ° mandatory fixed charges (absence of mandatory financial charges);
3 ° constraints (lack of constraints).
S. 147 § 1.
Basic own funds are classified at level 1 when they have, in essence, the characteristics set out in article 146, § 1, 1 ° and 2 °, taking into account the factors referred to in article 146, paragraph 2.
§ 2. Elements of basic own funds are classified in level 2 where they are, in essence, the characteristic set out in article 146, § 1, 2 °, taking into account the factors mentioned in article 146, paragraph 2.
Ancillary own fund items are classified at level 2 when they have, in essence, the characteristics set out in article 146, § 1, 1 ° and 2 °, taking into account the factors mentioned in article 146, paragraph 2.
§ 3. Any funds own basic or auxiliary element which is not paragraphs 1 and 2 is classified at level 3.
S. 148. the insurance or reinsurance undertakings classify their own fund items on the basis of the criteria set out in article 147.
To this end, insurance or reinsurance undertakings refer, where appropriate, to the list of items of own funds laid down in articles 69, 72, 74, 76 and 78 of the regulation 2015/35.
Where an own fund item is not in this list, it is evaluated and ranked by business insurance or reinsurance in accordance with paragraph 1. This classification is subject to the approval of the Bank.
S.
149. without prejudice to article 148 and the list of items of own funds provided for in articles 69, 72, 74, 76 and 78 of the regulation 2015/35, the following classifications are applied with regard to the specific insurance own Fund: 1 ° the surplus funds falling under article 145, paragraph 2, are classified at level 1;
2 ° letters of credit and guarantees held in trust by an independent trustee for the benefit of insurance creditors and provided by credit institutions authorised in accordance with Directive 2013/36/EU are classified at level 2;
3 ° any future claims that associations of mutual insurance with variable contributions of shipowners, which provide only the risks classified under classes 6, 12 and 17 mentioned in Appendix I, may have against their members by way of a call for supplementary contributions, within the next 12 months, is classified at level 2.
In accordance with article 147, § 2, paragraph 2, any future claims that associations of insurance mutual with variable contributions may have against their members by way of a call for supplementary contributions during the 12 months to come and that is not covered by paragraph 1, 3 °, is classified at level 2 when it presents, in substance, the characteristics set out in article 146, § 1, 1 ° , and (2), taking into account the factors mentioned in article 146, paragraph 2.
S. 150 § 1. With regard to compliance with the solvency capital requirement, the eligible amounts of elements of level 2 and level 3 are subject to quantitative limits. These limits are such as to guarantee at least that the following conditions are met: 1 ° the share of level 1 included in the eligible own funds elements represents more than one-third of the total amount of eligible own funds;
2 ° the amount eligible elements of level 3 represents less than one-third of the total amount of eligible own funds.
§
2. With regard to compliance to the minimum capital requirement, the amount of eligible basic own fund items to cover the minimum capital requirement that are classified at level 2 is subject to quantitative limits. These limits are such as to guarantee, at least, that the share of level 1 included in the eligible basic own funds elements represents more than half of the total amount of eligible basic own funds.
§ 3. The amount of own funds eligible to cover the solvency capital requirement provided for in article 151 is equal to the sum of the amount of tier 1 items, the eligible amount of tier 2 and the eligible amount of tier 3 elements.
§ 4. The amount of the basic own funds eligible to cover the minimum capital requirement provided for in article 189 is equal to the sum of the amount of tier 1 and eligible amount of basic own fund items classified in tier 2.
Section II. -Subsection Ire capital requirements. -General provisions concerning the solvency capital requirement art. 151 § 1. The solvency capital requirement the insurance or reinsurance undertakings hold is calculated in accordance with paragraphs 2 to 5.
§ 2. The calculation of the solvency capital requirement is based on the assumption of continuity of the operation of the undertaking concerned.
The solvency capital requirement can be calculated using the standard method or using internal models as respectively specified in subsections II and III.
§ 3. The solvency capital requirement is calibrated so as to ensure that all quantifiable risks to which the insurance or reinsurance undertaking is exposed are taken into consideration.
It covers the current portfolio, as well as the new portfolio for which the subscription is expected in the next 12 months. With regard to ongoing portfolio, it covers only the unanticipated losses.
The solvency capital requirement corresponds to the value at risk (Value-at-Risk) of the equity base of the insurance or reinsurance undertaking, with a confidence level of 99.5% on the horizon of one year.
§ 4. The solvency capital requirement shall cover at least the following risks: 1 ° the non-life underwriting risk;
2 ° the life underwriting risk;
3 ° the health underwriting risk;
(4) market risk;
5 ° credit risk;
6 ° the operational risk.
Operational risk referred to in paragraph 1, 6 °, includes legal risk, but excludes strategic risks, reputational risks.
The King, by royal decree deliberated in the Council of Ministers, may impose the solvency capital requirement to cover other risks than those referred to in paragraph 1.

§ 5. When they calculate their solvency capital requirement, insurance or reinsurance undertakings take account of the impact of mitigation techniques of risks, subject to the credit risk and other risks inherent in the use of these techniques are taken into account adequately in the solvency capital requirement.
S. 152 § 1. Insurance or reinsurance undertakings shall calculate their solvency capital required at least once per year and shall notify the results of this calculation to the Bank.
For the purposes of compliance with sections 74 and 151, insurance or reinsurance undertakings continuously monitor the amount of eligible own funds and the solvency capital requirement.
If the risk profile of an insurance or reinsurance undertaking deviates significantly from the assumptions underlying the solvency capital requirement notified, this company recalculates its solvency capital required immediately and notify the Bank.
§ 2. When elements seem to indicate that the risk profile of an insurance or reinsurance undertaking has changed significantly since the date of the last notification of the solvency capital requirement, the Bank may require this undertaking that she will recalculate the solvency capital requirement.
Subsection II. -Solvency capital requirement calculated in accordance with the standard formula s. 153. the solvency capital requirement calculated in accordance with the standard formula is the sum of the following: 1 ° the solvency capital requirement Basic (Basic solvency capital requirement), provided for in article 154.
2 ° the capital for operational risk requirement (Capital requirement for operational risk), laid down in article 163;
3 ° the adjustment to take account of absorption capacity (Adjustment for the loss-absorbing capacity) loss of technical provisions and deferred taxes (Deferred taxes), provided for in article 164.
S. 154 § 1. The solvency capital requirement database consists of individual risk modules that are aggregated in accordance with point 1 of annex III.
It includes at least the following risk modules: 1 ° the non-life underwriting risk;
2 ° the life underwriting risk;
3 ° the health underwriting risk;
(4) market risk;
(5) counterparty risk.
The King, by royal decree deliberated in the Council of Ministers, may require the use of other modules than those referred in paragraph 1.
§ 2.
For the purposes of paragraph 1, 1 °, 2 ° and 3 °, insurance or reinsurance operations are assigned to the underwriting risk module that best reflects the technical nature of the underlying risks.
§ 3. Correlation coefficients applied to the purposes of the aggregation of the risk modules referred to in paragraph 1, so that the calibration of the capital requirements for each risk module will lead to an overall solvency capital meets the principles set out in article 151.
§ 4. Each of the risk modules referred to in paragraph 1 is calibrated on the basis of a measure of the value at risk (Value-at-Risk), with a confidence level of 99.5% on the horizon of one year.
If applicable, account shall be taken of the effects of diversification in the design of each risk module.
§ 5. For all insurance or reinsurance undertakings, the same design and the same specifications are used for risk modules, both for the solvency capital requirement of basis as for any simplified calculations provided for in article 165.
§ 6. In regards the risks resulting from disasters, from the geographical specifications may, if applicable, be used for the purposes of the calculation modules "underwriting risk in life', 'non-life underwriting risk' and"underwriting risk in health".
§
7. Subject to the agreement of the Bank, insurance or reinsurance undertakings may, when they calculate the modules 'life underwriting risk","risk of non-life underwriting"and"underwriting risk in health", replace, in the design of the standard formula, a subset of the parameters thereof by the company concerned-specific settings.
These parameters are calibrated on the basis of the internal data of the undertaking concerned or data directly relevant to the operations of the undertaking, on the basis of standardized methods.
Before giving its approval, the bank checks completeness, accuracy and appropriateness of data used.
S.
155. the solvency capital requirement base is calculated in accordance with articles 156 to 160.
S.
156 § 1. The module 'non-life underwriting risk' (Non-life underwriting risk) reflects the risk arising from non-life insurance liabilities, taking into account the covered perils and processes applied in the exercise of this activity.
It takes into account the uncertainty weighing on the results of the business of insurance or reinsurance under their insurance liabilities or existing reinsurance, as well as the new portfolio for which the subscription is expected in the next 12 months.
§ 2. The module is calculated in accordance with point 2 of annex III, in the form of a combination of the capital requirements for the following sub-modules at least: 1 ° risk of loss (risk of loss), or adverse change (opposing Exchange) of the value of insurance liabilities, resulting from fluctuations affecting the date of occurrence, the frequency and severity of insured events , and the date and amount of claims (risk premium and reserve non-life);
2 ° the risk of loss (risk of loss), or material adverse change (opposing Exchange) of the value of the liabilities, resulting from the significant uncertainty, related to extreme or exceptional events that weighs on the assumptions pricing and provisioning (non-life catastrophe risk).
S. 157. the module "underwriting risk in life" (life underwriting risk) reflects the risk arising from liabilities of life insurance, taking into account the covered perils and processes applied in the exercise of this activity.
It is calculated in accordance with point 3 of annex III, as resulting from the combination of the capital requirements at least the following sub-modules: 1 ° risk of loss (risk of loss), or material adverse change (opposing change) of the value of insurance liabilities, resulting from fluctuations affecting the level, trend, or volatility of mortality rates, when an increase in these rates increases the value of insurance liabilities (risk of mortality - mortality risk);
2 ° the risk of loss (risk of loss), or material adverse change (opposing change) of the value of insurance liabilities, resulting from fluctuations affecting the level, trend, or volatility of mortality rates, when a decrease of these rates increases the value of insurance liabilities (longevity risk);
3 ° risk of loss (risk of loss), or material adverse change (opposing change) of the value of insurance liabilities, resulting from fluctuations in the level, trend, or the volatility of rates of disability, sickness and morbidity (disability and morbidity - disability and morbidity risk risk);
4 ° risk of loss (risk of loss), or material adverse change (opposing change) of the value of insurance liabilities, resulting from fluctuations affecting the level, trend, or volatility of the expenses incurred for the management of insurance or reinsurance contracts (risk of spending life - life expense risk);
5 ° the risk of loss (risk of loss), or material adverse change (opposing change) of the value of insurance liabilities, resulting from fluctuations affecting the level, trend, or volatility of the revision rates for annuities, under the effect of a change in the legal environment or State of health of the insured person (risk of revision - revision risk);
6 ° the risk of loss (risk of loss), or material adverse change (opposing change) of the value of insurance liabilities, resulting from fluctuations affecting the level or volatility of cessation rates, expiry, renewal and redemption of fonts (risk of termination - lapse risk);
7 ° the risk of loss (risk of loss), or material adverse change (opposing change) the value of liabilities for insurance, resulting from the significant uncertainty, related to extreme events or irregular, which weighs on the pricing and provisioning assumptions used (catastrophe risk in life - life catastrophe risk).
S. 158. the module "underwriting risk in health" (health underwriting risk) reflects the risk arising from underwriting commitments in health insurance, whether or not it is exercised on a similar technical basis to that of life assurance, in light of the covered perils and processes used in the conduct of this activity.
It covers at least the following risks: 1 ° the risk of loss (risk of loss), or material adverse change (opposing change) of the value of insurance liabilities, resulting from fluctuations affecting the level, trend, or volatility of the expenses incurred for the management of insurance or reinsurance contracts.
2 ° the risk of loss (risk of loss), or material adverse change (opposing Exchange) of the value of insurance liabilities, resulting from fluctuations affecting the date of occurrence, the frequency and severity of insured events, as well as the date and amount of the regulations of

claims at the time of provisioning;
3 ° risk of loss (risk of loss), or material adverse change (opposing change) of the value of the liabilities, resulting from the significant uncertainty linked to the major epidemics and the unusual accumulation of risks that occurs in these extreme circumstances, which weighs on the pricing and provisioning assumptions used.
S.
159. the module "market risk" (market risk) reflects the risk level or in the volatility of the market value of financial instruments having an impact on the value of the assets and liabilities of the undertaking concerned. He correctly reflects any structural mismatch between assets and liabilities, in particular with regard to their duration.
It is calculated in accordance with point 4 of annex III, as resulting from the combination of the capital requirements at least the following sub-modules: 1 ° the sensitivity of the value of the assets, liabilities and financial instruments to changes in the curve of interest rates or interest rate volatility (risk of interest rate - interest rate risk);
2 ° the sensitivity of the value of the assets, liabilities and financial instruments to changes in the level or in the volatility of the market value of the shares (risk equity - equity risk);
3 ° the sensitivity of the value of the assets, liabilities and financial instruments to changes in the level or volatility of market value of real estate assets (risk on assets - property risk);
4 ° the sensitivity of the value of the assets, liabilities and financial instruments to changes in the level or volatility of ("spreads") lines of credit in relation to the risk-free interest rate curve (risk margin - spread risk);
5 ° the sensitivity of the value of the assets, liabilities and financial instruments to changes in the level or volatility of exchange rates (currency risk - currency risk);
6 ° the additional risks borne by the insurance or reinsurance undertaking because of either a lack of diversification of its portfolio of assets, either a high exposure to the risk of failure of a single issuer of securities or a group of related issuers (market risk - market risk concentrations concentrations).
S. 160. the module 'risk of consideration' (counterparty default risk) reflects the possible losses due to unexpected failure or deterioration of the quality of credit from counterparties and debtors of the insurance undertaking or of reinsurance in the twelve months ahead.
Module "counterparty risk" covers risk mitigation contracts, such as the agreements of reinsurance, securitizations and derivatives, and payments to intermediaries as well as any other risk of credit non-sub module "risk margin". It takes into account, as appropriate, guarantees or other securities held by the insurance undertaking or reinsurance or on its behalf, and the risks associated.
For each counterparty, takes it module "counterparty risk" into account the overall exposure to counterparty risk incurred by the insurance or reinsurance undertaking concerned in respect of that consideration, regardless of the legal form of its contractual obligations to the company.
S. 161. the Submodule 'risk equity' (equity risk) calculated according to the standard formula includes an adjustment mechanism symmetrical actions capital requirement which is used to cover the risk arising from fluctuations in the price of the shares.
Symmetrical adjustment to the requirement standard of capital for actions, calibrated in accordance with article 154, § 4, which covers the risk arising from fluctuations in the price of the shares is based on current level of an appropriate index of the course of actions and the weighted average of this index. The weighted average is calculated over a period appropriate, which is the same for all insurance or reinsurance undertakings.
The symmetrical adjustment of the standard requirement of capital for actions which covers the risk arising from fluctuations in the price of the shares may not result in the application of a requirement of capital for actions which either greater than or less than ten percentage points to the standard requirement of capital for actions.
S.
162 § 1. Life insurance firms may apply to the calculation of the solvency capital requirement a Submodule 'risk equity based on the length' (duration-based equity risk), when: 1 ° either these companies provide retirement benefits with reference to upgrading to retirement, or the retirement approach, if the premiums paid in respect of these services benefit from a tax deduction granted to policyholders by the national legislation of the Member State having authorised the insurance undertaking;
2 ° and when all the following conditions are met: a) all the assets and liabilities corresponding to these activities are ring-fenced, managed and organised separately from the other activities of the insurance undertakings, without any possibility of transfer.
b) the activities of the undertaking referred to in 1 ° and 2 °, which applies the approach referred to in this article, are exercised in the Member State having authorised the undertaking;
(c) the average duration of the commitments of the company corresponding to these activities more than twelve years.
§ 2. The Submodule "risk equity based on the duration" (duration-based equity risk) referred to in the present article is calibrated using a value at risk measurement, over a given period adapted to the typical period of conservation of the equity investments by the undertaking concerned, with a level of confidence ensuring licensees insurance and beneficiaries a level of protection equivalent to the level provided for in article 151 (, subject the approach laid down in this article is used for assets and liabilities referred to in paragraph 1, 2 °, a). When calculating the solvency capital requirement, these assets and liabilities are fully taken into account in the assessment of the effects of diversification, without prejudice to the need to safeguard the interests of policyholders and beneficiaries in other Member States.
Subject to the approval of the Bank, the approach outlined in the first paragraph is used only when the position solvency and liquidity, as well as the strategies, processes and reporting procedures of the undertaking concerned with regard to its management of assets and liabilities, are likely to ensure, at all times, that it is able to retain investments in shares during a period of time adequate to the typical investments conservation period in shares by the company. The undertaking must be able to prove to the Bank that this condition is checked with the level of confidence necessary to ensure a level of protection equivalent to the level provided for in article 151 to policyholders and beneficiaries.
The insurance or reinsurance undertakings which make use of the provisions of this section do not return to the approach set out in articles 155 to 160, except in duly justified circumstances and provided that the Bank authorizes.
S.
163. the requirement of capital for risk operational (operational risk) reflects operational risk, insofar as these are not already taken into account in the risk modules referred to in article 154. This requirement shall be calibrated in accordance with article 151 § 3.
In the case of life insurance contracts where the investment risk is borne by the policyholder, the requirement of capital for operational risk takes into account the amount of annual expenditures for the purposes of these insurance liabilities.
In the case of insurance or reinsurance operations other than those referred to in paragraph 2, the calculation of the requirement of capital for operational risk takes into account the volume of these operations, in terms of collection of premiums and technical provisions held to deal with the related insurance or reinsurance commitments. Then, the capital for operational risk requirement does not exceed 30% of the solvency capital requirement of basis relating to insurance or reinsurance transactions.
S. 164. the adjustment to take account of the capacity to absorb losses (Adjustment for the loss-absorbing capacity) of technical provisions and deferred taxes (deferred taxes), referred in article 153, 3 °, reflect potential compensation of losses not anticipated by a simultaneous decrease in technical provisions deferred taxes or a combination of both.
This adjustment takes into account the effect of mitigating the risks inherent in future contracts of insurance discretionary benefits, insofar as the insurance or reinsurance undertakings can demonstrate that they have the possibility of reducing those benefits to cover losses unanticipated at the time where they occur. The effect of mitigating the risks inherent in future discretionary benefits does not exceed the sum of technical reserves and taxes deferred related said future discretionary benefits.
For the purposes of paragraph 2, the value of future discretionary benefits under adverse circumstances is compared to the value of such benefits according to the assumptions underlying the calculation of the best estimate.
S. 165. the insurance or reinsurance undertakings may carry out a calculation

simplified for a sub-module or specific risk module when the nature, extent and complexity of the risks they are facing so warrant and that it would be disproportionate to require all insurance or reinsurance undertakings comply with the standard calculation.
Simplified calculations are calibrated in accordance with article 151 § 3.
S. 166. when it is not appropriate to calculate the solvency capital in accordance with the standard form referred to in sub-section II, because the risk profile of the insurance or reinsurance undertaking in question undertaking deviates significantly from the assumptions underlying the calculation according to this formula, the Bank may, by reasoned decision, require the undertaking concerned that it replaces a subset of parameters used in the calculation according to the standard formula by specific to this undertaking (undertaking-specific parameters parameters) at the time of calculating, under article 154, § 7, the modules 'life underwriting risk', 'non-life underwriting risk' and "underwriting risk in health". These specific parameters are calculated so as to ensure that the company complies with article 151 § 3.
Sub-section III. -Solvency capital requirement calculated using integral or partial internal models s. 167 § 1. Insurance or reinsurance undertakings may calculate the solvency capital requirement using an internal model full or partial approved by the Bank.
§ 2. Insurance or reinsurance undertakings may use partial internal models to calculate one or more of the following: 1 ° one or more modules or submodules of the solvency capital requirement basic risk provided for in articles 154 to 160;
2 ° the capital for operational risk requirement set out in section 163;
3 ° the adjustment provided for in article 164.
In addition, a partial modeling can be applied to all of the activity of the insurance undertaking or reinsurance undertaking in question, or only to one or more of its major business units.
§
3. Any request for approval, insurance or reinsurance undertakings at least join the documentation proving that the internal model meets the requirements set out in articles 174-187.
When the request for approval concerns a partial internal model, the requirements set out in articles 174-187 are adapted to take account of the limited scope of the model.
§ 4.
The Bank takes a decision on any request for approval within a period of six months following the receipt of the complete application.
§ 5. The Bank gives its approval only if it is assured that systems for identifying, measuring, control, management and reporting of the risks of the insurance or reinsurance undertaking are adequate and, in particular, that the model internal meets the requirements referred to in paragraph 3.
§ 6. Any decision rejecting an application for approval of an internal model taken by the Bank is motivated.
§ 7. After approval of their internal model by the Bank, insurance or reinsurance undertakings may be required, by reasoned decision, the Bank, provide an estimate of their solvency capital requirement calculated in accordance with the standard formula in accordance with subsection II.
S. 168 § 1.
A partial internal model is approved by the Bank when it meets the requirements set out in article 167 and the following additional conditions: 1 ° its limited scope is duly justified by the undertaking concerned;
2 ° the solvency capital requirement resulting to better reflect the risk profile of the undertaking concerned and, in particular, complies with the principles set out in subsection Ire;
3 ° its design complies with the principles set out in subsection Ire, so as to allow full integration to the standard formula for the calculation of the solvency capital requirement.
§ 2. When evaluating a request for use of a partial internal model covering only certain submodules of a module given risk or some operational units of the insurance undertaking or of reinsurance in relation to a specific risk module, or the other party, the Bank may require the insurance undertaking or of reinsurance to submit a transition plan realistic to extend the scope of its model.
The transition plan exposes how the insurance or reinsurance undertaking proposes to extend the scope of its model to other sub-modules or business units, so as to ensure that the model covers a predominant portion of its insurance operations in relation to the specific risk module.
S. 169. in the framework of the procedure for the initial approval of an internal model, the Bank approves the policy of editing the template of the insurance or reinsurance undertaking. Insurance or reinsurance undertakings may modify their internal model in accordance with this policy.
This policy includes a specification of minor changes and major changes to the internal model.
The major changes of the internal model, as well as changes in the policy of change, are systematically subject to the prior permission of the Bank, in accordance with article 167.
Minor changes of the internal model are not subject to the prior permission of the Bank, insofar as they are developed in accordance with the policy.
S. 170. the legal governing body of the insurance or reinsurance undertaking endorses the application of the internal model by the Bank referred to in article 167, and the request for approval of any subsequent major changes to this model.
It is the responsibility of the legal governing body to implement the systems to ensure the proper functioning of the internal model in a continuous manner.
S.
171 once received the approval requested in accordance with article 167, insurance or reinsurance undertakings do not return to the standard formula to calculate all of their capital of solvency or any part thereof, as provided in subsection II, except in duly justified circumstances and subject to the approval of the Bank.
S. 172. If, after having received from the Bank the necessary approval to the use of an internal model, an insurance or reinsurance undertaking ceases to comply with the requirements set out in articles 174-187, it presents without delay to the Bank a plan to return to compliance in a timely or demonstrated immediately that non-compliance has only a negligible effect.
When the insurance or reinsurance undertaking does not implement the plan referred to in paragraph 1, the Bank may require that this company revert to the standard formula to calculate its solvency capital requirement required, in accordance with subsection II.
S. 173. where it is not appropriate to calculate the solvency capital in accordance with the standard formula in accordance with subsection II, because the risk profile of the insurance or reinsurance undertaking in question undertaking deviates significantly from the assumptions underlying the calculation according to the standard formula, the Bank may, by reasoned decision, require the undertaking concerned that it uses an internal model to calculate its solvency capital requirement or the relevant it risk modules.
S. 174. the insurance or reinsurance undertakings demonstrate that they widely use their internal model and that it plays an important role in their governance system referred to in article 42, in particular: 1 ° in their risk management system provided for in article 84 and in their decision-making processes;
2 ° in their process of assessment and allocation of economic capital and solvency capital, including the assessment referred to in article 91.
Insurance or reinsurance undertakings further demonstrate that the frequency at which the solvency capital requirement is calculated using the internal model is consistent with the frequency at which their internal model is used for other purposes referred to in paragraph 1.
It is the responsibility of the legal governing body to ensure the permanent adequacy of design and the functioning of the internal model and to ensure that the internal model continues to reflect adequately the risk profile of the insurance undertaking or of reinsurance undertaking in question.
S. 175. the model internal and, in particular, the calculation of the probability distribution forecast underlying meet the criteria set out in sections 176 to 183.
S.
176. the methods used to calculate the forecast probability distribution are based on actuarial and statistical techniques adequate, applicable and relevant and they are consistent with the methods used to calculate technical provisions.
The methods used to calculate the forecast probability distribution are based on current credible information and realistic assumptions.
Insurance or reinsurance undertakings are able to justify the assumptions underlying their internal model with the Bank.
S.
177. the data used for the purposes of the internal model are accurate, comprehensive and appropriate.
Insurance or reinsurance undertakings update at least once per year the data sets they use for the purposes of the calculation of the forecast probability distribution.
S.

178. no particular method is prescribed for the calculation of the forecast probability distribution.
Regardless of the method of calculation chosen, the capacity of the internal rating model risk is sufficient to ensure that it is widely used and that it plays an important role in the system of governance of the insurance undertaking or reinsurance undertaking in question, and especially in its management system risks and its process of decision-making, as well as in the allocation of its capital pursuant to article 174.
The internal model covers all risks to which the insurance undertaking or reinsurance undertaking in question is exposed. It shall cover at least the risks listed in article 151 § 4.
S.
179. with regard to the effects of diversification, insurance or reinsurance undertakings may take account in their internal model dependencies exist within categories of risk data, as well as between risk categories, provided that the Bank proper judge the system used to measure these effects of diversification.
S. 180. the insurance or reinsurance undertakings may take full account of the effect of risk mitigation techniques in their internal model, provided that the credit risk and other risks arising from the use of risk mitigation techniques are taken into account adequately in the internal model.
S. 181. the insurance or reinsurance undertakings assess with precision, in their internal model, the specific risks related to financial guarantees and any contractual options when they are not negligible. They also evaluate the risks associated with the options available to the policyholder, as well as the contractual options that are available to insurance or reinsurance undertakings.
To this end, they take into account the impact that could have potential changes in financial conditions and financial on the exercise of these options.
S. 182. the insurance or reinsurance undertakings may take into account, in their internal model, future decisions of management that they could reasonably be implemented in specific circumstances.
In case provided for in paragraph 1, the undertaking concerned takes it into account the time required for the implementation of these decisions.
S. 183. the insurance or reinsurance undertakings take into account, in their internal model, all payments to policyholders of insurance and beneficiaries that they expect to have to make these payments are contractually guaranteed.
S.
184. the insurance or reinsurance undertakings may, for purposes of internal modelling, refer to an another time horizon or use another measure of risk than those provided for in article 151 § 3, provided that the results produced by their internal model enables a calculation of the solvency capital requirement which guarantees to policyholders and the beneficiaries a level of protection equivalent to that provided for in article 151.
Where possible, insurance or reinsurance undertakings directly deduce their solvency capital requirement of the probability distribution forecast generated by their internal model on the basis of the extent of the expected risk value in article 151 § 3.
When insurance or reinsurance undertakings cannot deduct directly their solvency capital distribution of probability forecast generated by the internal model, the Bank may authorise the use of approximations in the process of calculation of the solvency capital requirement, as long as these companies are able to prove to the Bank that policyholders receive a level of protection equivalent to that provided for in article 151.
The Bank may require insurance undertakings or reinsurance that they apply their model internal to relevant reference portfolios, using assumptions based on external data rather than internal, to check the calibration of the internal model and verify that its specifications correspond well to the practices of market generally accepted.
S.
185. the insurance or reinsurance undertakings shall examine, at least once a year, the origins and causes of profits and losses recorded by each of their major operational units.
They demonstrate how the risk categorization in their internal model explains the origins and causes of these profits and losses. The risk categorization and the allocation of profits and losses reflect the risk profile of the insurance or reinsurance undertakings.
S.
186. the insurance or reinsurance undertakings implement a regular cycle of validation of their model, which includes monitoring of the functioning of the internal model, a control of the continuing adequacy of its specifications and a confrontation of the results it produces data drawn from the experience.
The process of validation of the model involves the validation of the internal model by an effective statistical process allowing the insurance or reinsurance business to demonstrate to the bank capital requirements resulting are appropriate.
Statistical methods are used to verify the appropriateness of the probability distribution forecast in relation not only to the history of losses, but also to all data and significant new information is related.
The model validation process includes an analysis of the stability of the internal model, and in particular, a test of the sensitivity of the results it produces to a modification of the basic assumptions underpinning. It also includes an assessment of the accuracy, completeness and appropriateness of the data used in the internal model.
S. 187. the insurance or reinsurance undertakings establish a documentation describing the details of the design and operation of their internal model.
This documentation shows that satisfied articles 174 to 186.
The documentation provides a detailed description of the theory, assumptions and the mathematical and empirical foundations that underlie the internal model.
Documentation makes mention of the circumstances in which the internal model would not work effectively.
Insurance or reinsurance undertakings provide the documentary follow-up of any major changes to their internal model in accordance with article 169.
S. 188. the use of a model or data from a third party is not considered to be a reason for exemption from the requirements which the internal model must fulfil in accordance with articles 174-187.
Sub-section IV. -Minimum capital requirement art. 189 § 1. Insurance or reinsurance undertakings hold a minimum capital requirement calculated in accordance with the following principles: 1 ° it is calculated in a clear and simple manner, and in such a way that its calculation could be the subject of an audit;
2 ° it corresponds to an amount below eligible basic own funds which policyholders and beneficiaries would be exposed to an unacceptable level of risk if the insurance or reinsurance undertaking is permitted to continue its activity;
3 ° the linear function, referred to in paragraph 2, used to calculate the minimum capital requirement is calibrated based on the value at risk of the basic own funds of the insurance undertaking or of reinsurance undertaking in question, with a confidence level of 85% on the horizon of a year;
4 ° it has an absolute threshold: has) of EUR 2 500 000 for businesses to non-life insurance, including captive insurance companies, except in the case where all or some of the risks included in one of the branches 10 to 15 set out in annex I are covered, in which case it cannot be less than 3 700 000 EUR;
(b) of 3 700 000 EUR for life insurance undertakings, including companies captive insurance;
(c) of 3 600 000 EUR for reinsurance, except in the case of captive reinsurance undertakings, undertakings in which case it cannot be less than 1 200 000 EUR;
(d) corresponding to the sum of the amounts set out in the a) and b) for insurance undertakings referred to in article 223, paragraph 1.
§
2. Subject to paragraph 3, the minimum capital requirement is calculated as the linear function of a set, or a subset of the following variables: technical provisions of the undertaking, award-winning syndicated, capital risk, deferred taxes and administrative expenses. The variables used are measured net of reinsurance.
§ 3. Without prejudice to paragraph 1, 4 °, the minimum capital requirement will fall not below 25% and shall not exceed 45% of the capital of solvency of the undertaking, calculated in accordance with subsection II or sub-section III of this Section, including any capital additional imposed in accordance with article 323.
§
4. Insurance or reinsurance undertakings shall calculate their minimum capital requirement at least once per quarter and shall report the result of this calculation to the Bank.
When one of the limits referred to in paragraph 3 determines the minimum capital requirement of a company, the latter provides to the Bank of the information needed to understand the reasons.
Section III. -Investments subsection Ire. -Principle of prudent person art. 190. the insurance or reinsurance undertakings invest all their assets in accordance with the "prudent person" principle,

as indicated in this subsection.
The Bank may, by means of regulations in accordance with article 12bis, paragraph 2, of the law of 22 February 1998 and on the advice of the FSMA with respect branch mentioned in Appendix II 23, clarify what there is to be understood by "prudent person".
S.
191 for the entire portfolio of assets, insurance or reinsurance undertakings only invest in assets and instruments whose risks they can identify, measure, monitor, manage, control and report appropriately as well as take into account as appropriate in the assessment of their need to aggregate solvency in accordance with article 91, § 1, paragraph 2, 1 °.
All assets, including assets covering the minimum capital requirement and the solvency capital requirement, are invested so as to ensure the security, quality, liquidity, profitability and matching of the portfolio as a whole. In addition, the localization of those assets is such that it ensures their availability.
Assets held for the purposes of the technical provisions cover are also invested in a manner appropriate to the nature and the duration of insurance or reinsurance. They are invested in the best interests of all policyholders of insurance and all beneficiaries, given any objective published.
In the event of conflict of interest, insurance undertakings, or entities that manage their portfolio of assets, ensure that the investment is conducted in the best interests of policyholders and beneficiaries.
S.
192. the provisions of this section apply to assets held in representation of life insurance contracts where the investment risk is borne by the policyholders insurance, without prejudice to article 191 and articles 19 and 20 of the Insurance Act.
Where the benefits provided by a contract are directly linked to the value of units of a UCITS within the meaning of Directive 2009/65 / EC or to the value of assets contained in an internal Fund held by the insurance undertaking, usually divided into units, the technical provisions regarding these benefits are represented as closely as possible by those units or, where shares are not established , by these assets.
When the benefits provided by a contract are directly linked to a share index or a reference value other than those referred to in paragraph 2, the technical reserves relating to these benefits are represented as closely as possible either by the deemed shares represent the value reference, or, where units are not established, by assets of a security and a negotiability appropriate match as closely as possible to those on which is based the value reference in question.
Where the benefits referred to in paragraphs 2 and 3 include a guarantee of financial performance or any other guaranteed benefit, the assets held to cover the corresponding additional technical provisions are subject to the provisions of section 193.
S. 193. without prejudice to article 191, paragraphs 2 to 5 of this article shall apply in relation to assets other than those falling under article 192.
The use of derivative instruments is possible insofar as they contribute to reduce the risk or promote effective management of the portfolio.
Investments and assets which are not admitted to trading on a regulated financial market are kept to prudent levels.
Assets subject to a diversification appropriate so as to avoid over-reliance on an asset, a transmitter or a given group of a given geographical area and to avoid excessive risk in the whole of the portfolio cumulation.
Investments in assets issued by the same issuer or by issuers belonging to the same group shall not expose the insurance or reinsurance undertakings to excessive concentration of risk.
Subsection II. -Holding of a permanent inventory article 194. the insurance companies hold, at any time, the assets free of any charge, assessed in accordance with article 123, for an amount which covers commitments to insurance creditors as they would be due in the event of winding-up proceedings at which he would put an end to insurance contracts. This amount corresponds to contracts covered branches referred to in Appendix II to the asset value which the King is empowered, on the advice of the Bank and the FSMA, each in its field of competence, to determine the rules for calculating.
S.
195. the insurance undertakings shall at their headquarters a special register called "standing inventory", assets referred to in article 194 according to the separate management referred to in article 230.
When the assets entered in the permanent inventory is subject to a right in rem in favour of a third party with result unavailable part of these assets to cover liabilities, this status is made in the register and it is not taken into account of the amount not available in the calculation of the requirement referred to in article 194.
Insurance undertakings communicate the situation of permanent inventory of each separate management to the Bank respecting the form and content prescribed by it and on the media and within the time limit which it shall determine.
Sub-section III. -Localization of assets art. 196. the assets of the insurance or reinsurance undertakings are located within or outside the European economic area.
S. 197 § 1.
By way of derogation from article 196, insurance or reinsurance undertakings cannot locate the assets held to cover the technical provisions relating to risks situated in the EEA outside this space when it comes: 1 ° of immovable property;
2 ° securities and a) the rights granted to the insurance or reinsurance undertaking as a result of these values with a depositary intermediary are constituting a real right allowing the exercise of a claim on these values, other than a simple right of claim;
and (b) the relevant Depositary intermediary provides to the Bank proof that it is committed to following all decisions to restrict or prohibit the free disposal of the assets of the insurance undertaking or of reinsurance pronounced in application of articles 513 and 517, § 1, 6 °.
§ 2. By way of derogation from article 196, the Bank can, by regulation supported in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, require that the assets held to cover the technical provisions related to the risk of insurance purchased outside the European economic area are located in this space.
Otherwise, the rules pertaining to the representation of the reserves of these risks and their location shall be determined according to the rules of the country of the risk.
S. 198. as regards contracts of reinsurance agreements with a company which falls under the law of a third country and the control regime is not deemed equivalent within the meaning of article 600, Bank may, by means of regulations in accordance with article 12bis, § 2, of the law of 22 February 1998, require that: 1 ° the technical provisions are set up gross of reinsurance and the representative assets are subject to a pledge or the transferring undertaking to provide an equivalent guarantee;
2 ° the assets covering claims held under these contracts are located in the European economic area.
CHAPTER VII. -Periodic information and accounting rules art. 199. the insurance or reinsurance undertakings to file their annual accounts at the Bank.
Without prejudice to article 200, the le Roi King determines, on the advice of the Bank and the FSMA, each in its field of competence: 1 ° rules that insurance or reinsurance undertakings shall keep their accounts, conduct assessments of balance sheet items and shall draw up their annual accounts and presented their annual report;
2 ° rules to be respected by the insurance or reinsurance undertakings for the establishment, control and publication of their consolidated accounts, as well as for the preparation and publication of these consolidated accounts management and control reports.
The Bank can, by regulation supported under article 12bis, paragraph 2, of the law of 22 February 1998, specify the implementing rules set by royal decrees referred to in paragraph 2.
S. 200. the insurance referred to in article 223 companies establish their annual accounts so as to show the sources of the results for life and non-life reinsurance and insurance separately. All products, including premiums, reinsurers interventions and financial income and charges, including insurance benefits, the allocations to technical provisions, reinsurance premiums and operating expenses for insurance and reinsurance operations, is broken down according to their origin. The elements common to the two activities are posted using allocation methods that are accepted by the Bank.
S. 201. in addition to the obligations laid down in the implementing measures of Directive 2009/138/EC and without prejudice to articles 312 to 316 reporting, insurance or reinsurance undertakings shall communicate periodically to the Bank the financial information it determines

and which are established in accordance with the rules laid down by the Bank, which also determines the frequency.
In addition, the Bank may prescribe the regular transmission of all other encrypted information or descriptive necessary for verification of compliance with the provisions of this Act, of the orders and regulations made in pursuance thereof or the enforcement of Directive 2009/138/EC.
S.
202. without prejudice to article 80, § 5, the Management Committee or, in the absence of management, personnel Committee the senior management of the insurance or reinsurance undertaking, says to the Bank than the periodic information referred to in article 201, are transmitted by the company at the end of the first half of social and at the end of the financial year are established in accordance with the requirements laid down by or under the Act, enforcement of Directive 2009/138/EC and the instructions of the Bank.
It is required that the periodic information is regarding the accountancy data contained therein: 1 ° complete, that is, they mention all the data contained in the accounts and inventories on the basis of which they are established;
2 ° correct, i.e. that they are exactly consistent with accounting and inventories on the basis of which they are established.
S.
203. the Bank may, for certain categories of insurance or reinsurance or in particular cases, authorise derogations from the rules laid down in articles 199, paragraph 2, and 201.
CHAPTER VIII. -Relief Section Ire plans. -Establishment of RMPs s.
204. where it considers it justified a degragation of the financial situation of an insurance or reinsurance undertaking significant potential risks, including on the basis of the model undertaking, its legal structure, inherent characteristics of the Group of which it is part, of its risk profile, characteristics of the products, the Bank may require the insurance or reinsurance undertaking to establish and update a recovery plan providing for measures to be implemented work by the company to restore its financial situation as a result of a significant deterioration in it.
Recovery plan envisages scenarios of macroeconomic or financial crisis serious, including systemic scope, specific crisis events to the company and, where appropriate, crises involving entities of the group which the insurance or reinsurance undertaking is part.
The recovery plan covers the insurance or reinsurance undertaking and its Belgian and foreign subsidiaries.
When it imposes such a plan, the Bank takes into account what the insurance or reinsurance undertaking is, if any, included in a control group within the meaning of article 343 or supplementary supervision of a financial conglomerate within the meaning of section 451, to another insurance or reinsurance undertaking of an insurance holding company, a holding company joint insurance or a mixed financial holding company governed by the law of another Member State for which a recovery plan approved by the competent authority concerned.
S. 205. the insurance or reinsurance undertaking provides in the reorganization plan the conditions and procedures necessary to ensure the rapid and effective implementation of measures to restore its financial situation, and this, without significant negative effects on the Belgian financial system or international.
The recovery plan consists of quantitative and qualitative indicators of a potential deterioration in the financial situation of the company, with an indication of the moments at which it shall examine whether corrective measures included in the plan must be implemented.
For this purpose, the recovery plan defines appropriate procedures for the regular monitoring of the evolution indicators referred to in paragraph 2, as well as for consideration of corrective measures to consider, including the possible escalation process to follow.
The recovery plan envisages no outstanding financial support from public authorities.
S. 206. the insurance or reinsurance undertaking refreshes recovery plan at least once a year and, in any event, after any modification of its legal or organizational structure, its activities or its financial situation likely to have a significant impact on the implementation of the plan.
The Bank may require that the company update more frequently recovery plan.
S. 207. According to the case, the Bank may specify: 1 ° the minimum content of the recovery plan;
2 ° the information transmitted by the insurance or reinsurance undertaking to the Bank and the frequency at which they are transmitted.
Section II. -Evaluation of RMPs s. 208 § 1. The recovery plan required by section 204 is reviewed and approved by the legal administration of the insurance or reinsurance undertaking body prior to its submission to the Bank.
§
2. The insurance or reinsurance undertaking submits the plan for relief referred to in paragraph 1 to the Bank within four months of the decision notified to it pursuant to article 204.
Subject to what is provided for in paragraph 3, the insurance or reinsurance undertaking shall submit an updated plan to the Bank within the two months following the fact giving rise to the obligation of the plan update, on the understanding that the Bank may extend this period up to six months.
In the event that the fact giving rise to the obligation to update of the plan is a modification of the financial situation of the insurance undertaking or reinsurance likely to have a significant impact on the plan, it shall inform the Bank without delay and submits a plan updated within the time frame that communicates the Bank.
S. 209 § 1. Within three months of receipt of the recovery plan, the Bank examines this plan and assess whether it meets the requirements laid down by or under articles 204 to 207.
For this purpose, the Bank including evaluates if the recovery plan can reasonably expect that: 1 ° the implementation of the measures provided for in the plan is likely to maintain or restore the viability and the financial position of the insurance undertaking or of reinsurance or of the group which it belongs;
2 ° the plan and the different options that are planned are likely to be implemented quickly and effectively in situations of financial crisis, avoiding, as far as possible, significant negative effects on the financial system, including scenarios involving the concomitant implementation of other corporate recovery plans.
In its assessment of the recovery plan, door Bank special attention on the adequacy of the financing of the insurance or reinsurance undertaking, in particular the structure of its own funds, to the degree of complexity of its organizational structure and its risk profile.
§
2. If the Bank considers that a recovery plan shows significant gaps or that there is significant to implementation obstacles, it shall inform the insurance or reinsurance undertaking and, after giving him the opportunity to express his point of view, invites him to submit, within two months, a revised plan in which it is remedied these gaps or obstacles. The Bank may extend the above time limit of one month maximum.
§ 3. If the Bank considers that the plan revised in accordance with paragraph 2 does not address effectively gaps or obstacles that it has identified, it may require the insurance or reinsurance undertaking the reorganization plan-specific changes within thirty days of the notification of this fact.
S.
210. If the insurance or reinsurance undertaking does not suite, within the time limit set in the invitation referred to in article 209, § 2, or if the Bank considers that the revised reorganization plan submitted pursuant to article 209, § 2, does not remedy the gaps or obstacles that it has identified or it is not possible to be effectively remedied by injunction given in accordance with article 209 , § 3, or even it has not been given following the injunction given pursuant to article 209, § 3, the bank informs the insurance or reinsurance undertaking.
The Bank may then require the insurance or reinsurance undertaking to take any measure it deems necessary and proportional to put an end to these gaps or obstacles and particularly require the insurance or reinsurance undertaking to take measures for: 1 ° adapt its risk profile, including changing its tariff policy and/or its underwriting policy or its policy of reinsurance and retrocession;
2 ° allow rapid recapitalization;
3 ° amend its funding strategy and/or its investment policy;
4 ° change its system of governance.
The decision of the Bank shall be notified to the insurance or reinsurance undertaking.
Section III. -Implementation of RMPs s. 211 § 1. The insurance or reinsurance undertaking shall inform the Bank without delay of any decision from review conducted pursuant to section 205 of taking corrective in the implementation, where appropriate partial, of its recovery plan

or to refrain from taking such measures.
§ 2. Without prejudice to the other powers conferred by this Act, the Bank may require the insurance or reinsurance undertaking to take one or more of the corrective measures foreseen in its recovery plan if it remains in default to take appropriate measures on its own initiative.
CHAPTER IX.
-Specific provisions related to the activity of insurance or reinsurance Section Ire. -Special provisions relating to insurance subsection Ire.
-Special provisions for non-life insurance art. 212. no beneficial interest or rebate cannot be guaranteed in any way whatsoever, prior to the date of the distribution of income.
The King may, on the advice of the Bank and of the FSMA, determine the rules to be followed by insurance companies with regard to the distribution and allocation of bonuses including groups of contracts or commitments to which these rules apply, as well as the information provided by insurance companies to the Bank for the purposes of their control.
The Bank can, by means of a regulation supported in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, complete such groups of contracts or commitments.
Subsection II.
-Special provisions for life insurance art. 213. for the purposes of this subsection and of the orders and regulations for its execution, shall mean: 1 ° technical interest rates: an annual rate of compound interest investment legislation, used to determine the current value of a premium or benefit deferred;
2 ° law of occurrence (of an insured event): a law of probability of occurrence of the insured event;
3 ° load: any rate element involved in the relationship between the insurance undertaking commitments and premiums that are counterparties, other than technical interest rates and laws of occurrence of insured events;
4 ° technical bases: the overall rates of technical interest, the laws of occurrence and loads; involved in the determination of rates or the reserve
5 ° redemption (of a contract): termination of the contract by the policyholder.
6 ° reduction (of a contract): decrease of the current value of the insured benefits resulting from the cessation of payment of premiums;
7 ° (an instant determined) surrender value: benefit to be paid by the company of insurance in case of redemption of the contract;
8 ° reduction (to a moment determined) value: delivery remaining insured in the event of reduction;
9 ° distribution of beneficiary participation: assignment for the benefit of contracts of beneficiary participation;
10 ° attribution of beneficiary participation: final grant but, where appropriate, conditional of beneficiary participation in specific contracts.
S. 214. for each type of product subject of its activity, the insurance undertaking shall communicate to the Bank, prior to their implementation, the bases and methods used for the establishment of pricing, the calculation of values of repurchase, reduction and technical provisions, as well as the allowances which it administers. The Bank shall communicate this information to the FSMA.
The Bank may determine, by means of a regulation made under section 12bis, § 2, of the law of 22 February 1998, the types of products referred to in paragraph 1.
S.
215 premiums for new business shall be sufficient, according to actuarial assumptions reasonable, so that the life insurance company to meet all its commitments, and notably to establish adequate technical provisions.
For this purpose, it can take account of all aspects of the financial situation of the life insurance business without that foreign to these bonuses and their products resources is a systematic and permanent character likely to cause long term solvency of this company.
S. 216 § 1. With regard to life insurance contracts, insurance undertakings cannot guarantee a higher interest rate technical a maximum limit fixed in accordance with the provisions of this paragraph.
The maximum technical rate is equal to 85% of the average over the last 24 months of yields of linear bonds of the Belgian State in 10 years, the result is rounded to the nearest 25 (basis point) pdb. The maximum technical rate is calculated on 1 June of each year. It may be higher than 3.75% nor less than 0.75%.
If the technical maximum rate calculated in accordance with paragraph 2 is greater or at least 25 bps lower than the maximum technical rate in force, the bank informs the FSMA. Within fifteen days, shall submit to the Bank its opinion on amendments to the technical maximum rate of contracts referred to in paragraph 1.
Within fifteen days of the receipt of the notice of the FMSA or, default notice, within 15 days of the expiry of the time limit referred to in paragraph 3, the Bank shall send to the Minister in charge of insurance a proposal reasoned amendment to the technical maximum rate of contracts referred to in paragraph 1, notice of the FSMA is attached to the proposal of the Bank.
Within two months of receipt of the proposal from the Bank, the Minister in charge of insurance may, by reasoned decision, reject, or modify the maximum technical rate proposed by the Bank. In the event of rejection, the maximum technical rate is in effect at the time of the said rejection.
Upon receipt of the Minister's decision or, in the absence of decision, at the expiry of the period referred to in paragraph 5, the Bank published in the Moniteur belge and on its Internet site the new technical maximum rate of contracts of insurance referred to in paragraph 1. This rate is applicable from 1 January following publication.
§ 2. By way of derogation from paragraph 1, insurance companies can guarantee, for a period not exceeding eight years and a benefit determined and incorporated at the time of commitment, technical higher than the technical maximum rate referred to in paragraph 1 insofar as the duration and revenues from the assets of the business permit.
The King determines, on the advice of the Bank and the FSMA, the conditions for the application of this paragraph.
§ 3. In the case where the maximum technical interest rate is amended pursuant to paragraph 1, this rate is applicable: 1 ° to contracts concluded from the date of entry into force of the new rate;
2 ° to contracts concluded before the date of entry into force of the new rate for which the provision to establish is not determined at their conclusion, with respect to the premiums paid from the date of entry into force of the new rate;
3 ° to contracts entered into before the date of entry into force of the new rate for which delivery to be established is determined at their conclusion, with respect to the premiums paid from the date of entry into force of the new rate, which correspond to an increase or a revision of the guarantee agreement from the same date.
Where the contract is governed by several of the categories referred to in paragraph 1 or the benefit to be is determined for less than the total duration of the contract, the provisions of paragraph 1 apply to each party of the contract as if it were a single contract.
§ 4. Flexible premium operations are considered as to pricing, as a set of unique trading and no rate guarantee can be granted for flexible premiums before their payment.
S. 217. no beneficial interest or rebate cannot be guaranteed in any way whatsoever, prior to the date of the distribution of income.
S. 218. a contract of life insurance can be bound to one or more dedicated assets Fund. In this case, the insurance undertaking undertakes, in addition to the rate bases, to apportion and allocate a share of the profit from these dedicated assets investments in the form of profit sharing.
S. 219. a contract of life insurance can be bound to one or more investment funds managed by one or more insurance undertakings. In this case, the investment risk is borne by the policyholder and any beneficiary participation cannot be granted from earnings on investments.
S. 220. in the framework of the management of funds collective pension branch 27 mentioned in annex II, the insurance undertaking can handle that funds related to pension obligations and the commitments of solidarity: 1 ° of an institution for occupational retirement provision referred to in article 2, 1 ° of the law of October 27, 2006 on control of institutions for occupational retirement provision;
2 ° of a public administration referred to in article 134, 1 °, of the above-mentioned Act of October 27, 2006;
3 ° of a public body referred to in article 138, paragraph 1, of the Act of October 27, 2006;
4 ° an institution or an external service from a public authority or a public body established in accordance with articles 136, § 1, and 138, of the Act of October 27, 2006;
5 ° with a legal entity responsible for the management of a commitment of solidarity, as referred to in article 47 of the Act law of 28 April 2003 on supplementary pensions and the taxation of these and certain social security benefits;
6 ° of a legal person responsible for

the management of a solidarity scheme as referred to in article 56 of the programme law (I) of 24 December 2002.
The insurance company can match the management of collective funds of retirement of a warranty of performance or conservation of capital.
S. 221. with a view to the application of this Act, the King determines, on the advice of the Bank and the FSMA, the rules to be followed by insurance companies with regard to the exercise of the activities of life mentioned in annex II.
In particular, the King lays down the rules concerning: 1 ° the elements constituting the technical bases and the manner in which they are established;
2 ° the notions of value and redemption value of reduction, as well as their method of calculation;
3 ° the calculation of the benefit in the event of termination or repurchase of the contract;
(4) the calculation of the benefit in case of death upon the occurrence of a risk not covered;
5 ° the limits concerning the advance on and implementing pledged benefits provided;
(6) the distribution and the allocation of the bonuses, as well as the granting of rebates, including the determination of groups of contracts or commitments to which these rules apply, as well as the information provided by insurance companies to the Bank for the purposes of their control; The Bank can, by means of a regulation supported in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, complete such groups of contracts or commitments;
7 ° the inventory of the composition of each Fund to dedicated assets;
8 ° insurance contracts relating to the provision of fringe benefits to employees referred by order royal No. 50 of 24 October 1967 on superannuation retirement and survival of employees.
Sub-section III. -Simultaneous pursuit of the activities of life assurance and non-life art. 222. it is prohibited for an insurance undertaking to simultaneously exercise the non-life insurance activities referred to in annex I and life insurance activities referred to in annex II.
S. 223. by way of derogation from article 222, insurance undertakings which, on the date of March 15, 1979, were simultaneously the activities of life assurance and non-life can continue these activities.
By way of derogation from article 222, businesses that have received approval for the pursuit of the activity of life insurance can get approval for non-life insurance activities restricted to the risks referred to in branches 1 and 2 referred to in Annex I.
Similarly, undertakings approved solely for the risks listed in classes 1 and 2 listed in annex I may obtain approval for the pursuit of the activity of life.
S. 224. the undertakings referred to in article 223 separately manage the life and non-life activities.
In addition, if these companies also carry out reinsurance activities, they manage separately, on the one hand, the activities of insurance and non-life reinsurance and, on the other hand, insurance and life reinsurance activities.
Undertakings referred to in article 223 shall respect the respective interests of life insurance and non-life insurance policyholders. In particular, they shall not grant beneficiary participation, premium rebate or benefit equivalent to life insurance contracts on the basis of revenues related to this activity as if the company was that this activity. It goes same with regard to non-life insurance business.
S. 225 § 1. Without prejudice to article 37, 2 ° and 3 °, of insurance undertakings referred to in article 223 calculate: 1 ° a notional amount of the minimum capital required in life, with regard to their activities of insurance or reinsurance life, calculated as if the undertaking concerned was that these activities;
2 ° a notional amount of the minimum capital required in life, for what concerns their activities of insurance or non-life reinsurance, calculated as if the undertaking concerned was that these activities.
§
2. Insurance undertakings referred to in article 223 cover at a minimum the total of the following requirements by an equivalent amount of basic own fund items eligible: 1 ° the amount notional minimum capital required in life, for the activity of insurance and reinsurance life;
2 ° the amount notional minimum capital required in non-life insurance for the activity of insurance and reinsurance non life.
The minimum financial obligations referred to in paragraph 1 relating respectively to the activity life and non-life activity cannot be borne by the other activity.
§
3. As long are fulfilled the minimum financial obligations referred to in paragraph 2 and subject to inform the Bank, the company can use to cover the solvency capital requirement referred to in article 37 (2), the items of eligible own funds still available for one or the other activity.
S. 226. insurance undertakings referred to in article 223 shall establish a document in which elements of eligible own funds covering each notional amount of the minimum capital requirement referred to in article 225 are clearly identified in accordance with article 150, § 4.
The Bank may specify, by means of a regulation in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the form and the content of the document referred to in paragraph 1.
S.
227. If the amount of the eligible basic own funds elements assigned to one of the activities is not enough to cover the minimum financial obligations referred to in article 225 § 1, the Bank can apply to the deficient activity the measures provided for in articles 508 to 517 with the exception of article 510 regardless of the results in the other activity.
By way of derogation from article 225, § 2, such measures may include the authority to a transfer of eligible basic own funds from one activity to another.
S. 228. when an insurance company has financial, commercial or administrative links with a life insurance company, the Bank shall ensure that the allocation of costs and revenues between life and non-life activities are not distorted by agreements or arrangements between these companies.
S.
229. the Bank may require insurance undertakings, by means of a regulation enacted pursuant to article 12bis, paragraph 2, of the law of 22 February 1998, the holding of any document or report to monitor compliance with the requirements laid down in articles 224 to 228.
Sub-section IV. -Management separate art. 230 in addition to the obligation to separately manage life and non-life insurance in accordance with article 224 activities, insurance undertakings establish separate management identifying separately, by investment funds, insurance activities which fall branches 23, 26 and 27 mentioned in annex II, for which the investment risk is borne by the policyholders, other activities that are nationals of the said Annex and which constitute a single separate management.
S. 231. the insurance or reinsurance undertaking at any time identifies the separate management to which belong each contract and each loss.
The King determines on the advice of the Bank and of the FSMA with respect to their respective competence domain, the obligations of the business of insurance or reinsurance for the collection of data relating to the separate management, including methods of breakdown of technical provisions and assets between different separate managements and the conditions under which the assets representing technical separate management provisions may be transferred to another separate management.
Section V. - Community co-insurance § 1. Scope art. 232. this sub-section shall apply to community co-insurance operations which relate to one or more risks classified under classes 3 to 16 referred to in annex I and which meet the following conditions: 1 ° the risk is a big risk as defined in section 233;
2 ° the risk is covered by several insurance companies as 'co-insurers', which is the insurer, without that there is solidarity between them, through a single contract at an overall premium and for the same duration.
3 ° the risk is located on the territory of the Belgium or several Member States, which is the Belgium;
4 ° ensuring the risk, the leading insurer is treated as if it were an insurance undertaking covering the whole risk;
5 ° at least one of the co-insurers participates in the contract through its head office or a branch established in one Member State other than that of the leading insurer;
6 ° the leading insurer fully assumes the leading role that in co-insurance practice and in particular determines the conditions of insurance and rating.
S. 233 great risk for the purposes of article 232, refers to: 1 ° risks classified under classes 4, 5, 6, 7, 11 and 12 listed in annex I;
2 ° risks classified under classes 14 and 15 set out in annex I when the policyholder carries on a professional basis an industrial, commercial, business or profession and the risks are related to this activity;
3 ° the risks classified under classes 3, 8, 9, 10, 13 and 16 referred to in annex I, provided that the policy-holder exceeds the limits of at least two of the following criteria: has) a total balance sheet of EUR 6 200 000;
(b) a net turnover of EUR 12 800 000;
(c) a number of 250 employees on average during the year.
If the policyholder is part of a

body of undertakings for which consolidated accounts are established in accordance with directive 83/349/EEC, the criteria set out in paragraph 1, 3 °, are applied on the basis of the consolidated accounts.
S.
234. co-insurance operations which do not meet the conditions of article 232 shall remain subject to the provisions of this Act, to the exclusion of those listed in this subsection.
§
2. Activity art. 235 articles 556 to 561 shall apply to the leading insurer who wishes to practise in Belgium of Community co-insurance operations referred to in this subsection.
S.
236. the amount of the technical provisions is determined by the co-insurers established in Belgium according to the rules laid down by or under this Act.
However, the technical provisions are at least equal to those determined by the leading insurer according to the rules of his Member State of origin.
S.
237. the co-insurers established in Belgium provide the Bank, by country concerned, the statistical elements showing the extent of Community co-insurance operations in which they participate.
The Bank determines, by means of a regulation made pursuant to article 12bis, paragraph 2, of the law of 22 February 1998, nature of the above, as well as the frequency with which and the medium on which they are communicated to it.
S. 238. in the event of an insurance undertaking is wound up, liabilities arising from participation in community co-insurance contract are executed in the same way that commitments arising from other contracts of insurance of this company, without distinction by nationality of insured persons and beneficiaries.
Section II. -Special provisions relating to reinsurance sub-section Ire. -S. finite reinsurance
239. for the purposes of the application of this subsection, means "finite reinsurance" any reinsurance under which the maximum loss potential, expressed as the maximum economic risk transferred, arising from a significant transfer of both the risk of underwriting and risk of timing, exceeds the premium over the lifetime of the contract, a limited but significant amount , together with at least one of the two following characteristics: 1 ° taking explicit and material consideration of the time value of money;
2 ° the contractual provisions aimed at smoothing over time a share of the economic effects between the two parties to achieve target risk transfer.
S. 240. the insurance or reinsurance undertakings may conclude finite reinsurance contracts or carry out activities of finite reinsurance only if they are able to identify, measure, monitor, manage, control and report appropriately the risks arising from those contracts or activities.
S. 241 § 1. Without prejudice to the powers of the European Commission as provided for in article 210, paragraph 2, of Directive 2009/138/EC, the King may, clarify and complete the requirements referred to in article 240.
§ 2. Under the same conditions, the King, on the advice of the Bank, may adopt specific provisions for the pursuit of finite reinsurance activities in the following areas: 1 ° the mandatory requirements to be included in all contracts.
2 ° the administrative procedures and sound accounting, internal control mechanisms and risk management requirements;
3 ° the requirements in material accounting, prudential and statistical information;
4 ° the establishment of technical provisions in order to ensure their adequacy, reliability and objectivity;
5 ° the investment of assets covering technical provisions so as to ensure that account is taken of the type of operations performed by the reinsurance undertaking, and in particular the nature, amount and duration of the expected claims, in order to secure the sufficiency, liquidity, security, profitability and matching of its assets;
6 ° the rules on own funds, as well as the solvency capital requirements required and minimum capital required that must hold the reinsurance undertaking in relation to finite reinsurance activities.
Subsection II. -S. securitisation vehicles
242. the securitisation vehicles intending to settle on Belgian territory shall be previously approved by the Bank.
S. 243. without prejudice to the powers of the European Commission under article 211, paragraph 2, of Directive 2009/138/EC, the King may, on the advice of the Bank, fix the conditions for the approval of the securitisation vehicles.
In particular, the King may lay down provisions in the following areas: 1 ° the scope of the approval;
2 ° the mandatory requirements to be included in all contracts.
3 ° the competence and good repute requirements referred to article 40 for people managing the securitisation vehicle.
4 ° the requirements of competence and good repute for shareholders or associated owning a qualifying holding in the securitisation vehicle.
5 ° the administrative procedures and sound accounting, internal control mechanisms and risk management requirements;
6 ° the requirements in material accounting, prudential and statistical information;
7 ° the requirements of solvency of the securitisation vehicles.
By means of regulations in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the Bank may, on technical and non-essential points, clarify and complete the requirements referred to in this article.
TITLE III. -Special provisions relating to certain categories of insurance undertakings, chapter I. -Mutual insurance associations Section Ire. -Provisions general article 244. This chapter is applicable to insurance or reinsurance under Belgian law firms that have adopted the form of mutual insurance association.
S. 245. the mutual insurance associations have a civilian character.
They have legal personality. It is acquired from the day where their articles are published in the manner prescribed in article 247.
Powers conferred by this Act on the commercial court are, in the case of mutual insurance associations, carried out by the Court of first instance.
S. 246. the mutual insurance associations may bear the name of "common insurance" when they perform operations governed by: 1 ° Act of 10 April 1971 on work accidents;
2 ° the law of 3 July 1967 on the prevention and repair of damage resulting from occupational accidents, accidents occurring on the way to work and occupational diseases in the public sector;
3 ° the royal decree of 14 November 2003 on the granting of additional fringe benefits to employed persons covered by the royal decree No 50 of 24 October 1967 on superannuation retirement and survival of salaried workers and the persons referred to in article 32, paragraph 1, 1 ° and 2 ° of the Tax Code on the 1992 income, occupied outside of a contract of employment.
S.
247. the Statute of mutual insurance associations mention on pain of nullity: 1 ° the name and headquarters of the association;
2 ° the object for which the association is established;
3 ° the conditions and mode of admission, resignation and exclusion of members;
4 ° the extent of personal liabilities borne by shareholders with respect to the constitution and to the maintenance of a social fund;
5 ° the fact that it is possible to make payments in favour of the members from the accounts of members if this does not contravene the capital requirements laid down in application of articles 151 to 189 or, after the dissolution of the undertaking, if all other debts have been settled;
6 ° the fact that the Bank is notified at least one month in advance of any payment made from the accounts of Associates for purposes other than the individual termination of membership, and it can, during this period, prohibit the payment;
7 ° the Organization and administration of the association, the method of appointment, powers and the term of office of the persons responsible for this administration;
8 ° the mode of fixation and recovery of contributions or premiums and possible supplements for the settlement of claims;
9 ° the mode of establishment and approval of the accounts;
10 ° the procedure to be followed in the event of amendment of the articles of incorporation or liquidation of the association, without prejudice to the provisions of this Act.
The King may, on the advice of the Bank and the FSMA, determine all other provisions contained in the statutes of the Belgian mutual insurance associations.
The articles of Association and their amendments shall be published in the Annexes of the Moniteur belge.
Section II. -Transformation of mutual insurance associations art. 248. a mutual insurance association can make use of the option provided for in articles 774 and 775 of the Code of corporations to adopt another legal form.
Where a mutual insurance association made use of the above option, the provisions of this Section shall apply. These provisions apply by way of derogation to articles 776-788 of the same Code, except to the extent where it is expressly referred to in this Section.
S. 249. a mutual insurance association cannot be transformed in one of the forms of commercial company referred to in article 33.
S. 250. the conversion proposal subject

a justification report prepared by INCB legal administration and who is enrolled in the agenda of the general meeting called to decide on the transformation. This report also contains a detailed description and justification: 1 ° the measures regulating the rights of the members in the society in its new form.
2 ° without prejudice to the Insurance Act of April 4, 2014, adaptations to be made to contracts of insurance or reinsurance in this context;
3 ° the mode of allocation of shares or shares of the share capital of the company under its new form.
This report are attached a draft of articles of Association in its new form and a statement summarizing the status active and passive Association, arrested at a date within the last more than three months and indicating what will be the share capital after the privatization.
The share capital may be greater than the net assets as it follows from the State.
The amount of net assets can be no refund or distribution to the shareholders or members on the occasion of the transformation.
S. 251. the Commissioner approved the mutual insurance association reported on the State referred to in article 250 and States, inter alia, he translated a way complete, true and correct the position of the association.
S.
252. the reports referred to in articles 250 and 251 projects are communicated to the Bank.
When the concerned mutual insurance association is an insurance undertaking, the bank transmits without delay, the reports referred to in paragraph 1, to the FSMA for opinion. The latter presents its opinion to the Bank within two months of receipt of the reports referred to in paragraph 1.
In the absence of opinion within this period, the FSMA is deemed not to oppose the transformation project.
Within three months of receipt of the reports referred to in paragraph 1, the Bank opposes the transformation project when: 1 ° the FSMA notice concludes that this project is detrimental to the rights of insured persons, policyholders or the beneficiaries;
2 ° the Bank considers that, through this project, the insurance or reinsurance undertaking no longer meets the obligations imposed upon him by or under this Act.
The bank notifies the opposition by registered letter to the position together with the reasons for its decision and, where appropriate, the opinion of the FSMA.
S. 253. the members of the mutual insurance association are convened to a meeting called to deliberate on the decision of transformation in accordance with statutory rules laid down for amendments to the articles of association or, if they are stricter for winding up.
In the case of summons by letter, a copy of the reports of the legal body of administration and the Commissioner is appended to the convening. These documents are also passed for free to members of the association in formulating the request in writing.
S. 254. the transformation of the mutual insurance association is decided by the General Assembly. Unless the statutes provide stricter conditions of quorum and majority, the General Assembly may validly deliberate only if at least half of members holding a right to vote are present or represented at the meeting and decision collects at least four-fifths of the votes cast.
If the quorum required by the Constitution or by law is not reached, it is carried out a second convocation. This second witness summons complies with the rules referred to in article 253. The second general meeting shall deliberate regardless of the number of members holding voting rights present or represented, at the same voting conditions. The summons to the General Assembly reproduced the text of this article.
S. 255. the transformation requires the unanimous consent of the members present if the mutual insurance association does not exist for two years at least or if the statutes provide that she may adopt another form. Such a clause of the statute can only be changed under the same conditions.
S. 256. immediately after the decision of transformation, the statutes of the company under its new forms, including clauses that would affect its social purpose as well as the initial composition of the organs, are arrested under the same conditions of presence and majority than is required for processing. Failing this, the transformation has no effect.
S. 257. upon approval of the decisions referred to in articles 253 to 256: 1 ° the mutual insurance association is transformed and its members become ipso jure and with immediate effect shareholders or shareholders of the company in its new form in the manner proposed in the report referred to in article 250, these members are deemed satisfied with right to all necessary to become associated conditions or shareholders of the company under its new form;
2 ° the members of the association lose all rights they may still have, even in the future or conditional, because of their former status of Member;
3 ° the policyholders of insurance, policyholders and third parties to contracts of insurance or reinsurance retain however acquired rights to this date under the contracts of insurance or reinsurance, these contracts being, for the future, adapted by operation of law in the manner proposed in the report referred to in article 250;
4 ° provided that it meets or continues to meet legal and regulatory requirements, the company in its new form continues to receive approvals for insurance or reinsurance activities the association was before its transformation.
S. 258. any decision of transformation is, on pain of nullity, evidenced by deed. The deed contained the conclusion of the report of the auditor established in accordance with article 251.
The Act authentic transformation and the statutes of the company in its new form are published simultaneously in accordance with articles 67, paragraphs 1 to 3, 73, of the Code of corporations. The Act of transformation is published in full; the articles are by extract in accordance with articles 67 to 69 and 72 of the same Code.
Without prejudice to the immediate enforceability of the contractual adjustments referred to in article 257, 3 °, the transformation is effective against third parties under the conditions provided in article 76 of the Code of corporations.
Proxies, as well as the reports of the legal Board of Directors and the Auditor, are deposited in shipping or in original at the same time as the Act to which they relate. Everyone can become acquainted with or obtain a copy on the conditions laid down in article 67, paragraph 3, of the Code of corporations.
S. 259. the provisions of article 784 of the companies Code shall apply, with the exception of 1st paragraph.
S. 260. the members of the legal Board of the mutual insurance association which is transformed are jointly and severally liable to interested parties, notwithstanding any contrary provision: 1 ° the possible difference between the net assets in the State provided for in article 250 and the capital of the company in its new form.
2 ° of the overstatement of net assets in the State provided for in article 250;
3 ° of the compensation for the damage which is an immediate and direct sequel to the nullity of the transform operation due to violations of the rules laid down in articles 403, 2 ° to 4 °, and 454, 2 ° to 4 °, of the Code of corporations, applied by analogy, to article 258, paragraph 1, the absence or the character incorrect of the particulars prescribed by section 453 paragraph 1, with the exception of the 6 ° and 9 ° to 12 °, the same Code or article 258, paragraph 1.
Section III. -Merger by absorption of mutual insurance associations art. 261. without prejudice to articles 102 to 106, a mutual insurance association can merge by absorption with another mutual insurance association.
When a mutual insurance association merges by absorption with another mutual insurance association, the provisions of book XI of the Code of corporations that govern the merger by absorption shall apply.
These provisions apply subject to exemptions and with the details mentioned in this Section. In this case, the terms "company" and "shareholder (s)" used in the Code agree respectively the 'mutual insurance association"and its"members".
S. 262. by way of derogation from article 671 of the Code of corporations, the merger by absorption of mutual insurance associations is the operation whereby one or more mutual insurance associations transfer to another association of mutual insurance, as a result of dissolution without liquidation, completeness of their heritage, actively and passively, through the acquisition by members of the absorbed associations and the quality of members of the absorbent mutual insurance association.
S. 263. the Court of first instance is competent to hear actions referred to in article 689 of the Code of corporations related to the merger of mutual insurance associations.
S. 264. by way of derogation from article 693, paragraph 2, of the Code of corporations, the draft terms of merger shall contain at least: 1 ° the form, the name, the subject and the headquarters of mutual insurance associations called to merge;
2 ° an accurate description and justification of the measures regulating the rights and obligations of the members of the association absorbed in the absorbent association, and the financial consequences of the merger for members of associations absorbed and absorbing, especially in what concerns the right of the members

rebates, the obligation for the payment of additional contributions in case of deficit and the right of members to have social;
3 ° the date from which the rights and obligations of the members of the association absorbed into the absorbent association take courses;
4 ° without prejudice to the law of April 4, 2014 on insurance, an accurate description and justification of the modifications to be made to contracts of insurance or reinsurance in connection with the merger;
5 ° the date from which the operations of the absorbed association are, from the accounting point of view, considered as completed on behalf of the absorbent association;
6 ° the rights that the absorbent association recognizes members of the association to absorb that have special rights or measures proposed in their regard;
7 ° the fees awarded to Chartered Auditors responsible for the drafting of the report provided for in article 266;
8 ° any special advantage awarded to the members of the organs of management and administration of the associations called to merge.
Six weeks before the general meeting called to decide on the merger, the proposed merger is lodged at the registry of the Court of first instance by each of the associations called to merge.
S.
265. by way of derogation to article 694 of the companies Code, the written and detailed report prepared by the legal organ of Directors of each association of mutual insurance exposes the patrimonial situation of the associations called to merge and explains and justifies the opportunity, the conditions, modalities and consequences of the merger, from the point of view, economic and legal measures regulating the rights of members of the association absorbed into the absorbent association , in particular the right to dividends, the obligation for the payment of additional contributions in case of deficit and the right to have social.
S. 266. by way of derogation to article 695, paragraphs 2 and 3 of the Code of corporations, authorized Commissioner made including report on the financial consequences of the merger for the members of the association of mutual insurance absorbed and absorbing mutual insurance association.
This report must at least: 1 ° indicate if financial and accounting information contained in the report of the legal governing body referred to in article 265 are faithful and sufficient to enlighten the General Assembly called to vote on the proposed merger;
2 ° describe the impact of the merger on the right of members to the rebates, on their obligations to the payment of additional deficit contributions and their right to have social.
S.
267. in every mutual insurance association, the members of the association are convened at a general meeting called to deliberate on the decision to merge, in accordance with statutory rules for the amendment to the articles of association or, if they are stricter for winding up.
Article 697, § 1, paragraph 2, and § 2, paragraph 1, 4 °, of the companies Code is applicable to mutual insurance associations.
S. 268. for the merger by absorption of mutual insurance associations, the conditions of quorum and majority referred to in article 699, § 1, 1 °, code companies apply understanding to substitute for the words 'social capital' and 'capital' the words 'social fund'.
Article 699, § 3, of the Code companies is not applicable to the merger by absorption of mutual insurance associations.
S. 269. by derogation from article 701 of the companies Code, possible amendments to the statutes of the absorbing mutual insurance association, including clauses that would affect its social object, are arrested in presence and majority conditions required by the statutes of the absorbing association.
S. 270. for the purposes of Section 704, paragraph 1, the Code of corporations, the date referred to in article 693, paragraph 2, 5 °, of the same Code is, for the merger by absorption of mutual insurance associations, the date referred to in article 264, 5 °.
S.
271. article 211 of the CIR 1992 is applicable to the merger by absorption of mutual insurance associations where the associations concerned are subject to the corporate income tax.
CHAPTER II. -Undertakings subject to a special regime due to their size Section Ire. -Scope art. 272. This chapter shall apply to insurance undertakings which fulfil the following conditions: 1 ° annual receipt of gross premiums written by the company does not exceed 5 000 000 EUR;
2 ° total technical reserves the company, or of the group within the meaning of article 339, 2 ° it part, non-deduction of receivables arising under contracts of reinsurance and securitisation, referred to in article 125 vehicles exceed not 25 000 000 EUR;
3 ° the activity of the undertaking does not have activities of insurance covering the risk of civil liability, credit and surety, unless these constitute risks accessories within the meaning of article 21, § 2;
4 ° the activity of the company does not have reinsurance operations;
5 ° the company exercises, directly or indirectly, any activity abroad.
S. 273. the insurance undertakings which, during three consecutive years, exceed any of the amounts referred to in article 272 cannot avail itself of the provisions of this chapter.
A company seeking the approval as of insurance undertaking in accordance with Chapter I of title II of this book cannot avail itself of the provisions of this chapter if, according to the forecasts, one of the thresholds set out in article 272 is likely to be exceeded in the following five years.
S. 274. an insurance undertaking authorised in accordance with Chapter I of title II of this book may apply the provisions of this chapter when also the conditions of article 272, it meets, at the discretion of the Bank, under the following conditions: 1 ° any of the thresholds set out in article 272 was exceeded during the three years preceding the application;
2 ° any of the thresholds set out in article 272 is, according to forecasts, likely to be exceeded over the five years following the request.
In support of its application, the company provides the information necessary for the verification of the conditions laid down in paragraph 1.
Section II. -Companies that have an agreement with reinsurance full and systematic of insurance contracts or the transfer of liabilities art.
275 § 1. This Act, with the exception of the provisions referred to in this Section and books IV and V, is not applicable to the-life insurance undertakings which fulfil the conditions of articles 272 and 273 and which concluded with an insurance or reinsurance undertaking authorised pursuant to title II of this book or authorized pursuant to title I of Book III an agreement involving full and systematic Insurance reinsurance they subscribe or assignment contractual commitments involving the substitution of company transferee company company for the fulfilment of the commitments resulting from such contracts.
This convention refers to the obligation of the transferee company to advise the Bank, at least three months before the expiry, termination or its renewal, as well as of any provision which would have the effect of making to the transferring undertaking shall lose the benefit of this paragraph.
§
2. The benefit of the provisions of paragraph 1 shall be subject to the granting of a prior registration.
The registration request is addressed to the Bank, accompanied by an administrative file meets the conditions laid down by the Bank and which includes the evidence that the conditions laid down in paragraph 1 are met, a copy of the convention identifies the assignee company.
The Bank shall decide on the registration application within two months of the introduction of a complete dossier.
Without exceeding the time limit referred to in paragraph 3, registration decisions are notified to the applicants within fifteen days by registered letter with acknowledgement of receipt or mail.
The Bank establishes a list of insurance companies registered under this section. This list and any changes that are made are published on its website.
Articles 22, 23, 27 and 30 shall apply.
§
3. The undertakings referred to in this Section provide the Bank, at its request, all information necessary to verify compliance with the conditions of registration laid down in this Section.
For the purposes of paragraph 1, the Bank may define, on an individual basis or by means of regulations in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the nature, scope, format, frequency and the arrangements for the transmission of the information it requires on the part of local insurance companies.
Undertakings shall inform the Bank initiative, without delay, any element that could lead to failure to comply with registration requirements.
Sections 304, paragraph 2, 1 °, and 305 to 307 are applicable.
§
4. When the Bank becomes aware that a company of insurance referred to in this Section does not in accordance with the provisions of this section or measures taken for execution, or that it has evidence that this company may no longer work in accordance with these provisions over the next twelve months, it fixes the period within which it must be remedied this situation.

If, at the end of the period laid down in paragraph 1, the company has not remedied the situation, the Bank may take one or more of the measures listed in article 517, § 1, 1 °, 7 °. Paragraphs 2 to 7 of the same article and article 518, paragraph 1, shall apply by analogy.
Article 293 is applicable.
§ 5. Article 102, paragraph 1, 2 ° and 3 ° and paragraph 2, and articles 105 and 106 shall apply.
Section III. -Other insurance art.
276. for insurance undertakings referred to in this chapter which do not benefit from the provisions of article 275, the provisions of this Act are applicable under the conditions and subject to clarifications and restrictions laid down in this Section.
The King determines in addition, subject to clarification and restrictions that it specifies the provisions of the Directive 2009/138/EC implementing measures which are applicable to insurance undertakings referred to in this chapter.
The list referred to in article 31 clearly mentions undertakings referred to in this article.
S.
277. articles 37 and 38 shall apply provided that references to articles 151 and 189 should be heard as the respectively in articles 286 and 287.
S. 278. articles 45 and 46 are not application.
The actual direction is entrusted to two persons at least.
Obligations by or under this Act to the Executive Committee are assumed by the persons responsible for the effective management.
By way of derogation from paragraph 1, the Bank may, depending on the size and the risk profile of the insurance undertaking, impose the constitution of a Board of Directors in accordance with articles 45 and 46.
S.
279. without prejudice to the obligations laid down by the Code of corporations in relation to listed companies, articles 48 to 53 and 56, § 3, are not applicable.
The functions assigned to the audit committee, the Compensation Committee and the Committee of risks by sections 49 to 51 are exercised by the legal administration in his body together, excluding its members who are responsible for the effective management or, if applicable, its Executive members.
S. 280. articles 74 and 75 shall apply provided that references to articles 151 and 189 should be heard as the respectively in articles 285 and 286.
S. 281 § 1.
Article 83 is not application.
§ 2. The undertakings referred to in this Section shall ensure that members of the legal governing body, of the effective management and, where appropriate, the Executive Committee, to show sufficient availability in the exercise of their duties in light of the magnitude and complexity of the operations carried out by the company and are not in situations of conflict of interest taking into account the various mandates or functions they perform.
The company adopts and enforces internal rules for the respect of the objectives referred to in paragraph 1 and the publication of the exercise of external functions by persons referred to in paragraph 1.
The Bank may establish the terms of the obligations referred to in this paragraph through regulation adopted in application of article 12bis, paragraph 2, of the law of 22 February 1998.
S. 282. articles 86-91 are not application.
S. 283. articles 95 to 97 and 99 to 101 are not applicable.
The Bank may, by means of regulations adopted in accordance with article 12 bis, § 2, of the law of 22 February 1998, impose on the undertakings covered by this Section, in the frequency that it shall determine, the publication of information related to their solvency and their financial situation.
S.
284. articles 107 to 122 are not application.
S. 285 § 1.
By way of derogation from articles 151 to 188, the solvency capital requirement that companies referred to in this Section have is at least equal to the sum of the following amounts: 1 ° for the activities of non-life insurance with the exception of those relating to current pensions and coverage of the risks of natural disasters, storms, hail or jellies: 25% of the average of the burden of claims for the past three years closed;
2 ° for non-life insurance activities to the coverage of the risk of natural disasters, from storms, hail and jellies: 25% of the average of the burden of claims for the past seven years closed;
3 ° for the activities of life, with the exception of those relating to the coverage of risks accessories within the meaning of article 21, § 2, and for pensions under non-life insurance business, the sum of: a) 4% of the reserves last year, this percentage is reduced to 1% for activities for which investment risk is borne by the policyholder and the activities pertaining to class 25 of annex II;
(b) 0.3% of the capital at risk non-negative in the previous year.
4 ° to life insurance activities to cover incidental risks within the meaning of article 21, § 2:25 % of the average of the burden of claims for the past three years closed.
No matter what the amount determined pursuant to paragraph 1, the solvency capital requirement is at least equal to the amount determined in accordance with article 189, § 1, 4 °.
§ 2. For the purposes of this article, the Bank says, by means of a regulation adopted in accordance with article 12 bis, § 2, of the law of 22 February 1998: 1 ° the mode of calculation of the load of claims;
2 ° the endeans limits which the interventions of reinsurance undertakings and securitisation vehicles are taken into account in the calculation of the load of claims referred, technical provisions and capital at risk.
S. 286. by way of derogation from article 189, the undertakings covered by this Section hold a minimum capital requirement at least equal to 60% of the solvency capital requirement calculated in accordance with section 285.
S. 287 § 1. Articles 140 to 150 are not applicable.
§ 2. The following are taken into account for the establishment of the solvency capital requirement referred to in article 285: 1 ° the capital paid, increased by the share premium or, if it's mutual insurance associations, the effective initial Fund plus accounts of members;
2 ° reserves (statutory and free) not corresponding to commitments or who are not classified as equalization provisions and disasters;
3 ° results reported;
4 ° the Fund for future appropriations when it can be used to cover any losses and that it has not affected the participation of policyholders;
5 ° loans subordinated;
6 ° half of the portion not paid capital or initial Fund, as soon as that paid part reaches 25% of this capital or Fund;
7 ° in the case of an association of mutual insurance with variable contributions, any future claims that this association may have against its members by way of a call for supplementary contributions, within the next twelve months;
8 ° net unrealised gains from the evaluation of assets, insofar as these net unrealised capital gains are not exceptional.
It is inferred from the elements referred to in paragraph 1, own shares of the insurance undertaking, so that the elements referred to in 5 °, of the paragraph 1 issued by and directly held by the insurance undertaking.
The elements referred to the 5 ° to 8 °, 1st paragraph, cannot be taken into consideration only with the prior agreement of the Bank and provided that the total of these items does not exceed 60% of the solvency capital required. The Bank based its approval on: 1 ° the status of the relevant counterparties, given their ability and their willingness to pay.
2 ° the possibility of recovery of the equity, account item held by the legal form of the concerned element, as well as any circumstances that could prevent either paid or called successfully;
3 ° any information on the outcome of calls made in the past by insurance companies for similar capital items, insofar as this information can be reasonably used to estimate the outcome of future calls.
§
3. Can be taken into account for the establishment of the minimum capital requirement, the elements referred to in paragraph 1, paragraph 1, 1 °, 4 °.
§ 4.
The Bank can, by means of a regulation supported in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the other conditions to meet the elements of own funds referred to in this article.
S. 288. by way of derogation to articles 125 to 139, the undertakings covered by this Section shall calculate and record their technical provisions according to the rules of the royal decree of 17 November 1994 on the annual accounts of insurance and reinsurance undertakings.
The technical provisions referred to in paragraph 1 are represented by equivalent assets owned freehold by the insurance undertaking at any time.
By way of derogation from article 123, the Bank may, by means of regulations in accordance with article 12bis, § 2, of the law of 22 February 1998 determining the rules of evaluation of representative values.
Article 194 shall apply provided that the assets are valued in accordance with paragraph 3.
S.
289 articles 204 to 211 are not application.
S. 290. articles 313 to 316 are not application.
For the purposes of article 312, the following rules shall apply: 1 °

the predefined times referred to in paragraph 2, 1 °, a) of article 312, may have a higher frequency than one year;
2 ° the Bank may limit the regular communication of the information required for control purposes;
3 ° the Bank may exempt a company from the requirement to provide targeted information that article 312 post-by-post provided that the company is able to provide this information to the first.
S. 291. article 324 is not application.
S.
292. articles 510 and 511 are applicable on the understanding that the references in articles 151 and 189 shall be construed as being made in articles 285 and 286 respectively.
S. 293. If, in violation of the limitation of its activities, a company benefiting from the provisions of this Section operates internationally, the Bank shall inform the supervisory authorities of the Member States in which activities are carried out and asks them to take appropriate measures to prevent the company from continuing these operations on their territory.
CHAPTER III. -Local businesses of Insurance Section Ire. -Scope art.
294. This chapter shall apply to insurance undertakings which restrict their insurance activities in the commune of their registered and the neighbouring Belgian communes. These companies are referred to as "local insurance companies".
S. 295. with the exception of those laid down in this chapter and the provisions of the books IV and V, local insurance companies are exempt from the application of this Act.
Section II. -Inscription art. 296. access to insurance by a local company of insurance activities is subject to the granting of a prior registration.
The registration request is addressed to the Bank, accompanied by an administrative file meets the conditions laid down by the Bank and which features including the description of the management structure of the company and the evidence that the conditions laid down by article 298 are met.
The Bank shall decide on the registration application within six months of the introduction of a complete dossier.
Without exceeding the time limit referred to in paragraph 3, registration decisions are notified to the applicants within fifteen days by registered letter with acknowledgement of receipt or mail.
The Bank establishes a list of local insurance companies registered pursuant to this chapter. This list and any changes that are made are published on its website.
Articles 22, 23, 27 and 30 shall apply.
S. 297. an insurance undertaking authorised in accordance with title I of this paper may renounce its approval and request its registration in accordance with this chapter if: 1 ° it fulfils all the conditions listed in article 298;
2 ° the threshold set out in article 298, 3 °, d) has not been exceeded during the three years preceding the application, and according to forecasts, is not likely to be exceeded in the five years following the request;
3 ° it would relinquish his authorisation under article 538, paragraph 6 of article 538 is not applicable as the company is listed in application of this chapter.
Section III. -Conditions for granting and maintenance of registration art.
298. the inclusion of local businesses of insurance is subject to compliance with the following conditions: 1 ° be incorporated under the form of association of mutual insurance or cooperative society;
2 ° have implemented an effective management consisting of two persons at least acting jointly, article 40, § 1, paragraph 2, of this Act and section 20 of the Act of April 25, 2014, them being applicable;
3 ° limit their activities in the following way: has) the property insured meet the definition of simple risks referred to in article 5 of the royal decree of 24 December 1992 on the implementation of the law of 25 June 1992 on terrestrial insurance contract, and are located in the municipality where the local insurance undertaking has its seat or in the neighbouring Belgian municipalities;
(b) the insured perils fall within classes 8, 9 and 16 referred to in annex I, provided that they are accessories within the meaning of article 21, § 2, at the aforementioned perils, classes 1, 3, 13, 17 and 18, as set out in the same annex;
((c) limit their object to the business of direct insurance as referred to a) and b) and operations arising directly therefrom exclusion of all other commercial business;
(d) limit annual collection concerning the operations referred to a) and b) at an amount of EUR 1 million.
4 ° to reinsure all of their direct insurance activities by a company authorized to carry on business of reinsurance in Belgium to at least 90%, this percentage is increased to 100% for the risk of liability and natural disasters;
5 ° to perform assurance in accordance with the 3 ° and 4 ° activities previously to 1 January 2016.
Section IV. -Control art. 299 § 1. Local insurance companies provide to the Bank, at its request, all information necessary to verify compliance with the conditions of registration laid down in article 298.
For the purposes of paragraph 1, the Bank may define, on an individual basis or by means of regulations in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the nature, scope, format, frequency and the arrangements for the transmission of the information it requires on the part of local insurance companies.
Local insurance shall communicate to the Bank initiative, without delay, any element that could lead to failure to comply with registration requirements.
Sections 304, paragraph 2, 1 °, and 305 to 307 are applicable.
§ 2. Article 102, paragraph 1, 2 ° and 3 °, and paragraph 2 and articles 105 and 106 are applicable Section V. - measures exceptional art.
300 when the Bank becomes aware that a local insurance undertaking does not in accordance with the provisions of this chapter or measures taken for execution, or that it has evidence that this company may no longer work in accordance with these provisions over the next twelve months, it fixes the period within which it must be remedied this situation.
If, at the end of the period laid down in paragraph 1, the local insurance undertaking has not remedied the situation, the Bank may take one or more of the measures listed in article 517, § 1, 1 °, 7 °. Paragraphs 2 to 7 of the same article and article 518, paragraph 1, shall apply by analogy.
Section VI. -End of registration art.
301 § 1. Registered local insurance undertaking has the right to waive registration for all its activities.
Article 538, §§ 2, 5, is applicable by analogy.
§ 2. If, at the end of the period laid down in application of article 300, paragraph 1, the local insurance undertaking has not remedied the situation, the Bank may revoke the registration for all of the classes of insurance carried out.
In the case referred to in paragraph 1, the local insurance undertaking is dissolved of right and enters into liquidation in accordance with articles 183 et seq. of the Code of corporations.
§
3. Bankruptcy or voluntary or judicial dissolution within the meaning of articles 181 and 182 of the Code of a local business of insurance companies result in the cancellation of its registration for all of the classes of insurance practised.
S. 302 § 1. The end of registration carries prohibition against new insurance contracts.
Pursuant to paragraph 1 and in article 301, paragraph 3, article 187 of the Code of corporations and article 46 of the law of 8 August 1997 on bankruptcy do allow the implementation of ongoing insurance excluding the conclusion of all new insurance contracts.
§ 2. If, in violation of the limitation geographical activities, the local insurance company operates internationally, the Bank shall inform the supervisory authorities of the Member States in which activities are carried out and asks them to take appropriate measures to prevent the local business insurance to continue these operations on their territory.
§ 3. Article 545 shall apply by analogy.
TITLE IV. -Control of the undertakings, chapter I.
-Control by the Bank Section Ire. -Principles General s. 303 § 1. The Bank shall ensure that each insurance or reinsurance undertaking operates in accordance with the provisions of this Act, of the orders and regulations made in pursuance thereof as well as of the European regulations directly applicable, without prejudice to the powers vested in the FSMA under article 45, § 1, paragraph 1, 3 °, and § 2 of the law of 2 August 2002.
§ 2. In the exercise of its general tasks, Bank 1 ° shall take due account of the potential impact of its decisions on the stability of the financial system of all the other Member States concerned, in particular in emergency situations and that, based on the information available at the time considered; in this regard, in periods of extreme volatility in the financial markets, the Bank takes into account the potential pro-cyclical effects of its action;
2 ° founded his control over a foresight-based approach the risk;
3 ° in accordance with the principle of proportionality, applicable statutory and regulatory requirements because of the nature, magnitude and complexity of the risks inherent to the activity of insurance or reinsurance undertaking.
§ 3. By way of derogation from paragraph 1, the mission

control provided by this Act and prerogatives y related laid down by or pursuant to this Act and the implementing of the Directive 2009/138/EC, are entrusted to control Office des mutualités regards mutual insurance companies.
S. 304. for the purpose of its mission, in addition to the information that the insurance or reinsurance undertakings shall notify in accordance with the provisions of Section III, the Bank may be provide all information relating to the Organization, operation, the situation and the operations of insurance or reinsurance undertakings.
It can conduct inspections on the spot and take notice and copy, without moving, any information held by the company, with a view 1 ° ensure that the legal and regulatory provisions and regulations Europeans directly applicable, relating to the status of insurance or reinsurance undertakings, in particular the provisions relating to the requirements for solvency purposes of technical provisions assets and eligible own funds, as well as the accuracy and truthfulness of accounting and the annual accounts as well as States and other information forwarded to him by the company.
2 ° to check the adequacy of the system of governance, and in particular structures of management, administrative and accounting procedures, internal control and prospective of the own funds requirement and the liquidity of the company management policy;
3 ° ensuring the management of the company is sound and prudent, and that its situation or its operations are not likely to endanger its liquidity, profitability or solvency.
The powers referred to in paragraphs 1 and 2 shall also cover access to the agendas and minutes of the meetings of the various organs of the company and their internal committees, as well as documents y related and the results of the evaluation internal and/or external of the functioning of those bodies.
S. 305. within the framework of its control and including inspections, officers of the Bank are entitled to leaders and employees of the insurance or reinsurance undertaking all information and explanations that they deem necessary for the performance of their duties and may, for that purpose, require the holding of interviews with leaders or members of the staff of the undertaking they designate.
S. 306. the inspection reports and more generally all documents from the Bank which it indicates that they are confidential can be disclosed by the insurance or reinsurance undertakings without the express consent of the Bank.
Failure to comply with this obligation is punishable by the penalties provided for by article 458 of the penal Code.
S. 307. without prejudice to article 92, paragraph 2, 3 °, in the event of recourse to subcontracting, the Bank may also exercise its prerogatives of inspection referred to in article 304, paragraph 2, with companies of insurance or reinsurance undertakings use in quality of service providers (outsourcing - outsourcing) to verify whether the conditions of these benefits are not undermine the respect by companies of insurance or reinsurance from their legal obligations and regulatory. The powers referred to in articles 305 and 310 can also, by analogy, be exercised with respect to these service providers.
The supervisory authorities of another Member State of insurance or reinsurance undertakings who are nationals of their powers of scrutiny use quality of service providers companies (subcontracting - outsourcing) located in Belgium may exercise in respect of these service providers the prerogatives provided for in the paragraph 1, where appropriate through the persons whom they appoint for that purpose. At their request, the Bank may exercise these powers on behalf of these authorities.
S. 308. in order to ensure a control effective and coordinated insurance, the Bank and the FSMA undertakings, on the one hand, the Bank and the Office for supervision of mutual insurance companies, on the other hand, conclude a protocol. They publish this Protocol on their respective website.
These protocols determine the terms of the collaboration between, respectively, the Bank and the FSMA and the Bank and the Office for supervision of mutual insurance companies in all cases where the law provides advice, consultation, information or any other contact between these institutions, as well as in cases where a consultation between these institutions is necessary to ensure uniform application of the legislation.
S. 309. the Bank does not know relations between an insurance or reinsurance undertaking and a client determined to the extent required for the control of this company.
Section II. -Control of activities carried out in another Member s. State
310 § 1. The Bank may proceed with branches of the business of insurance or reinsurance under Belgian law, established in another Member State, subject to the prior advice of the supervisory authorities of that State, to the inspections referred to in article 304, paragraph 2, as well as any inspection to collect or verify on-site information about the direction and management of the branch and all information likely to facilitate the monitoring of the insurance undertaking or reinsurance. The supervisory authorities of the host Member State may participate in that verification.
The Bank may, for the same purposes, and after notice to the authorities referred to in paragraph 1, appoint an expert, it means, to carry out the checks and useful expertise. The remuneration and expenses of the expert are borne by the undertaking.
Similarly, it can request these authorities to conduct the audits and expertise referred to in paragraph 1 that she said them.
Where is nevertheless prohibited by the authorities of the host Member State to exercise his right to these checks or that the authorities of that State are not able to participate in these checks, the Bank may seize the EIOPA and seek his help in accordance with article 19 of regulation 1094/2010.
§ 2. When service providers referred to in article 307, paragraph 1, are located in another Member State, paragraph 1 shall apply mutatis mutandis with regard to the checks in their regard.
S. 311 at the request of the supervisory authorities of a host Member State which state that an insurance or reinsurance undertaking with a branch or operating within the framework of the free provision of services in its territory is not the law of this State which are applicable, the Bank takes as soon as possible, all appropriate measures to ensure that the company puts an end to that irregular situation.
In particular, the Bank may take one or more measures referred to in articles 517 and 603.
The Bank shall inform the supervisory authorities of the Member State of the measures which have been taken home.
In the cases referred to in article 155, paragraph 3 of Directive 2009/138/EC, the Bank may seize the EIOPA and seek his help in accordance with article 19 of regulation 1094/2010.
Section III. -Information for the purposes of control art. 312 § 1. Insurance or reinsurance undertakings provide to the Bank all the information necessary for the purposes of control, taking into account the objectives of control set out in article 303. These information shall include at least the information necessary for the execution of the following tasks, in the context of the implementation of the process of control referred to in Section IV: 1 ° to examine the system of governance applied by the companies, their activities, the valuation principles applied for solvency purposes, the risks to which they are exposed and their management systems risks the structure of their capital, their capital requirements and management of their capital;
2 ° take any appropriate decision that calls the exercise of his rights and functions for control.
§ 2. For the purposes of paragraph 1, the Bank may: 1 ° define, on an individual basis or by way of a regulation in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the nature, the scope, format, frequency and the arrangements for the transmission of the information referred to in paragraph 1 of which requires communication on the part of the business of insurance or reinsurance at the following times (: a) at times predefined;
(b) when predefined events occur;
c) during investigations concerning the situation of an insurance or reinsurance undertaking;
2 ° information relating to the contracts held by intermediaries or contracts entered into with third parties;
3 ° require information on the part of external experts;
4 ° prescribing the regular transmission of encrypted or descriptive information other than those referred to in paragraph 1, where such information is necessary for the verification of compliance with the provisions of this Act or of the by-laws and regulations made in pursuance thereof as well as measures for the implementation of the Directive 2009/138/EC.
§ 3. The information referred to in paragraphs 1 and 2 include: 1 ° of the qualitative or quantitative elements, or any appropriate combination of these elements;
2 ° of historical, current or prospective elements, or any combination of these elements;
3 ° of data from internal or external sources, or any appropriate combination of these data.

§ 4. The information referred to in paragraphs 1 and 2 shall comply with the following principles: 1 ° they reflect the nature, magnitude and complexity of the activities of the undertaking concerned and in particular the risks inherent in this activity;
2 ° they are accessible, complete for all which is important, comparable and consistent in duration;
3 ° they are relevant, reliable and understandable.
S. 313. Notwithstanding the predefined times referred to in article 312, § 2, 1 °, has) but without prejudice to article 189, § 4, the Bank may authorize an insurance undertaking or reinsurance to the information for purposes of control only once per year to the maximum when the provision of such information would constitute a disproportionate burden given the nature, magnitude and complexity of the risks inherent to the activity of the company.
S. 314. the Bank may limit the regular communication of the information required for control purposes or dispense the insurance undertakings or reinsurance of this obligation of communication of information post-by-post when: 1 ° the provision of such information would constitute a disproportionate burden given the nature, the extent and complexity of the risks inherent to the activity of the company;
2 ° the provision of such information is not necessary for the effective control of the undertaking;
3 ° exemption does not harm the stability of the financial systems in the European Union; and 4 ° the company is able to provide information on an ad hoc basis.
S. 315. articles 313 and 314, in that they concern the communication of information post-by-post basis, shall not apply where the insurance or reinsurance undertaking is part of a group within the meaning of article 339, 2 °, unless the company establishes to the Bank than the communication of information to a frequency higher than once year or post-by-post is inappropriate having regard to the nature, extent and complexity of the risks inherent to the activity of the Group and taking into account the objective of financial stability.
The exemption referred to in paragraph 1 is allowed only to the following companies: 1 ° companies which, together, represent no more than 20% of the Belgian market of insurance and non-life reinsurance, being understood that the market share of these companies is based on gross premiums issued;
2 ° companies which, together, represent no more than 20% of the Belgian market of the insurance or reinsurance life, being understood that the market share of these companies is based on gross technical provisions.
The Bank gives priority to small businesses when determining the eligibility of these companies to these exemptions.
S.
316. for the purposes of articles 313 and 314, the process of prudential supervision, the Bank assesses whether the provision of information represents a disproportionate burden given the nature, scale and complexity of the risks to which the company is exposed, taking into account, at least: 1 ° in the volume of premiums, technical provisions and of the assets of the company;
2 ° of the volatility of claims and compensation covered by the undertaking;
3 ° of the market risks to which the company's investments give rise;
(4) the level of risk concentrations;
5 ° the total number of branches of life and non-life for which the authorisation is granted;
6 ° of the potential effects of the management of the assets of the company on financial stability;
7 ° of the systems and structures of the company to provide information for the purposes of control and the written policy referred to in article 77, § 7;
8 ° of the adequacy of the system of corporate governance;
9 ° of the level of own funds covering the solvency capital requirement and the minimum capital required;
10 ° the fact whether or not the company is a company captive insurance or reinsurance covering only the risks associated to the commercial or industrial group to which it belongs.
S. 317 § 1.
Insurance or reinsurance undertakings shall inform the Bank at least three weeks before the meeting of the General Assembly or, in his absence, the decision-making body of the company, the proposed amendments to the statutes and the decisions that they propose to take in this meeting and which are likely to have an impact on contracts in general.
The Bank may require that the observations she makes regarding these projects should be brought to the attention of the General Assembly or, in his absence, the decision-making body of the company.
§
2. Insurance or reinsurance undertakings shall inform the Bank in the month following their approval by the General Assembly or, in his absence, by the competent decision-making body, amendments to the statutes, as well as decisions that may have an impact on the contracts.
The Bank may, within a period of one month from the date when it became known, to oppose the execution of any decisions or amendments referred to in paragraph 1, which violate the provisions of this Act or its implementing measures or measures of execution of Directive 2009/138/EC.
Section IV. -Supervisory review process subsection Ire. -Procedure for control and prudential assessment s. 318. in the context of its task referred to in article 303, the Bank examines and assesses, on a regular basis, the strategies, processes and reporting procedures established by the insurance or reinsurance undertakings to comply with the provisions laid down by or pursuant to this Act and to the provisions of the implementing Directive 2009/138 / EC.
This review and evaluation include assessment of the qualitative requirements for the system of governance, the assessment of the risks to which the undertakings concerned are or could be exposed and appreciation of their ability to measure those risks taking into account the environment in which they operate.
S. 319. in particular, the Bank examines and assesses, in accordance with the measures for the implementation of the Directive 2009/138/EC, if it is satisfied: 1 ° to the system of governance requirements laid down in article 42, including internal assessment of risks and solvency;
2 ° to the requirements concerning the technical provisions laid down in articles 124 to 139;
3 ° the capital requirements laid down in articles 151 to 189;
4 ° to investment rules laid down in articles 190 to 198;
5 ° to the requirements for the amount and quality of own funds laid down in articles 140 to 150;
6 ° when the insurance or reinsurance undertaking uses a full or partial internal model requirements full and partial internal models articles 167-188.
In this regard, the Bank sets up appropriate monitoring tools that enable it to detect any deterioration of the financial situation of an insurance or reinsurance undertaking and to check how it is worn remedy.
S. 320. the Bank also evaluates the suitability of the methods and practices applied by the insurance or reinsurance undertakings in order to detect possible events or future changes in economic conditions that could have an adverse impact on the overall financial situation of the undertaking concerned.
It assesses the ability of such companies to overcome these possible events or future changes in economic conditions.
S.
321. the Bank determines the frequency and extent of the examinations and evaluations referred to in articles 318 to 320 taking into account the size of insurance undertakings or reinsurance concerned, and the nature, volume and complexity of their activities.
Subsection II. -Tests of resistance art.
322. If it considers that the testing carried out in accordance with article 23 of regulation 1094/2010 do not provide sufficient results, the Bank may submit the insurance or reinsurance undertakings to tests of specific prudential resistance taking into account the particularities of the sector of insurance and reinsurance in Belgium for the purpose of facilitating monitoring and evaluation referred to in articles 318-321 and the exercise of control of target group Chapter II of title v sub-section III. -Prudential measures. -Additional capital requirement art.
323 § 1. On the basis of the results of the monitoring and evaluation procedure or resistance tests in accordance with articles 318-322, the Bank may impose on an insurance or reinsurance undertaking a specific capital requirement, which is in addition to the requirements by or by virtue of this Act or the implementing of the Directive 2009/138/EC in order to take account of the risks to which the company is or may be exposed.
§
2. The requirement of additional capital provided for in paragraph 1 cannot be imposed in the following exceptional circumstances: 1 ° the Bank considers that the risk profile of the insurance or reinsurance undertaking deviates significantly from the assumptions underlying the solvency capital requirement, calculated using the formula standard in accordance with articles 153 to 166 and) that the requirement to use the internal under article 173 model is inappropriate or that its use has proved ineffective; or (b)) a full or partial internal model is being developed in accordance with article 170, without however still be effective.
2 ° the Bank considers that

the risk profile of the insurance undertaking or reinsurance deviates significantly from the assumptions underlying the solvency capital required, calculated using an internal model or partial in accordance with articles 167-188 internal model, because certain quantifiable risks are not sufficiently taken into account and that the model has not been adapted at a suitable time to better reflect the risk profile;
3 ° the Bank considers that the system of governance of the insurance or reinsurance undertaking deviates significantly from the standards laid down in article 42, which the insurance or reinsurance undertaking is therefore not able to detect, measure, control, manage and report adequately the risks to which it is or might be exposed, and that the application of other measures is not by itself, likely to sufficiently improve the shortcomings noted within a period appropriate.
4 ° the insurance or reinsurance undertaking applies the equalizer adjustment referred to in article 129, the correction for volatility referred to in article 131 or the transitional measures referred to in articles 668 and 669 and the Bank estimates that the risk profile of this undertaking deviates significantly from the assumptions underlying such adjustments and corrections and transitional measures.
§
3. In the case referred to in paragraph 2, 1 ° and 2 °, the additional capital requirement shall be calculated so as to ensure that the company complies with article 151 § 3.
In the case referred to in paragraph 2, 3 °, the additional capital requirement is proportionate to the risks arising from deficiencies who founded the Bank to take the decision to impose.
In the case referred to in paragraph 2, 4 °, the additional capital requirement is proportionate to the risks arising from the difference found regarding the risk profile.
§ 4. In the case referred to in paragraph 2, 2 ° and 3 °, the Bank shall ensure that the insurance or reinsurance undertaking to implement all to remedy the shortcomings which have justified him impose an additional capital requirement.
§
5. The Bank reviews the additional capital requirements imposed pursuant to this section, at least once per year. It will end when the company has remedied the deficiencies leading to the imposing.
§ 6. Except with regard to the calculation of the risk margin referred to in article 127, § 2, when the additional capital requirement was imposed in the cases referred to in paragraph 2, 3, the solvency capital requirement means the amount plus the additional capital requirement imposed pursuant to this section.
Section v - Information to be provided in s. EIOPA 324. without prejudice to article 35 of regulation 1094/2010, the Bank annually provides the following information to the EIOPA: 1 ° the amount average additional capital by business requirements and the allocation of additional capital requirements imposed by the Bank during the previous year, as a percentage of the solvency capital required and according to the following breakdown: a) the insurance undertakings or reinsurance;
(b) life insurance companies;
c) non-life insurance undertakings;
d) insurance undertakings carrying on both life and non-life insurance;
e) reinsurance undertakings;
2 ° for each of the publications provided to the 1 ° of this paragraph, the proportion of additional capital requirements imposed respectively in virtue of article 323, § 2, 1 °, 2 ° or 3 °;
3 ° the number of insurance or reinsurance undertakings which benefit from the limitation on the obligation to provide regular information and the number of insurance or reinsurance undertakings which benefit from the exemption to provide peer-to-peer application of articles 313 and 314, and their volume of capital requirements, premiums, supplies technical and active, respectively as a percentage of the total volume of capital requirements premiums, supplies technical and active business insurance or reinsurance under Belgian law;
4 ° the number of groups that benefit from the limitation on the obligation to provide regularly information and the number of groups who are exempted to give information post-by-post referred to in article 423, as well as their volume of capital requirements, premiums, supplies technical and active, respectively as a percentage of the total volume of capital requirements, premiums the assets of all groups and technical provisions.
CHAPTER II. -Control revisoral Section Ire. -Designation and approval of Auditors art. 325. § 1. Without prejudice to article 87ter of the law of 2 August 2002, the Commissioner functions provided by the Code of corporations may be entrusted to one or more reviewers or one or more firms of Auditors approved by the Bank in accordance with article 327 in insurance or reinsurance undertakings.
In the insurance or reinsurance undertakings which are not required to have a Commissioner in accordance with that Code, the general meeting of shareholders appoints one or more reviewers or one or more companies of Auditors approved as provided for in the paragraph 1.
They perform the functions and bear the title of Commissioner. The provisions of the companies Code relating to Commissioners-reviewers of sociétés anonymes are applicable to the designation and the Commissioner functions in these companies. For the purposes of the Code of corporations relating to the foregoing, the general meeting of shareholders replaces the general meeting of shareholders in societies where the law does not organise it.
§ 2. Insurance or reinsurance undertakings may designate alternate Commissioners who perform the duties of Commissioner if sustainable prevented from their holder.
The provisions of this article and article 326 are applicable to these substitutes.
S.
326. licensed Auditors companies provided for in article 325 through an auditor designated by them in accordance with article 132 of the Code of corporations Commissioner duties.
The provisions of this Act and orders taken for execution and those relating to the appointment, functions, obligations and prohibitions of Auditors as well as to sanctions, other than criminal, which are applicable to the latter are simultaneously applicable to companies of Auditors and chartered reviewers representing them.
An approved firm of Auditors may designate an alternate representative among its members fulfilling the conditions to be described.
S.
327. the Bank shall adopt, by regulation made under article 12bis, paragraph 2, of the law of 22 February 1998, the regulation for approval of reviewers and Auditors companies.
The regulation for the approval is taken after consultation of the Chartered Auditors represented by their professional organization.
The Institut des réviseurs d'Entreprises shall inform the Bank of the opening of any disciplinary proceedings against an auditor or a firm of réviseurs approved for breaches committed in the exercise of its functions with an insurance undertaking or of reinsurance as well as any disciplinary action taken against an editor or a company approved reviewers and his reasons.
S. 328. the designation of Chartered Auditors and alternates approved Commissioners from insurance or reinsurance undertakings is subject to the prior agreement of the Bank. This agreement must be collected by the social body that made the proposal for designation.
In the case of designation of authorized Auditors, the agreement is jointly on the company and its representative.
The same agreement is required for the renewal of the mandate.
When, under the Act, the appointment of the Commissioner is made by the President of the commercial court or the Court of appeal, they make their choice on a list of approved Auditors on which the Bank gave its agreement.
S. 329. the Bank may, at any time, revoke, by decision motivated by reasons relating to their status or the exercise of their duties of auditor or company approved reviewers, such as provided by or under this Act, the given agreement, in accordance with article 328, an auditor, a Commissioner authorized alternate, an editors approved or a representative or representative acting such a society. This revocation puts an end to the duties of Commissioner.
In the case of a resignation of an auditor, the Bank and the insurance or reinsurance undertaking are previously informed of this resignation, as well as of his reasons.
The approval rule for the rest, the procedure regulations.
In the absence of a deputy auditor or an alternate representative of an approved firm of Auditors the insurance or reinsurance undertaking or the approved firm of Auditors provides, in respect of article 328, replacement within two months.
The proposal for revocation of the mandates of Commissioner approved insurance or reinsurance undertakings as set by articles 135 and 136 of the Code of corporations, is subject to the opinion of the Bank. This notice is provided to the General Assembly.
Section II. -Mission of Chartered Auditors art. 330. approved Commissioners referred to the Section I collaborate to the control exercised by the Bank under their personal and exclusive responsibility and in accordance with this Section, the rules of the profession and the instructions of the Bank.
The Commissioners

Chartered and approved reviewers companies can perform the audits and expertise within their duties with branches abroad of the company they control.
S.
331. Chartered Auditors assess the internal control measures adopted by the insurance undertakings or reinsurance in accordance with article 42 § 1, 2 °, and they communicate their findings to the Bank.
S. 332. Chartered Auditors shall report to the Bank on the results of the review of periodic financial information reported by the insurance undertakings or reinsurance to the Bank at the end of the first half of social, confirming that they have no knowledge of facts it would appear that these periodic information do not have, under all respects significantly, was established in accordance with the requirements laid down by or pursuant to the law Directive 2009/138/EC implementing measures and instructions of the Bank.
In addition, they confirm that periodic financial information arrested at the end of semester are for what is accounting data contained therein, under all respects significantly important, consistent with accounting and inventories, in the sense that they are: 1 ° complete, that is, they mention all the data contained in the accounts and inventories on the basis of which they are established (2) correct, i.e. that they are exactly consistent with accounting and inventories on the basis of which they are established.
They confirm also have no knowledge of facts which it would appear that periodic financial information be adopted at the end of semester have not been established, to the accountancy data contained therein, by applying the rules of accounting and assessment that led to the establishment of periodic information last year. The Bank may specify what in this case is the periodic information referred.
S. 333. Chartered Auditors shall also report to the Bank on the results of the monitoring of the periodic financial information submitted by companies of insurance or reinsurance to the Bank at the end of the financial year, confirming that these periodic information are, in all material respects significantly, established in accordance with the requirements laid down by or pursuant to the law, enforcement of Directive 2009/138 / EC and instructions of the Bank.
They confirm also that periodic financial information be adopted at the end of exercise are, for what is accounting data contained therein, under all respects significantly important, consistent with accounting and inventories, in the sense that they are: 1 ° complete, that is, they mention all the data contained in the accounts and inventories on the basis of which they are established (2) correct, i.e. that they are exactly consistent with accounting and inventories on the basis of which they are established.
They also confirm that periodic financial information be adopted at year-end were developed for the accountancy data contained therein, by applying the rules of accounting and evaluation for the preparation of the annual accounts.
The Bank may specify what in this case are periodic information referred.
S. 334. Chartered Auditors are at the Bank, at its request, special reports on the organisation, activities and the financial structure of the company, reports whose preparation costs are borne by the insurance undertaking or of reinsurance in question.
S. 335. within the framework of their tasks in an insurance undertaking or reinsurance, or a mission revisorale from a company linked to an insurance or reinsurance undertaking authorised Auditors make initiative report to the Bank as soon as they find decisions, facts or, where appropriate, of changes: 1 ° that influence or may influence significantly the situation of the company in financial terms or in terms of its administrative and accounting or its control organization internal;
2 ° which may affect the continuity of the operation of the insurance or reinsurance undertaking;
3 ° that can lead to failure to comply with the provisions relating to the solvency capital requirement;
4 ° which may result in non-compliance with the provisions relating to the minimum capital requirement;
5 ° which may constitute violations of the Code of corporations, of the Statute, this Act and the orders and regulations for its execution;
6 ° which may result in refusal or reservations on certification of Auditors.
S. 336. Chartered Auditors shall communicate to the Board of Directors of the insurance or reinsurance undertaking or, in the absence of Executive Committee, persons in charge of the actual direction, the reports they send to the Bank in accordance with article 334. These communications are subject to section 306.
They shall transmit to the Bank copy of communications they make to the Executive Committee of the insurance undertaking or reinsurance, or, in the absence of Executive Committee, to the people in charge of the effective management, and which relate to matters likely to be of interest to the control exercised by it.
S. 337. no civil, criminal or disciplinary action may not be brought or professional sanctions pronounced against Chartered Auditors who proceeded in good faith to information referred to in article 335.
Title V. - the group supervision of insurance and reinsurance and the supplementary supervision of financial conglomerates chapter I:. -Definitions art. 338. without prejudice to article 15, for the purposes of this title and of the orders and regulations for its execution, it has to be understood by: 1 parent company °: in addition to a parent undertaking within the meaning of article 15, 39 °, any undertaking which exercises actually, in the opinion of the Bank, one dominant influence over another undertaking;
2 subsidiary company °: in addition to a subsidiary undertaking within the meaning of article 15, 40 °, any undertaking over which a parent undertaking is actually, in the opinion of the Bank, a dominant influence. Any subsidiary undertaking of a subsidiary undertaking is also considered as a subsidiary of the parent undertaking which is at the head of those undertakings;
3 ° participation: in addition to a participation within the meaning of article 15, 43 °, holding directly or indirectly the voting rights or of the capital in another company which, in the opinion of the Bank, a significant influence is effectively carried out;
4 related company °: an undertaking which is either a subsidiary undertaking, either another undertaking in which a participation is held, or an undertaking with which a consortium is formed within the meaning of article 10 of the Code of corporations.
5 ° insurance holding company: a parent undertaking which is not a mixed financial holding company and whose principal activity is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance undertakings or reinsurance, or insurance or third-country reinsurance undertakings, one at least of such subsidiary undertakings being an insurance undertaking or reinsurance;
6 ° joint insurance holding company: one parent undertaking, other than an insurance undertaking or reinsurance undertaking insurance or reinsurance from a third country, a holding of insurance or a mixed financial holding company, which counts among its subsidiaries at least an insurance or reinsurance undertaking;
7 ° mixed financial holding company: one parent undertaking, other than an undertaking regulated, which is at the head of a financial conglomerate;
8 ° regulated company: an insurance undertaking or reinsurance, a credit institution, an investment firm, a management company of undertakings for collective investment, an alternative investment fund manager;
9 ° financial sector: sector composed of one or more of the following companies: has) a regulated carrier having the status of credit institution, a financial institution within the meaning of article 3, 41 °, of the law of April 25, 2014, an ancillary services undertaking within the meaning of article 164, § 1, 4 °, of the same Act; These companies are all part of the same financial sector called "banking";
(b) a regulated carrier having the status of business of insurance or reinsurance undertaking, an insurance holding company; These companies are all part of the same financial sector called "insurance industry";
(c) a regulated carrier having the status of investment firm, a company that provides ancillary services within the meaning of article 46, 2 °, of the law of 6 April 1995, a financial institution within the meaning of article 46, 29 °, of the same Act; These companies are all part of the same financial sector called 'investment services sector'.
10 ° financial institution: shall be treated as financial institutions within the meaning of article 15, 48 °, Giro, OPCA managers offices, management companies of undertakings for collective investment, settlement referred to in article 36 institutions / 1.14 °, of the law of 22 February 1998 as well as organizations whose activity is to ensure,

in whole or in part, the operational management of services provided by such organizations of liquidation.
S.
339. without prejudice to articles 15 and 338, for the purposes of chapter II of this title and of the orders and regulations for its execution, it has to be understood by: 1 ° participating undertaking: an undertaking which is either a parent undertaking or another undertaking which holds a participation, or an undertaking with which a consortium is formed within the meaning of article 10 of the Code of corporations;
2 ° group: a group of companies, has) consists of a participating undertaking, its subsidiaries and the entities in which the participating undertaking or its subsidiaries hold a participation, as well as companies that form a consortium within the meaning of article 10 of the Code of corporations.
(b) or based on the establishment, by contract or in another form, of strong and lasting financial relationships between these companies and can include mutual or mutual-type associations, to condition: i. exerted by one of these companies effectively, through coordination centralized, a dominant influence over decisions, including financial decisions, other companies within the Group , and ii. that the establishment and suppression of such relations, for the purposes of this title, subject to the prior approval of the controller of the group, being understood that centralized coordination undertaking is considered to be the parent company and other companies as subsidiaries;
3 ° Group Supervisor: the supervisory authority responsible for control at the level of the Group of insurance or reinsurance, determined in accordance with article 406;
4 ° college of supervisors: a permanent but flexible structure for cooperation and coordination between supervisory authorities of Member States concerned to facilitate the taking of decisions relating to the control of a group;
5 ° supervisory authority concerned: the supervisory authority of a Member State whereby a subsidiary undertaking has its head office.
S. 340. without prejudice to articles 15 and 338, for the purposes of chapter III of this title and of the orders and regulations for its execution, it has to be understood by: 1 ° group: all the undertakings made by the parent undertaking, its subsidiaries and companies in which the parent undertaking or its subsidiaries hold a direct or indirect participation, as well as enterprises which form a consortium and companies controlled by the latter or in which they have a stake;
2 ° financial conglomerate: a group or subgroup in which one at least of the subsidiaries is a regulated and who meets the following conditions: has) when a regulated company is the head of the group or subgroup: this company is the parent company of a company in the financial sector, or an undertaking which holds a participation in a company in the financial sector , or an undertaking linked with a company of the financial sector in the form of a consortium;
II. one at least one of the entities of the group or subgroup is a company of the insurance sector and one at least one of the entities of the group or subgroup is a company of the banking or investment services sector; and iii. activities consolidated and/or aggregated group or subgroup entities that are part of the sector and insurance entities of banking and investment services sector are important in the sense of article 452, § 3; or (b) where there is no regulated carrier at the head of the group or subgroup: i. the activities of the group or sub-group exercise mainly in the financial sector within the meaning of article 452, § 2;
II. one at least one of the entities of the group or subgroup is a company of the insurance sector and one at least one of the entities of the group or subgroup is a company of the banking or investment services sector;
and iii. activities consolidated and/or aggregated group or subgroup entities that are part of the sector and insurance entities of banking and investment services sector are important in the sense of article 452, § 3;
3 ° competent authorities: the national authorities entitled, pursuant to legal or regulatory provisions Member States to monitor regulated companies, either individually or across the Group;
4 ° authorities competent relevant: has) the competent authorities responsible for the sectoral group applicable to regulated companies that are part of a financial conglomerate, and in particular to the parent undertaking at the head of a sector;
(b)) the Coordinator, if it does not appear among the authorities referred to in point a);
c) where appropriate, other competent authorities concerned who, in the opinion of the authorities referred to in points a) and b), are relevant.
Until the entry into force of technical standards of regulations adopted in accordance with article 21bis, paragraph 1, point b) of Directive 2002/87 / EC, the opinion referred to the point c) takes into account in particular the market share held by regulated companies of the conglomerate in other Member States, in particular if it exceeds 5%, as well as the importance within the financial conglomerate of any regulated company established in another Member State;
5 ° Coordinator: the competent authority responsible for the supplementary supervision of conglomerates.
6 ° Joint Committee: the Committee referred to in article 54 of Regulation (EU) no 1093/2010 of the European Parliament and of the Council of November 24, 2010 establishing a European monitoring (European banking authority) authority, amending decision No 716/2009/EC and repealing decision 2009/78/EC Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing the authority, the Commission, and Regulation (EU) no 1094/2010 European monitoring (European financial markets authority), amending decision No 716/2009/EC and repealing decision 2009/77/EC of the Commission;
7th European financial conglomerates Committee: the Committee established by article 21 of Directive 2002/87/EC;
8 ° sector regulation: this Act, the Act of April 25, 2014, the law of 6 April 1995, the law of August 3, 2012 on certain forms of collective management of investment portfolios, as well as the orders and regulations made pursuant to these laws, with the exception of the provisions concerning the supplementary supervision of the regulated part of a conglomerate; the regulations and comparable national control practices in force in other States;
9 ° intra-group transactions: transactions directly or indirectly, for payment or not, between regulated firms and other companies part of the same financial conglomerate or the natural or legal persons related to these companies by ties, that these operations concern or non-performance of a contractual obligation;
10 ° concentration risk: all positions that have been taken by companies of a financial conglomerate, which are likely to give rise to losses, which are significant enough to compromise the general financial situation and solvency in particular regulated companies part of financial conglomerate, and as a result of counterparty risk / credit, investment, insurance market or other risks, or a combination or interaction of these risks.
11 ° sectoral monitoring of Group: surveillance on undertakings regulated pursuant to chapter II of this title, articles 165 to 184 of the Act of April 25, 2014, article 95 of the Act of 6 April 1995 or section 241 of the Act on certain forms of collective management of investment portfolios, as well as the monitoring exercised pursuant to regulations and control practices comparable in force in other national States;
12 ° regulation 342/2014: the delegated Regulation (EU) No. 342/2014 Commission on January 21, 2014 supplementing directive 2002/87/EC of the European Parliament and of the Council and Regulation (EU) No. 575/2013 of the European Parliament and of the Council by technical standards of the regulation for the application to financial conglomerates of the methods for calculating the capital adequacy requirements.
13 ° regulation 2015/2303: delegate Regulation (EU) 2015/2303 of the Commission on 28 July 2015 supplementing directive 2002/87/EC of the European Parliament and of the Council by technical standards of regulation specifying definitions of intra-group transactions and risk concentration and coordinating their supplementary supervision.
S.
341. with a view to a control group and supplementary supervision of conglomerates as effective as possible, the Bank may allow of individual derogations to the provisions of this title, as well as, where appropriate, regulations made pursuant to article 12bis, paragraph 2, of the law of 22 February 1998, for as much that they remain consistent with provisions on the subject of According to the case, Directive 2009/138/EC and 2002/87/EC Directive. In this case, it shall inform the European Commission.
S. 342. the Bank may, where appropriate by way of regulations

application of article 12bis, paragraph 2, of the law of 22 February 1998, specify the practical procedures of control of such group as provided for in chapter II of this title, and the supplementary supervision of such conglomerates as provided for in chapter III of this chapter.
CHAPTER II. --Control the of insurance or reinsurance undertakings forming part of a group of insurance or reinsurance Section Ire. -Cases of application, scope and levels of control of group subsection Ire. -Cases of application of group supervision art. 343. the insurance or reinsurance undertakings under Belgian law that are part of a group are subject to scrutiny at the level of the group, in accordance with this chapter, to the orders and regulations for its execution as well as enforcement of Directive 2009/138 / EC.
Control at the level of the Group exerted on the insurance undertakings or reinsurance under Belgian law: 1 ° who is a participating undertaking in at least an insurance or reinsurance undertaking in the European economic area or of a third country, in accordance with the Sections I to IV of this chapter;
(2) the parent undertaking of which is an insurance holding company or a mixed financial holding company within the European economic area, in accordance with Sections I to IV of this chapter;
3 ° the parent undertaking of which is an insurance holding company or a mixed financial holding company of a third country or an of insurance or reinsurance undertaking from a third country, in accordance with Section V of this chapter;
4 ° the parent undertaking of which is a mixed-activity insurance holding company in the European economic area or in a third country, in accordance with Section VI of this chapter.
Control at the level of group does not prejudice control, on an individual basis, the of insurance or reinsurance undertakings included in control at the level of a group, unless otherwise provided by or by virtue of this chapter or by enforcement of Directive 2009/138 / EC.
The Bank may however take into account the implications of the control at the level of the group in determining the content and form of the supervision on an individual basis of insurance or reinsurance undertakings.
S.
344. in the cases referred to in article 343 paragraph 2, 1 ° and 2 °, when the insurance undertaking or reinsurance participating, the insurance holding company or mixed financial company in the European economic area is either a related undertaking of a regulated entity or a mixed financial holding company subject to supplementary supervision in accordance with article 5, § 2, of directive 2002/87/EC , is itself a regulated entity or a mixed financial holding company subject to the same supervision, the Group supervisor may, after consultation with the other relevant supervisory authorities decide not to carry out the control of risk concentration referred to in articles 388 and 389, referred to in articles 390 intra-group transactions control and 391 or both, at the level of this insurance or participating reinsurance undertaking This holding company of insurance or the mixed financial holding company.
S. 345. any provision of this chapter that applies to the level of the group because of the situation of the holding company of insurance under Belgian law applies also to the level of a mixed financial holding company under Belgian law provided that: 1 ° the insurance sector is the main sector in the financial conglomerate;
2 ° the subsidiaries at least either of an insurance undertaking or reinsurance;
3 ° the Bank as well controlling at the level of the group as the supplementary supervision of the conglomerate.
For the purposes of paragraph 1, the importance of the insurance sector is measured in accordance with article 452, § 3.
For the purposes of this article, the Bank, in its capacity as group supervisor, liaises with relevant supervisory authorities responsible for the control of the subsidiaries and obtains the agreement of the supervisory authority on consolidated basis of the banking sector and the investment services sector.
The Bank, in its capacity as group supervisor, informs the EBA and the EIOPA of decisions taken under this section.
S. 346. without prejudice to article 347, when an insurance or reinsurance undertaking at the head of a financial conglomerate, or where a joint Belgian financial company is subject to equivalent provisions of chapter II and chapter III of this title, in particular in terms of surveillance based on risk, the Bank, in its capacity of controller of Group may decide not to apply this financial company joint than the relevant provisions of chapter III of this title.
For the purposes of this article, the Bank, in its capacity as group controller, confers with the concerned control authorities responsible for the control of the subsidiaries and, where appropriate, with the authority of supervision on consolidated basis of the banking sector and the sector investment services.
The Bank, in its capacity as group supervisor, informs the EBA and the EIOPA of decisions taken under this section.
S. 347. when an insurance or reinsurance undertaking is part of a financial conglomerate in which the insurance sector is the largest sector and over which the Bank has both the control to the level of the group that the supplementary supervision of the conglomerate, it may decide, after consultation with the competent authorities within the meaning of section 340, 3 °, the following measures are in application : 1 ° with respect to the obligations and competences for the control based on the risks, as described in sections 383-401 and 417-424, or parts thereof, the group, as defined in article 340, 1 °, and which constitutes the financial conglomerate, will, by way of derogation, taken into account in respect of the scope appropriate for the control at the level of the Group;
2 ° respect for articles 459 to 466, group risk resulting from intra-group transactions and the concentration of risks within the financial conglomerate are treated as a category of additional risks. These risks are treated in a sufficiently specific manner, while respecting the directives or standards set by the European supervisory authorities, as well as the quantitative and qualitative measures which he referred to in the aforementioned articles;
3 ° the compliance with article 467, targeted resistance tests can be integrated at the level of the financial conglomerate in the resistance tests required on the basis of article 322.
The practical arrangements for the application of paragraph 1 are reflected in writing in a settlement of coordination with authorities competent relevant within the meaning of article 340, 4 °, within the college constituted in the manner required on the basis of section 474.
The Bank, in its capacity as group supervisor, informs the EBA and the EIOPA of decisions taken pursuant to paragraph 1.
Subsection II. -Scope of the group control art. 348. the exercise of control of the group in accordance with this chapter does not imply the control on an individual basis of the insurance undertakings or reinsurance of a third country, by the mixed financial holding company, insurance holding company or mixed-activity insurance holding company included in the control at the level of the group, without prejudice to Section IV of this chapter with regard to the insurance holding company or mixed financial companies.
S. 349. § 1. The controller of Group may decide, case by case, not to include an undertaking in the control at the level of the group referred to in article 343: 1 ° where the enterprise is located in a third country where obstacles of a legal nature prevent the transfer of the necessary information, without prejudice to article 371;
2 ° when the company to include shows that negligible interest with regard to the objectives of the control group;
or 3 ° when the inclusion of the enterprise is inappropriate or could be a source of confusion, the objectives of the control group.
When several companies in the same group, considered individually, may be excluded on the basis of paragraph 1, 2 °, there is included in the control at the level of the Group therefore that, collectively, they have a non-negligible interest.
§ 2. When the Bank, in its capacity as group supervisor, believes that an insurance or reinsurance undertaking should not be included in the group-level control by application of paragraph 1, paragraph 1, 2 ° or 3 °, it shall consult the other supervisory authorities concerned before adopting a decision.
S.
((350 when pursuant to article 349, § 1, paragraph 1, 2 ° or 3 ° or a provision of the law of another Member State ensuring the transposition of article 214, paragraph 2, subparagraph 1, point b) or c) Directive 2009/138/EC, an insurance or reinsurance undertaking is not included in the control group, the company under Belgian law which is located at the head of the group is required to provide to the supervisory authority of the Member State where this
company not included in the control of the group is located, any information that it considers likely to facilitate the monitoring of the insurance undertaking or of reinsurance undertaking in question.
Sub-section III. -Levels § 1. Company mother superior at the level of the economic area European art. 351 when the insurance undertaking or reinsurance participating,

the insurance holding company or mixed financial holding company referred to in article 343 paragraph 2, 1 ° and 2 °, is itself a subsidiary of another insurance or reinsurance undertaking, another holding company, insurance or another joint financial company having its registered office in the European economic area, the provisions laid down by or pursuant to Sections II to IV of this chapter apply only to the level of the insurance or reinsurance undertaking mother superior in the European economic area the holding company of mother superior insurance or from the top parent mixed financial company in the European economic area.
S. 352. where the insurance or reinsurance undertaking mother superior to the level of the European economic area, the mother superior insurance holding company or financial company mixed mother superior at the level of the European economic area, referred to in article 351 is a subsidiary undertaking of an undertaking subject to supplementary supervision in accordance with article 5, § 2, of Directive 2002/87 / EC, the controller of group may, after consultation with the other supervisory authorities concerned, decide not to carry out control of risk concentration referred to in articles 388 and 389 or the supervision of intra-group transactions and 391 referred to articles 390-both at the level of the enterprise, company or top parent company.
§
2. Parent undertaking above the Belgian art. 353. § 1. Without prejudice to articles 351 and 352, when the parent undertaking above the level of the European economic area referred to in article 351 does not have its headquarters in Belgium, the Bank may decide, after consulting the supervisor of the Group and the parent undertaking above the level of the European economic area, to subject the insurance or reinsurance undertaking or the insurance holding company or mixed financial holding company referred to in article 343 paragraph 2, 1 ° and 2 °, to control at the level of the group in accordance with the provisions laid down by or pursuant to this chapter and the implementing of the Directive 2009/138/EC.
This business insurance or reinsurance, the insurance holding company or mixed financial holding company referred to in paragraph 1 is called above the Belgian parent company.
The Bank explained its decision to the Group supervisor and the parent undertaking above the level of the European economic area.
§ 2. The Bank is not permitted to apply paragraph 1 or to maintain a decision taken in accordance with paragraph 1 when the parent undertaking above the level of the European economic area referred to in article 351 obtained, in accordance with articles 237 or 243 of Directive 2009/138 / EC, the authority to subject its subsidiary company mother superior at the Belgian level to articles 238 and 239 of the Directive 2009/138 / this.
S. 354 § 1. Where it makes use of article 353, the Bank may limit the control above the Belgian parent company group to one or more of the subsections I, II or III of Section II of this chapter.
§ 2. When the Bank decides to apply to the above the Belgian parent company the provisions of sub-section 1 of Section II of this chapter, the choice of the method of calculation of the solvency at the level of the group, carried out in accordance with article 220 of the Directive 2009/138 / EC by the controller of the group in relation to the company mother superior at the level of the European economic area referred to in article 351 is considered as a determinant and is applied by the Bank.
§ 3. When the Bank decides to apply to the above the Belgian parent company the provisions of sub-section 1 of Section II of this chapter and that the parent undertaking above the level of the European economic area referred to in section 351 was obtained, in accordance with article 231 or 233, paragraph 5 of Directive 2009/138 / EC, the authorisation to calculate on the basis of an internal model the solvency capital requirement of group and the solvency capital required companies insurance or reinsurance part of the group, this decision is regarded as decisive and is applied by the Bank.
In this case, when the Bank considers that the risk profile of the above the Belgian parent undertaking deviates significantly from the internal model approved at European level of the economic area, it may decide to impose on the parent undertaking than the Belgian level, as a result of the application of this model and also long this company fails adequately to the concerns of the Bank an additional capital requirement with respect to the solvency capital requirement group company or, in exceptional circumstances, when this additional capital requirement would be inappropriate, require this undertaking calculating the solvency capital requirement of the Group on the basis of the standard formula.
The Bank says the decisions taken pursuant to paragraph 2, the Group supervisor and above the Belgian parent company.
§
4. When the Bank decides to apply the provisions of sub-section 1 of Section II of this chapter the above the Belgian parent company, this company is not allowed to request permission to impose pursuant to section 382, one any of its subsidiaries in 384 and 385 articles.
S. 355 when a supervisory authority informs the Bank, as controller of the group, that it has made under article 216, paragraph 1 or paragraph 4 of Directive 2009/138/EC, the bank informs the college of supervisors in accordance with section 409, § 1.
§ 3. Parent undertaking covering several States art. 356. § 1. In the event of application of article 353, the Bank may conclude an agreement with supervisory authorities in other Member States where another superior parent company related to the national level, for control of the Group at the level of a subgroup covering several Member States.
In case of conclusion of an agreement in accordance with paragraph 1, no control group is carried out at the level above the national level parent companies located in different Member States of the Member State in which is situated the Sub-group referred to in paragraph 1.
§
2. The Bank and the supervisory authorities parties to the agreement referred to in paragraph 1 may agree to limit the control of the Group at the level of the subgroup covering several Member States, one or more sections of chapter II of title III of Directive 2009/138/EC.
When the Bank and the supervisory authorities parties to the agreement referred to in paragraph 1 decide to apply articles 218 to 243 of 2009/138/EC Directive, the choice of the method of calculation of the solvency at the level of the group, carried out in accordance with article 220 of the Directive 2009/138 / EC by the Group Supervisor with regard the company mother superior to the European economic area level is considered as a determinant and is applied by the Bank and the supervisory authorities parties to the agreement referred to in paragraph 1.
When the Bank and the supervisory authorities parties to the agreement referred to in paragraph 1 decide to apply articles 218 to 243 of the Directive 2009/138/EC, and the parent undertaking above the level of the European economic area has obtained, in accordance with article 231 or 233, paragraph 5, of Directive 2009/138 / EC, the authorisation to calculate on the basis of an internal model the solvency capital requirement of group and the solvency of insurance undertakings capital or reinsurance group, this decision is regarded as decisive and is applied by the Bank and the supervisory authorities parties to the agreement referred to in paragraph 1.
In the case referred to in paragraph 3, when the Bank and the supervisory authorities parties to the agreement referred to in paragraph 1 consider that the risk profile of the subgroup covering several Member States deviates significantly from the internal model approved at the level of the European economic area, they may decide to impose to the subgroup covering several Member States, as a result of the application of this model and also long this sub-group does not adequately to the concerns of the Bank and supervisory authorities parties to the agreement referred to in paragraph 1, an additional capital requirement in relation to the solvency capital requirement subgroup covering several Member States or, in exceptional circumstances, when this additional capital requirement would be inappropriate, require this subgroup covering several Member States calculate the solvency capital requirement of the subgroup on the basis of the standard formula.
The Bank says the decisions taken under paragraph 4 to the Group supervisor and the parent undertaking above the level of the European economic area.
§ 3. The Bank and the supervisory authorities parties to the agreement pursuant to this section, expose the agreement to the Group supervisor and the parent undertaking above the level of the European economic area.
§ 4. The agreement referred to in this article may not relate to a superior at the Belgian level or another national level parent undertaking that is subject to articles 238 and 239 of the Directive 2009/138/EC pursuant to articles 237 or 243 of Directive 2009/138/EC.
S. 357. when a supervisory authority informs the Bank, in its capacity as controller

of the group, she did application of article 217, paragraph 1, or of article 217, paragraph 2 juncto article 216, paragraph 4, subparagraph 2 of Directive 2009/138/EC, the bank informs the college of supervisors in accordance with section 409, § 1.
Section II. -Control of group subsection Ire areas. -Group solvency § 1. General provisions art. 358 § 1. The solvency of the group control is exercised pursuant to this section, as well as in subsection III of this Section.
§ 2. In the case referred to in article 343, paragraph 2, 1 °, the insurance or participating reinsurance undertaking shall ensure that the Group has continuously an amount of eligible own funds at least equal to the solvency capital requirement the Group calculated in accordance with articles 361 to 380.
In the case referred to in article 343, paragraph 2, 2 °, the insurance or reinsurance undertaking in the group ensures that the Group has permanently to an amount of eligible own funds at least equal to the solvency capital required of the Group calculated in accordance with article 381.
The requirements referred to in this paragraph are subject to the prudential supervision of the Group supervisor, in accordance with Section III of this chapter.
§ 3. The insurance undertaking or reinsurance participating in the case referred to in article 343, paragraph 2, 1 °, and, when the group is not headed by an insurance undertaking or reinsurance, insurance holding company or financial company mixed in the case referred to in article 343 paragraph 2, 2 °, put in place procedures enabling them to detect deterioration of the requirements referred respectively, paragraph 1 and paragraph 2, and to immediately inform the Group supervisor when such deterioration occurs.
As soon as it finds that the solvency capital requirement of the group is more achieved, or that it may not be in the next three months, the undertaking referred to in paragraph 1 shall immediately inform the Group supervisor.
Within two months of the observation referred to in paragraph 2, or of the notification by the controller of the group he proceeded to one such finding, the company referred to in paragraph 1 shall submit to the controller of the group, for approval, realistic recovery strategy aimed at restoring the solvency capital of the group within a period not exceeding six months. The Group supervisor may, if it considers it necessary and after consultation with the supervisory authorities concerned, extend the time limit of three months. Section 510, §§ 2 and 3 shall apply mutatis mutandis.
S. 359. when the Bank, in its capacity as group supervisor, is informed that the solvency capital requirement of the group is more achieved, or that it may not be in the next three months, it shall inform the supervisory authorities concerned within the college of supervisors, which analyses the situation of the group.
S.
360 § 1. The insurance undertaking or participating reinsurance or, where the group is not headed by an insurance undertaking or reinsurance, insurance holding company or mixed financial company perform at least once a year the calculations referred to in article 358, § 2.
The data needed for this calculation and the results are provided to the Group supervisor by the insurance or reinsurance participating undertaking or, where the group is not headed by an insurance or reinsurance undertaking, by the insurance holding company, by the mixed financial holding company or by the insurance undertaking or of reinsurance the Group designated for this purpose by the Group Supervisor after consultation with the supervisory authorities concerned and of the group itself.
§
2. The insurance undertaking or of reinsurance, or, where the group is not headed by an insurance undertaking or reinsurance, insurance holding company or mixed financial company continuously monitor the amount of the solvency capital requirements of the group. When the Group's risk profile deviates significantly from the assumptions underlying the last solvency capital requirement notified by the group, this capital is recalculated immediately and notified to the controller of the group.
When elements seem to indicate that the risk profile of the Group has significantly changed since the date of the last notification of the solvency capital requirement of the group, the Group supervisor may require that this capital is recalculated.
§ 2. Choice of the method of calculation of the Group solvency and general principles article 361. the calculation of the solvency at the level of the Group of an insurance or participating reinsurance undertaking is carried out in accordance with the technical principles set out in articles 362 to 371 and according to the first method of calculation defined in articles 372 to 376 and enforcement of Directive 2009/138 / EC.
By way of derogation from paragraph 1, the Group supervisor may decide, after consultation with the authorities concerned control, and the group itself, to apply to this group the second method of calculation defined in articles 377 to 380 and by implementing measures of the Directive 2009/138/EC, or a combination of the first and second methods of calculation, if the exclusive of the first method application is inappropriate.
S.
362 § 1. The calculation of the solvency of an insurance or participating reinsurance undertaking group takes into account the proportional share held by the participating undertaking in its related undertakings.
For the purposes of paragraph 1, the proportion is: 1 ° when the first method of calculation of the solvency of the group is used, the percentages used for the establishment of the consolidated accounts; or 2 ° when the second of the Group solvency calculation method is used, the proportion of the capital subscribed which is owned, directly or indirectly, by the participating undertaking.
However, regardless of the method of calculation of the solvency of the group used, when an affiliated undertaking is a subsidiary undertaking which does not own funds eligible sufficient to cover its solvency capital requirement, the solvency of the subsidiary all must be taken into account.
By way of derogation from paragraph 3, the controller of Group may authorize that it be taken into account the solvency deficit of the subsidiary on a proportional basis if it considers, after consultation with the supervisory authorities concerned, the responsibility of the parent undertaking owning a share of the capital is limited strictly to this share of capital.
§ 2. The Group supervisor determines, after consultation with the relevant supervisory authorities and the group itself, the proportionate share that must be taken into account in the following cases: 1 ° where there are no capital ties between some of the undertakings belonging to a group;
2 ° when the Bank or another control authority has established that hold, directly or indirectly, of voting rights or capital in an undertaking is akin to a participation because it believes that a significant influence is effectively carried out on this business.
3 ° when the Bank or another control authority has established a company is the parent company of another company, because it considers that the first effectively exercises a dominant influence over the second.
S. 363 § 1.
The double use of the eligible own funds to cover the solvency capital requirement of the different insurance or reinsurance undertakings taken into account in the calculation of the solvency of an insurance or participating reinsurance undertaking group is prohibited.
For this purpose, when calculating the solvency of the group, if the calculation methods set out in articles 372 to 380 and by Directive 2009/138/EC implementing measures do not provide the following amounts are excluded: 1 ° the value of any asset of the insurance or participating reinsurance undertaking which corresponds to the financing of eligible own funds covering the solvency capital requirements of an insurance or reinsurance business related;
2 ° the value of any asset of a business of insurance or reinsurance related insurance or participating reinsurance undertaking corresponds to the financing of eligible own funds covering the solvency capital requirement of that insurance undertaking or reinsurance participating;
3 ° the value of any asset of a business of insurance or reinsurance related insurance or participating reinsurance undertaking corresponds to the financing of eligible own funds covering the solvency capital requirement of any insurance undertaking or reinsurance related of this insurance or participating reinsurance undertaking.
§
2. Without prejudice to paragraph 1, the following may be taken into account in the calculation of the solvency of the group where they are eligible for covering the solvency capital requirement of the related undertaking concerned: 1 ° the surplus funds falling under article 145, paragraph 2, of a life insurance or reinsurance undertaking of the insurance or participating reinsurance undertaking for which the Group solvency is calculated;
2 ° the fractions subscribed but not paid-up capital of an of insurance or reinsurance undertaking of the insurance or participating reinsurance undertaking for which the Group solvency is calculated.
However, the following must in all cases be excluded from the calculation of the solvency of the Group: 1 ° the fractions subscribed but not paid-up capital which represent

a potential obligation of the participating undertaking;
2 ° the fractions subscribed but not paid-up capital of the insurance undertaking or of participating reinsurance which represent a potential obligation to an insurance undertaking or related reinsurance;
3 ° the fractions subscribed but not paid-up capital of a company of insurance or related reinsurance which represent a potential obligation incumbent to another insurance or reinsurance linked by the same insurance undertaking or participating reinsurance undertaking.
§ 3. When, the Bank or another control authority considers that certain eligible own funds to cover the solvency capital required of an insurance undertaking or reinsurance related, other than those referred to in paragraph 2, cannot effectively be made available to cover the solvency capital of the insurance or reinsurance undertaking participating for which the Group solvency is calculated These own funds may be included in the calculation only insofar as they are eligible for covering the solvency capital required the related company.
§ 4. The amount of own funds referred to in paragraphs 2 and 3 may not exceed the solvency capital requirement of the insurance undertaking or related reinsurance.
§ 5. The eligible own funds of an insurance or reinsurance undertaking related to the insurance undertaking or reinsurance participant for which the solvency of group is calculated, when they are subject to prior approval, as the case of the Bank, in accordance with article 143, or another authority of control in accordance with article 90 of Directive 2009/138 / EC, cannot be included in the calculation only insofar as they have been duly approved as the case may be, by the Bank or by the supervisory authority in charge of the control of this enterprise related.
S. 364. in the calculation of the solvency of an insurance or participating reinsurance undertaking group, no account shall be taken of any own funds eligible to cover the solvency capital requirement which comes from a reciprocal financing between the insurance or participating reinsurance undertaking and: 1 ° an undertaking linked;
2 ° a participating undertaking;
3 ° another company linked one any of its participating undertakings.
In the calculation of the Group solvency, no is account taken of any element eligible own funds to cover the solvency capital requirement of an insurance or reinsurance undertaking of the insurance or participating reinsurance undertaking for which the Group solvency is calculated when the element in question comes from a reciprocal financing with another company related to this insurance or participating reinsurance undertaking.
Reciprocal financing shall be deemed to exist at least when an insurance or reinsurance undertaking, or any any of its related undertakings, holds shares in another undertaking which, directly or indirectly, holds own funds eligible to cover the solvency capital requirement of the first company, or when granting loans to this other company.
S. 365. the assets and liabilities are valued in accordance with article 123.
§ 3. Application of methods for the calculation of the solvency of the group s. 366. when several insurance undertakings or reinsurance are related to insurance or participating reinsurance undertaking, account shall be taken of each other in the calculation of the solvency of the insurance undertaking or of participating reinsurance group.
When the insurance or reinsurance undertaking linked to its head office in one Member State other than the Belgium, the calculation of the solvency of the insurance undertaking or of participating reinsurance group holds account, with regard to this related company, capital solvency and the own funds eligible to cover, as defined in that other Member State.
S. 367 § 1. For the calculation of the Group solvency of an insurance undertaking or participating reinsurance which holds, through a holding company of insurance or a mixed financial holding company, an interest in an insurance or of related reinsurance undertaking or an insurance or third country reinsurance undertaking, the situation of the company holding of insurance or the mixed financial holding company is taken into account.
For the sole purpose of this calculation, the intermediate insurance holding company or the company financial joint intermediary is treated as an insurance or reinsurance undertaking subject to the rules set out in articles 151 to 188 as regards the solvency capital required, and under the same conditions as those set out in sections 140 to 150 as regards the own funds eligible to cover the solvency capital required.
§ 2. In the case referred to in paragraph 1, if the intermediate insurance holding company or intermediate joint financial company holds subordinated debt or other eligible own funds subject to the limits laid down in article 150, these are considered as own funds eligible up to the amounts resulting from the application of the limits laid down by article 150 to the total of own funds at the level of the group reported to the capital of solvency at the level of group.
The eligible own funds of an insurance holding company intermediate or intermediate joint financial company, which would require the prior approval of the Bank in accordance with article 143, or another authority of supervision in accordance with article 90 of Directive 2009/138/EC if they were held by an insurance or reinsurance undertaking may be taken into account in the calculation of the solvency of group that insofar as they have been duly approved by the controller of Group.
S. 368. § 1. For the calculation, in accordance with articles 377-380, of the Group solvency of an insurance undertaking or by participating reinsurance undertaking insurance or third-country reinsurance undertaking, the latter is treated, for the sole purpose of this calculation, such as an insurance or related reinsurance undertaking.
However, when the third countries in which the company has its Head Office submits it to an accreditation system and imposes a solvency regime at least equivalent to that laid down in articles 75 to 135 of 2009/138/EC Directive, the calculation of the solvency of group account, with regard to this undertaking, the solvency and capital own funds eligible to cover as defined by the third country concerned.
§ 2. If the Commission European has not adopted a delegated Act, pursuant to article 227, paragraph 4 or paragraph 5 of Directive 2009/138/EC, recognising the equivalence of the solvency regime of a third country to that established by Directive 2009/138/EC, the Group supervisor shall verify, at the request of the company participant or on its own initiative, if the third country regime is at least equivalent.
To do this, the controller of the group, attended by EIOPA, shall consult the supervisory authorities concerned, before deciding on the equivalence. The decision is made on the basis of the criteria adopted under article 227, paragraph 3, of Directive 2009/138/EC.
Controller of group takes no decision in respect of a third country which contradicts a decision made previously in respect of that third country, unless it is necessary to take account of the significant changes made to the control regime established by sections 75 to 135 of Directive 2009/138 / EC, and the control of the third country regime.
§ 3. When the Commission European has adopted an act pursuant to article 227, paragraph 5, of the Directive 2009/138/EC, delegate determining that the control of a third country regime is temporarily equivalent, that third country shall be deemed equivalent for the purposes of the application of paragraph 1, subparagraph 2.
S. 369. If the Bank is in disagreement with the decision taken under article 227, paragraph 2, of the Directive 2009/128/EC, may, within a period of three months from the notification of the decision from the Group supervisor, seize the EIOPA and seek his help in accordance with article 19 of Regulation No 1094/2010.
S.
370. for the calculation of the Group solvency of an insurance or a credit institution participating reinsurance undertaking, a business investment or financial institution, insurance or participating reinsurance undertaking may apply mutatis mutandis method 1 or method 2 laid down in annex v
However, method 1 described in this annex may be applied only on condition that the Group supervisor there has agreed because of the satisfactory level of integrated management and internal control of entities that fall within the scope of consolidation. The chosen method is applied in a consistent manner over time.
The Group supervisor may, at the request of the participating undertaking or on its own initiative, deduct any participation referred to in paragraph 1 eligible own funds on the cover of the solvency of the Group of the participating undertaking.
S. 371. when applicable, the Bank or a another supervisory authority does not have information about a related undertaking, for the calculation of the Group solvency of an insurance undertaking or by participating reinsurance, the carrying value

of this company in the insurance or participating reinsurance undertaking shall be deducted from eligible own funds to cover the solvency of the group.
In this case, no unrealised gain associated with this participation is considered as an element of the eligible own funds to cover the solvency of the group.
§ § 4 4 Method of calculation of the solvency of the group based on the accounting consolidation art. 372. the calculation of the Group solvency of the insurance undertaking or of participating reinsurance based on the accounting consolidation-based method of calculation, or "first method of calculation of the solvency of the group", is carried out on the basis of the consolidated accounts.
The solvency of the insurance undertaking or of participating reinsurance group is equal to the difference between: 1 ° the eligible own funds to cover the solvency capital requirement, calculated on the basis of data consolidated; and 2 ° the solvency capital required at the level of the group, calculated on the consolidated database.
The rules set out in sections 140 to 150 and 151 to 188 articles apply, respectively, to the calculation of the own funds eligible to cover the solvency capital required and the calculation of the solvency capital requirement at the level of the Group on the consolidated database.
S. 373. the solvency capital requirements at the level of the insurance undertaking or of reinsurance for participating on the consolidated database, or "capital of solvency required of the Group on a consolidated basis", is calculated on the basis of the standard formula or an internal model approved. This calculation must be compatible with the General principles contained in articles 151 and 152 and articles 153 to 166 in case of use of the standard formula, or in articles 167 to 188 in the case of use of an internal model, as well as by implementing measures of the Directive 2009/138 / EC.
The solvency capital requirement of the Group on a consolidated basis is at least equal to the sum: 1 ° the minimum capital requirement, referred to in article 189 of the insurance or participating reinsurance undertaking; and 2 ° of the proportional share of the minimum capital requirement of the related insurance and reinsurance undertakings.
This minimum must be covered by the eligible basic own funds laid down by article 150, § 4.
To determine if these eligible own funds to cover the solvency capital requirement of the Group on a consolidated basis, the principles set out in paragraphs 2 and 3 of this subsection shall apply by analogy. Section 511 shall apply mutatis mutandis.
S.
374. § 1. In the case where an insurance or participating reinsurance undertaking and its related undertakings, or set of related undertakings of an insurance or a mixed financial holding company holding company, ask permission to calculate, on the basis of an internal model, the capital of the consolidated Group solvency and the solvency capital required insurance or reinsurance undertakings of group the bank cooperates with the supervisory authorities concerned to decide whether to grant this authorization and, where appropriate, to define the conditions.
The request referred to in paragraph 1 shall be sent to the Group supervisor.
The Group supervisor shall promptly inform the supervisory authorities concerned and communicates to them the full application.
The Bank does everything in its power to achieve, with the supervisory authorities concerned, in a joint decision on the application within a period of six months from the receipt of the complete application by the Group supervisor. The controller of the Group provide the applicant a document specifying all of the motivations of this joint decision.
§ 2. Without prejudice to paragraph 3, in the absence of adoption of a joint decision within six months of the receipt by the controller of the Group of the complete application, the controller of the Group pronounces itself on the request.
The Group supervisor shall take due account of the notice and the reservations expressed by the supervisory authorities concerned within six months.
The Group supervisor shall transmit to the applicant and to the control authorities concerned a document specifying the full reasons for its decision.
This decision is considered to be crucial and is applied by the supervisory authorities concerned.
§
3. For the period of six months referred to in paragraph 1, paragraph 4, and also long joint decision has not been taken, the Bank may seize the EIOPA in accordance with article 19 of Regulation no 1094/2010.
The Group supervisor differs its decision pending a possible decision by the EIOPA in accordance with article 19, paragraph 3, of the said regulation and stops its own decision in accordance with the decision of the EIOPA. This decision is regarded as determinative and applied by the Bank and the supervisory authorities concerned.
The EIOPA shall take its decision within a period of one month.
If, pursuant to article 41, paragraphs 2 and 3, and article 44, paragraph 1, subparagraph 3 of Regulation No. 1094/2010, the decision proposed by the Group of experts is rejected, the controller of the group takes a final decision. This decision is regarded as determinative and applied by the Bank and the supervisory authorities concerned.
The six-month period is the period within the meaning of article 19, § 2, of the said regulation.
S.
375. in case of application of article 374, when the Bank considers the risk profile of an insurance undertaking or of reinsurance that is responsible for controlling deviates significantly from the assumptions underlying the internal model approved at the level of the insurance undertaking or of participating reinsurance group, it can impose on the undertaking, in accordance with article 323 and also long the company fails adequately to the concerns of the Bank an additional capital requirement in addition to its solvency capital requirement as resulting from the application of this model.
In exceptional circumstances, when the additional capital requirement referred to in paragraph 1 would be inappropriate, the Bank may require the undertaking concerned that it calculates its solvency capital requirement on the basis of the standard formula referred to in articles 151 to 166. Under article 323, § 2, the Bank may impose an additional capital requirement in addition to the solvency capital requirement of that insurance undertaking or of reinsurance resulting from the application of the standard formula.
The Bank said any decision referred to in paragraphs 1 and 2 to the insurance or reinsurance undertaking as well as the other members of the college of supervisors.
S. 376. to determine if the solvency capital of the insurance undertaking or of participating reinsurance group, required on a consolidated basis, properly reflects the profile of the group, the Bank's risk, as a group supervisor, pays special attention to any situation where the circumstances referred to in article 323, § 2, are likely to arise at the level of group and in particular, in cases where: 1 ° a specific risk may exist at the level of the Group would be, because it is not easily quantifiable, not sufficiently taken into account by the standard formula or the internal model used;
2 ° an additional capital in addition to their solvency capital requirement is imposed on the insurance or reinsurance undertakings related by, where appropriate, the Bank or other authority for review under, respectively, article 323 or 374, or article 37 of Directive 2009/138/EC.
When the Group's risk profile is not sufficiently taken into account, an additional capital requirement in addition to the solvency capital requirement of the Group on a consolidated basis may be imposed.
Section 323 and the measures for the implementation of the Directive 2009/138/EC, shall apply by analogy.
§ 5. Method of calculation of the Group solvency based on deduction and aggregation s. 377 § 1.
In case of application of the method of calculation based on the deduction and aggregation, or "second method of calculating the solvency of the group", the solvency of the insurance undertaking or of participating reinsurance group, is equal to the difference between: 1 ° own funds eligible for the Group on an aggregated basis, as defined in paragraph 2, and 2 ° the sum of the value of insurance or reinsurance undertakings in the insurance or participating reinsurance undertaking, and the solvency capital required of the group-based aggregate as defined in paragraph 3.
§
2. The own funds eligible for the Group on an aggregated basis correspond to the sum: 1 ° of the eligible own funds to cover the solvency capital requirement of the insurance undertaking or reinsurance participating; and 2 ° of the proportionate share of the insurance undertaking or of reinsurance for participating in the eligible own funds to cover the solvency capital requirement of related insurance or reinsurance undertakings.
§ 3. The solvency capital requirement of the Group on an aggregated basis corresponds to the sum: 1 ° of the solvency capital requirement of the insurance undertaking or reinsurance participating; and 2 ° of the proportional share of the solvency capital requirement of related insurance or reinsurance undertakings.
S. 378. when participation in insurance or reinsurance undertakings related matches, fully

or partially, to an indirect property, the value in the insurance undertaking or of reinsurance participating of the of insurance or reinsurance undertakings related integrated value of this indirect ownership, taking into account the relevant successive interests, and the elements referred to in article 377, § 2, 2 °, and § 3, 2 °, include the corresponding proportional shares, respectively, of the eligible own funds to cover the solvency of insurance undertakings capital or related reinsurance and solvency capital required of insurance undertakings or reinsurance related.
S. 379. in cases where an insurance or reinsurance undertaking and its related undertakings, all of the related undertakings of a holding of insurance or a mixed financial holding company, or ask permission to calculate the solvency capital requirement of the insurance or reinsurance undertakings of the Group on the basis of an internal model, articles 374 and 375 shall apply by analogy.
S. 380. to determine if the solvency capital group of the insurance undertaking or of reinsurance participating based aggregated, calculated in accordance with section 377, § 3, adequately reflects the risk profile of the group, the Bank and the relevant supervisory authorities must pay particular attention to the specific risks existing at the level of the group which, by the fact that they are hardly quantifiable are not sufficiently taken into account.
When the Group's risk profile deviates significantly from the assumptions underlying the solvency capital requirement of the Group on an aggregated basis, a requirement for additional capital in addition to the solvency capital requirement of the Group on an aggregated basis can be imposed.
Section 323 and the measures for the implementation of the Directive 2009/138/EC, shall apply by analogy.
§
6. Calculation of the Group solvency for the insurance or reinsurance subsidiaries of an insurance or a mixed financial holding company s. holding company 381 when the insurance or reinsurance undertaking is a subsidiary of a holding of insurance or a mixed financial holding company, the Group solvency is calculated at the level of the holding company of insurance or the joint financial company in accordance with the provisions of this subsection and measures implementing Directive 2009/138/EC.
For the purposes of the calculation referred to in paragraph 1, the parent company is treated as an insurance undertaking or reinsurance subject to the rules set out in articles 151 to 188 as regards the solvency capital required, and under the same conditions as those set out in sections 140 to 150 as regards the own funds eligible to cover the solvency capital required.
§ 7. Calculation of the solvency of the groups to centralized management of risks art.
382. 384 and 385 articles shall apply to any insurance or reinsurance undertaking which is a subsidiary of an insurance or reinsurance undertaking or is a subsidiary of an insurance or a mixed financial holding company holding company when all the following conditions are met: 1 ° the subsidiary, for which the Group supervisor took no decision referred to in article 349 is included in the control at the level of the group directed by the controller at the level of the parent undertaking in accordance with title III of the Directive 2009/138/EC;
2 ° the procedures of risk management and internal controls of the parent undertaking cover the subsidiary and the Bank is satisfied with the prudent management of the insurance undertaking or of reinsurance subsidiary by the parent undertaking;
3 ° the parent undertaking has received the agreement referred to in article 397;
4 ° the parent undertaking has received the agreement referred to in article 405;
5 ° the parent undertaking requested permission to be subject to articles 384 and 385, and its application has been the subject of a favourable decision in accordance with the procedure laid down in article 383.
S. 383. § 1. In the event of application of liability of an insurance undertaking or of reinsurance subsidiary of an insurance undertaking or of reinsurance or a subsidiary of an insurance holding company or reinsurance, the rules laid down in articles 384 and 385, the Bank works within the college of supervisors, in consultation with the supervisory authorities concerned, with a view to deciding whether or not to grant the authority requested and as appropriate, to define the conditions.
The request referred to in paragraph 1 shall be sent to the Bank. It shall inform the authorities of control within the college of supervisors and communicates to them the full application without delay.
§ 2. The Bank does everything in its power to reach a joint decision on the application within a period of three months from the receipt of the complete application by the authorities of control within the college of supervisors with the authorities of control within the college of supervisors.
When the Bank and the supervisory authorities concerned arrived at the joint decision referred to in paragraph 1, the Bank provides to the applicant the decision specifying the set of motivations. This joint decision shall be considered as decisive and is applied by the Bank and the supervisory authorities concerned.
§
3. Without prejudice to paragraph 4, in the absence of adoption of a joint decision within three months of receipt of demand full by regulators within the college of supervisors, the controller of the Group pronounces itself on the request.
The Group supervisor shall take due account of notice and reservations expressed by the Bank and the supervisory authorities of the Member States in which a subsidiary to his seat social, as well as reservations expressed by other authorities for control within the college of supervisors.
The decision shall be duly substantiated and includes an explanation of any significant divergence from the reservations expressed by the Bank or the supervisory authorities. The Group supervisor shall forward a copy of decision to the Bank and to the control authorities concerned. The decision is seen as decisive and is applied by the Bank and the supervisory authorities concerned.
§ 4. For the period of three months referred to in paragraph 2, and also long joint decision has not been taken, the Bank may seize the EIOPA in accordance with article 19 of Regulation no 1094/2010.
The Group supervisor differs its decision pending a possible decision by the EIOPA in accordance with article 19, paragraph 3, of the said regulation and stops its own decision in accordance with the decision of the EIOPA. This decision is regarded as determinative and applied by the Bank and the supervisory authorities concerned.
The EIOPA shall take its decision within a period of one month.
If, in application of article 41, paragraphs 2 and 3, and article 44, paragraph 1, subparagraph 3, of Regulation No. 1094/2010, the decision proposed by the Group of experts is rejected, the Group supervisor shall take a final decision.
This decision is regarded as determinative and applied by the Bank and the supervisory authorities concerned. The three-month period is the period within the meaning of article 19, § 2, of the said regulation.
S. 384 § 1. Without prejudice to articles 374 and 375, the solvency capital of the insurance undertaking or reinsurance subsidiary which is the subject of the authorisation referred to in article 383, is calculated in accordance with this article.
§
2. Where the solvency capital requirement of the insurance undertaking or reinsurance subsidiary referred to in paragraph 1 shall be calculated on the basis of an internal model approved at the level of the group in accordance with articles 374 and 375 and the Bank considers that the risk profile of this company that it is responsible for controlling departs significantly from this model, it can , in the cases referred to in article 323 and as long as that undertaking does not satisfactorily the concerns of the Bank, propose to establish an additional capital requirement in addition to the capital of solvency of this subsidiary resulting from the application of this model or, in exceptional circumstances where the extra capital requirement would not be appropriate, require the undertakings that it calculates its capital solvency on the basis of the standard formula referred to in articles 151-166.
The Bank discussed its proposal within the college of supervisors and communicate the reasons to the insurance undertaking or of reinsurance subsidiary and the college of supervisors.
§
3. When the solvency capital of the insurance undertaking or reinsurance subsidiary referred to in paragraph 1 shall be calculated on the basis of the standard formula referred to in articles 151 to 166 and that the Bank considers that its risk profile deviates significantly from the assumptions underlying this formula, it may, in exceptional circumstances and also long the company does not adequately to the concerns of the Bank , propose that the company replace a subset of parameters used in the calculation according to the standard formula by specific settings this undertaking when calculating modules 'life underwriting risk', 'non-life underwriting risk', and "underwriting risk in health", as indicated in article 166, or, in the cases referred to in article 323, impose an additional capital requirement in addition to the solvency of the company capital.
The Bank discussed its proposal to the

the college of supervisors breast and communicate the reasons to the insurance undertaking or of reinsurance subsidiary and the college of supervisors.
§ 4. The Bank did everything that is in its power to achieve, with the supervisory authorities within the college of supervisors, an agreement on the proposal made in accordance with paragraph 1 or 2, or on other possible measures.
This agreement is considered as a determinant and is applied by the Bank and the supervisory authorities concerned.
§ 5. For a period of one month from formulation of the proposal referred to in paragraph 1 or 2, and as long as an agreement has not been concluded within the college of supervisors, the Bank may, in case of disagreement with the Group supervisor, grasp the EIOPA and seek his help in accordance with article 19 of Regulation no 1094/2010. The EIOPA shall take its decision within a period of one month from date of this referral. The period of one month is the period within the meaning of article 19, paragraph 2, of Regulation No. 1094/2010.
The Bank differs from its decision pending a possible decision by the EIOPA in accordance with article 19 of Regulation no 1094/2010 and stops its own decision in accordance with this decision of the EIOPA.
This decision is regarded as determinative and applied by the Bank and the supervisory authorities concerned.
The decision is duly substantiated and forwarded to the insurance undertaking or of reinsurance subsidiary and the college of supervisors.
S. 385. § 1. In the event of non-compliance with the solvency capital requirement of an insurance or reinsurance subsidiary undertaking which is the subject of the authorization referred to section 383 and without prejudice to article 510, the Bank shall communicate without delay to the college of supervisors recovery strategy submitted by the subsidiary in order, within a period of six months after the finding of non-compliance with the solvency capital requirement restore the level of eligible own funds or reduce its risk profile to ensure compliance with the solvency capital requirement.
The Bank does everything in its power to reach an agreement on the proposal on the approval of the recovery program, with the authorities of control within the college of supervisors, and, within a period of four months from the first observation of non-compliance with the solvency capital requirement.
Without prejudice to paragraph 4, in the absence of such an agreement, the Bank decides if the recovery program must be approved, taking due account of the opinion and the reservations expressed by the authorities of control within the college of supervisors.
Within the period of four months referred to in paragraph 2, and as long as an agreement has not been concluded within the college of supervisors, in case of disagreement with the Group supervisor on the approval of the recovery strategy, including an extension of the period of recovery, the Bank can seize the EIOPA and request its assistance in accordance with article 19 of Regulation no 1094/2010. The EIOPA shall take its decision within a period of one month from date of this referral. The four-month period is the period within the meaning of article 19, paragraph 2, of law No. 1094/2010.
The Bank differs from its decision pending a possible decision by the EIOPA in accordance with article 19 of Regulation no 1094/2010 and stops its own decision in accordance with this decision of the EIOPA.
This decision is regarded as determinative and applied by the Bank and the supervisory authorities concerned.
The decision is duly substantiated and forwarded to the insurance undertaking or of reinsurance subsidiary and the college of supervisors.
§
2. If the Bank finds a worsening financial conditions in an insurance undertaking or reinsurance subsidiary referred to in paragraph 1, in accordance with article 510, it shall notify without delay to the college of supervisors the measures it proposes to take. Except in emergency situations, measures to be taken are discussed within the college of supervisors.
The Bank does everything in its power to reach an agreement on the measures that it has proposed, with the authorities of control within the college of supervisors, and, within a period of one month from the notification.
Without prejudice to paragraph 4, in the absence of such an agreement, the Bank decides if the proposed measures must be approved, taking due account of the opinion and reservations expressed by the authorities of control within the college of supervisors.
Except for emergency situations, during the period of one month referred to in paragraph 2, and also long that an agreement has not been concluded within the college of supervisors, in case of disagreement with the Group supervisor on the approval of the proposed measures under paragraph 1, the Bank may seize the EIOPA and request its assistance in accordance with article 19 of Regulation no 1094/2010. The EIOPA shall take its decision within a period of one month from date of this referral. The period of one month is the period within the meaning of article 19, paragraph 2, of law No. 1094/2010.
The Bank differs from its decision pending a possible decision by the EIOPA in accordance with article 19 of Regulation no 1094/2010 and stops its own decision in accordance with this decision of the EIOPA.
This decision is regarded as determinative and applied by the Bank and the supervisory authorities concerned.
The decision is duly substantiated and forwarded to the insurance undertaking or of reinsurance subsidiary and the college of supervisors.
§ 3. Noncompliance at the minimum capital requirement of a company of insurance or reinsurance subsidiary referred to in paragraph 1 and without prejudice to article 511, the Bank shall immediately send to the college of supervisors funding short-term submitted by the insurance undertaking or reinsurance subsidiary in sight, within a period of three months after the first finding of its non-compliance to the minimum capital required to restore the level of eligible own funds to meet the minimum of required capital or reduce its risk profile to ensure its conformity to the minimum of required capital. The college of supervisors is also kept informed of any action taken to enforce the minimum capital required at the level of the subsidiary.
S. 386. According to article 239, paragraph 4 of Directive 2009/138/EC, the Bank, in its capacity as group supervisor, may, in case of disagreement on the points referred to in article 239, paragraph 4, paragraph 1 of Directive 2009/138/EC with the supervisory authority of an insurance undertaking or of reinsurance subsidiary with headquarters in another Member State and which is the subject of the authorisation referred to in article 237 of the Directive 2009/138/EC Enter the EIOPA and seek its assistance, in accordance with article 19 of Regulation No 1094/2010.
S.
387 § 1. The rules laid down in articles 384 and 385 shall cease to apply in the following cases: 1 ° the condition referred to in article 382, 1 ° is more respected.
2 ° the condition referred to in article 382, 2 ° no longer complied with and the group does not restore compliance with this condition within a period appropriate;
3 ° the conditions referred to in article 382, 3 ° and 4 ° are most respected.
In the case referred to in paragraph 1, 1 °, where the Group supervisor decides, after consultation with the college of supervisors, no longer to include the subsidiary in the control of the Group carried out, it shall immediately inform the Bank and the parent undertaking.
For the purposes of section 382, 2 °, 3 ° and 4 °, the parent undertaking has the responsibility to ensure that the conditions are met at all times. If not, the parent undertaking shall immediately inform the Group supervisor and the Bank. The parent company has a plan to restore compliance with the conditions in an appropriate time frame.
Without prejudice to paragraph 3, the controller of the group checks at least once a year, on its own initiative, that the conditions referred to in article 382, 2 °, 3 ° and 4 °, continue to be met. The Group supervisor is also this audit at the request of the Bank, when the latter has serious doubts concerning the permanent fulfilment of these conditions.
When checks reveal deficiencies, the Group supervisor requires the parent undertaking to present a plan to restore compliance with the conditions in an appropriate time frame.
When, after consultation with the college of supervisors, the controller of the Group believes that the plan referred to in paragraph 3 or in paragraph 5, is insufficient or subsequently that it is not being implemented within the agreed period, he concluded that the conditions referred to in article 382, 2 °, 3 ° and 4 ° are most respected and it shall immediately inform the Bank.
§
2. The regime provided for in articles 384 and 385 applies again when the parent undertaking is a new application and obtains a favourable decision in accordance with the procedure laid down in article 382.
Subsection II. -Concentration of risks and intra-group transactions § 1. Concentration of risks art. 388. § 1. Control of risk concentration at the level of the Group of insurance or reinsurance is exercised in accordance with this article and article 389, as well as in subsection III of this Section.
§ 2. Insurance or reinsurance undertakings, insurance holding companies and mixed financial companies report regularly, and at least annually, to the Group supervisor any concentration of risk significant at the level of the group, unless article 352 shall apply.

The necessary information is submitted to the Group supervisor by the insurance undertaking or participating reinsurance or, where the group is not headed by an insurance undertaking or reinsurance, by the insurance holding company, by the mixed financial holding company or by the insurance or reinsurance undertaking in the Group designated for this purpose by the Group Supervisor after consultation with the authorities concerned and the group control.
Risk concentration referred to in paragraph 1 are subject to the prudential supervision of the Group supervisor in accordance with Section III of this chapter.
S.
389. the controller of the group, identifies, in consultation with the supervisory authorities concerned and the group, the type of risk which must be declared in all circumstances.
To set the type of risk or give their opinions on it, the Group supervisor and the supervisory authorities concerned take into account group and its risk management structure.
To identify significant risk concentration to be reported, the Group supervisor, after consultation with the supervisory authorities concerned and the group, impose appropriate thresholds based on the solvency capital requirement reserves or both.
During the control of risk concentrations, the Group supervisor is particularly attentive to the possible risk of contagion in the group, the risk of conflict of interest and the level or volume of risks.
§
2. S. intra-group transactions 390. § 1. Intra-group transactions is controlled in accordance with this article and article 391, as well as in subsection III of this Section.
§ 2. Insurance or reinsurance undertakings, insurance holding companies and mixed financial companies report regularly, and at least annually, to the Group supervisor all intra-group transactions significant by the insurance undertakings or reinsurance group, including those made with an individual having ties with a company of the group, unless article 352 does apply.
In addition, very significant intra-group transactions must be reported as soon as possible.
The necessary information is submitted to the Group supervisor by the insurance undertaking or participating reinsurance or, where the group is not headed by an insurance undertaking or reinsurance, by the insurance holding company, by the mixed financial holding company or by the insurance or reinsurance undertaking in the Group designated for this purpose by the Group Supervisor after consultation with the authorities concerned and the group control.
Intragroup transactions are subject to the prudential supervision of the Group supervisor in accordance with Section III of this chapter.
S. 391. the controller of group identifies, in consultation with the supervisory authorities concerned and the group, the type of intra-group transactions that must be reported in all circumstances.
To set the type of intra-group transactions or give their opinions on it, the Group supervisor and the supervisory authorities concerned take into account group and its risk management structure.
To identify the intra-group transactions to declare, the Group supervisor, after consultation with the supervisory authorities concerned and the group, impose appropriate thresholds based on the solvency capital requirement reserves or both.
During the control of intra-group transactions, the Group supervisor is particularly attentive to the possible risk of contagion in the group, the risk of conflict of interest and the level or volume of risks.
Sub-section III. -System of governance at the level of the Group of insurance or reinsurance § 1. General s. 392. the insurance undertakings or reinsurance participants as well as the insurance undertakings or reinsurance which the parent undertaking is an insurance holding company or a mixed financial holding company in the European economic area must meet the level of the group the requirements laid down in Section VII, chapter II, title I of this paper as well as Section III, chapter III, title II of this book so as to ensure the consistency and the proper integration of devices, processes and mechanisms it are required to implement these provisions, to assess the influence of the companies included in the Group of insurance or reinsurance on other companies and exchange between them all the data and information necessary for the exercise of control of group so that to satisfy requests for information required by the Group supervisor. They shall implement these devices, processes and mechanisms in subsidiaries which are not of this Act. Such devices, processes and mechanisms are consistent and well-integrated and subsidiaries said must be able to provide any data and information relevant to the exercise of control of the group.
S. 393. the insurance undertaking or of reinsurance the parent undertaking of which is an insurance holding company or a mixed headquartered financial company is established outside Belgium, ensures compliance by its parent undertaking of obligations relating to the control of the group, which shall be borne by the insurance holding company or the financial company mixed in accordance with Directive 2008/139 / EC and its implementing measures.
The insurance or reinsurance undertaking must obtain the cooperation of the parent undertaking referred to in paragraph 1 in order to implement a management structure appropriate that contributes to that group's control can be exercised in the most efficient way possible, and ensure that the influence of the parent undertaking is not contrary to the Code companies and its implementing orders and does not prejudice the control on individual basis or control to the group level applicable to the insurance or reinsurance undertaking.
In the governance memorandum required under article 42, paragraph 3 should be established in the monitoring at the level of the group, how satisfied paragraphs 1 and 2.
§ 2.
Risk management and internal control article 394. without prejudice to article 392, management systems risk and internal control as well as the reporting procedures are applied consistently in all the undertakings included in the control group in accordance with this chapter so that these systems and procedures can be controlled at the level of group.
Without prejudice to article 392, the system of internal control of a group contains at least the following: 1 ° of the proper procedures in what concerns the solvency of the group, allowing to identify and measure all material risks incurred and to relate in an appropriate manner the eligible own funds to risks;
2 ° of sound reporting and accounting procedures to control and manage risk concentration and intra-group transactions.
S.
395. the systems and reporting procedures referred to in articles 392 and 394 are subject to the prudential supervision of the Group supervisor in accordance with Section III of this chapter.
§
3. Internal evaluation of risks and the solvency of the group s. 396. the insurance undertaking or participating reinsurance or, where the group is not headed by an insurance undertaking or reinsurance, insurance holding company or mixed financial company proceeded to the level of the group to the assessment required by section 91.
When the solvency calculation is carried out at the level of the group according to the first method of calculation defined in sections 372 and 373, the insurance or participating reinsurance undertaking, insurance holding company or mixed financial company provides to the controller of group a proper analysis of the difference between the sum of the individual amounts of solvency capital for all business insurance or reinsurance related belonging to the Group and the solvency capital required for the Group on a consolidated basis.
S.
397. the insurance undertaking or reinsurance participating, the insurance holding company or mixed financial company may, with the agreement of the Group supervisor, proceed at the same time to all assessments imposed pursuant to article 91 at the group level and at the level of any subsidiary in the Group and produce a single document covering all the assessments.
Before giving the expected agreement in the 1st paragraph, the Group supervisor shall consult the members of the college of supervisors and shall take due account of their opinions and their reserves.
The agreement given by the controller of the group in accordance with paragraph 1 shall not exempt the subsidiaries concerned from the obligation to ensure compliance with the requirements of section 91.
In case of application of the present article, the insurance undertaking or reinsurance participating, the insurance holding company or mixed financial company shall submit the single document simultaneously to all the supervisory authorities concerned.
S.
398. assessing internal risk and solvency at the level of the group is subject to the prudential supervision of the Group supervisor in accordance with Section III of this chapter.
Sub-section IV. -Information to the public § 1. Report on the solvency and financial position of the group s. 399. the insurance undertaking or participating reinsurance

or, when the group is not headed by an insurance undertaking or reinsurance, the insurance holding company or mixed financial company publishes annually a report on solvency and financial condition to the level of the group.
This report includes the information required by regulation 2015/35 and by Directive 2009/138/EC implementing other measures. They are published verbatim or, with the permission of the controller of the group, by reference to equivalent information in their nature and scope, published under other legal or regulatory provisions.
S.
400 § 1. In the event of major event affecting significantly the relevance of the information included in the report on the solvency and financial position of the group, the insurance undertaking or participating reinsurance or, where the group is not headed by an insurance or reinsurance undertaking, insurance holding company or mixed financial company publish adequate information on the nature and the effects of the major event.
§ 2.
For the purposes of paragraph 1, are at least considered a major event the observation of a significant departure from the solvency capital requirements of the Group and the fact that the controller of the group gets no realistic program of recovery within a period of two months from the date where the difference.
In the case referred to in paragraph 1, the company shall forthwith publish the amount of the gap, with an explanation about its origin and its consequences and any corrective action that was taken. If, despite a recovery plan initially considered realistic, a gap compared to the solvency capital requirement the Group has not been patched six months after it was found, the amount of this difference is published at the expiration of this time limit, with an explanation of its origin and consequences, including with respect to the corrective measures taken and any new planned corrective measures.
S.
401. the insurance or participating reinsurance undertaking or, where the group is not headed by an insurance undertaking or reinsurance, insurance holding company or mixed financial company may publish on its own initiative any information or explanation to the solvency and financial position of the group whose publication is not already required under articles 383 and 384.
S. 402. without prejudice to articles 392 and 394, the insurance or reinsurance undertaking or, where the group is not headed by an insurance or reinsurance undertaking, insurance holding company or mixed financial company puts in place structures and systems appropriate to meet the requirements set out in articles 399 and 400, as well as a written policy to ensure the adequacy permanently any information published in accordance with articles 399 and 400.
S.
403. the Group supervisor may authorize an insurance or participating reinsurance undertaking, an insurance holding company or a mixed financial holding company to not publish information referred to in article 399, in cases where: 1 ° the publication of this information would confer on the competitors of the undertaking concerned a significant unfair advantage;
2 ° the company is held to an obligation of confidentiality due to obligations to policyholders of insurance or relations with other counterparties.
When the non-publication of information is authorized by the controller of the group, the insurance or participating reinsurance undertaking, insurance holding company or financial company indicated in its report on the solvency and financial position of the Group and explains why.
S. 404. the Bank may specify the content and format of the information provided for in this subsection, by regulation adopted pursuant to article 12bis, paragraph 2, of the law of 22 February 1998.
§ 2. Single report on solvency and financial condition art. 405. an insurance or participating reinsurance undertaking, an insurance holding company or, where the group is not headed by an insurance undertaking or reinsurance, a mixed financial holding company may, with the agreement of the Group supervisor, publish a single report on its solvency and its financial situation containing the following 1 ° the information at the level of the group that are to be published in accordance with article 399;
2 ° information for any subsidiary of the group which must be individually identifiable and which shall be published in accordance, where applicable, sections 95 to 101 of the Act or articles 51, 53, 54 and 55 of the Directive 2009/138 / EC, as well as the measures to implement this directive.
Before giving the expected agreement in the 1st paragraph, the Group supervisor shall consult the members of the college of supervisors and shall take due account of their opinions and reservations.
S.
406. when the report referred to in article 405 does not contain the information the Bank application for an insurance or reinsurance under Belgian law subsidiary of the group, it may, if this omission is substantial, requiring this subsidiary undertaking concerned to publish additional information necessary.
Section III. -Exercise of control of the Group subsection Ire.
-Determination of the Group art supervisor 407. § 1. A controller unique, responsible for coordination and exercise of control of the group, referred to as 'group supervisor', is designated among the supervisory authorities concerned.
§ 2. At the level of a group of insurance or reinsurance is controlled by the Bank when it is the supervisory authority of all insurance or reinsurance group undertakings.
In all other cases and subject to section 408, the task of group supervisor is carried out as follows: 1 ° in the case where the group is headed by an insurance or reinsurance undertaking under Belgian law, by the Bank;
2 ° in the case where the group is not headed by an insurance undertaking or reinsurance under Belgian law: was) when the insurance or reinsurance undertaking parent undertaking is an insurance holding company or a mixed financial holding company, the Bank;
(b) when several insurance undertakings or reinsurance in the European economic area, including an insurance undertaking or of reinsurance under Belgian law, have as their parent undertaking the same holding company of insurance or mixed financial holding company and that one of these companies has been authorised in the Member State in which the insurance holding company or mixed financial company is headquartered by the supervisory authority of the insurance undertaking or of reinsurance in this State Member;
(c) where the group is headed by several companies insurance holding company or mixed financial companies having their registered office in different Member States, and that there is an insurance or reinsurance undertaking in each of these Member States, including Belgium, by the supervisory authority of the insurance or reinsurance undertaking with the largest balance sheet total;
(d) when several insurance undertakings or reinsurance in the European economic area, including the Belgium, have as their parent undertaking the same holding company of insurance or mixed financial holding company and none of these companies has been approved in the Member State in which the insurance holding company or mixed financial holding company has its headquarters, by the supervisory authority of the insurance undertaking or of reinsurance with the largest balance sheet total; or e) when Group has no corporate parent, or in circumstances which are not covered by points) to (d)), by the supervisory authority which has authorised the insurance or reinsurance undertaking with the largest balance sheet total.
S. 408. § 1. In special cases, the Bank and the supervisory authorities concerned may jointly decide to waive the criteria referred to in article 407 when it appears inappropriate to implement given the structure of the Group and the relative importance of the activities of insurance or reinsurance undertakings in different countries, and appoint another control authority as controller of the group.
The Bank may require the opening of a discussion as to whether whether the criteria referred to in article 407 are appropriate. This type of discussion, on the initiative of the Bank or a control authority, takes place at least once per year.
The Bank does everything in its power to achieve, with the supervisory authorities concerned, in a joint decision on the choice of the Group supervisor no later than three months after the application for opening the discussion. Before taking their decision, the Bank and the supervisory authorities concerned give the group the opportunity to express his opinion.
If the Bank is designated controller of the group pursuant to this paragraph, it communicates to the group decision with full reasons.
§ 2. During the period of three months referred to in paragraph 1, paragraph 3, and also that a joint decision was not taken, the Bank may seize the EIOPA in accordance with article 19 of Regulation no 1094/2010.
In case of application of paragraph 1, the Bank and the supervisory authorities concerned differ their joint decision pending a possible decision by the EIOPA in accordance with article 19, paragraph 3, of Regulation No. 1094/2010.
The period of three months referred to in paragraph 1, paragraph 3, is the cooling-off period

within the meaning of article 19, paragraph 2, of law No. 1094/2010.
Bank and the supervisory authorities concerned shall adopt their own joint decision in accordance with the decision of the EIOPA.
This joint decision shall be considered as decisive and is applied by the Bank and the supervisory authorities concerned.
If the Bank is appointed controller of the group pursuant to this paragraph, communicates to the Group and to the college of supervisors joint decision with its motivation full.
§ 3. If no joint decision taken pursuant to this article, the task of group supervisor shall be exercised by the supervisory authority defined in accordance with article 407.
Subsection II. -Rights and obligations of the controller of the Group and the relevant supervisory authorities - College of supervisors article 409. § 1. Without prejudice to the other powers and duties conferred to it by or under this act as well as by Directive 2009/138/EC implementing measures, the Bank provides, as a group supervisor, the following tasks: 1 ° coordinating the collection and dissemination of information useful or essential in the normal operation of the business as in emergency situations including the dissemination of important information to control by a supervisory authority concerned;
2 ° it provides supervisory overview and assessment of the financial situation of the Group;
3 ° it assesses compliance by the group, rules relating to the solvency, the concentration of risk and intra-group transactions provided for by or under Section II of this chapter as well as enforcement of Directive 2009/138 / EC;
4 ° it evaluates the system of governance of the group, in accordance with subsection III of Section II of this chapter, as well as the respect by members of the legal administration body of the Executive Committee or, if applicable, the effective management of the participating company under Belgian law, requirements laid down in articles 40, 81 and 443, paragraph 1;
5 ° it plans and coordinates, regular meetings held at least once year or by any other appropriate means, the control activities, in the normal operation of business as in emergency situations, in cooperation with the supervisory authorities concerned, taking account of the nature, the extent and complexity of the risks inherent in the activity of all enterprises forming part of group;
6 ° it performs other tasks and take the other measures and decisions of the controller of the group by or under this act as well as by the measures for the implementation of the Directive 2009/138/EC, including the process for validation of any model at the level of the group in accordance with articles 374 and 377 to 380 and the process leading to allow the application of the regime under articles 383 to 387.
§ 2. When a concerned supervisory authority does not cooperate with the Bank, in his capacity as controller of the group, to the extent required for the purposes of the execution of the tasks referred to in paragraph 1, the Bank may seize the EIOPA and request its assistance in accordance with article 19 of Regulation No 1094/2010.
S. 410. in order to facilitate the exercise of the tasks of control of the group referred to in article 409, the Bank, in its capacity as controller of the group, is a college of supervisors that she chairs.
In order to promote the convergence of their activities and respective decisions, the college of supervisors shall ensure that cooperation, exchange of information and consultations between the authorities of control members of the college of supervisors take place in accordance with the provisions of title III of Directive 2009/138/EC and its implementing measures.
S. 411. the college of supervisors consists: 1 ° the Bank, in its capacity as controller of the group.
2 ° of the supervisory authorities concerned;
3 ° the EIOPA in accordance with article 21 of Regulation No 1094/2010;
4 ° in the conditions defined by the implementing Directive 2009/138 / EC, the supervisory authorities responsible for the control of a significant or a related group company, branch on the understanding that their participation is limited to the realization of the objective to ensure an efficient exchange of information between supervisory authorities.
The EIOPA is considered to be a supervisory authority concerned for the purposes of this subsection.
The proper functioning of the college of supervisors may require that certain activities are conducted by a reduced number of control within the authorities.
S. 412. without prejudice to the provisions laid down by or under this Act and measures implementing Directive 2009/138/EC, the creation and operation of the college of supervisors are based on coordination agreements concluded by the Bank as a group supervisor and the supervisory authorities concerned.
Without prejudice to the provisions laid down by or under this Act and measures implementing Directive 2009/138/EC, coordination agreements referred to in paragraph 1 shall specify the procedures to be followed: 1 ° by the Bank, as the Group supervisor and the supervisory authorities concerned to take the decisions referred to in articles 374 376, 407 and 408;
2 ° for the consultation required by articles 359 and 413;
3 ° for the consultation between the Bank, in its capacity as group supervisor and the supervisory authorities concerned, including in the cases referred to in articles 343-357, 360-362, 368, 369, 388 to 406, 421, 445 to 448.
4 ° for cooperation with other supervisory authorities concerned control authorities.
Without prejudice to the rights and duties conferred upon the Bank, in its capacity as controller of the group, and to the relevant supervisory authorities, by or under this Act and the implementing of the Directive 2009/138/EC, coordination arrangements may entrust additional tasks to the Bank, in its capacity of controller of group , or other control or the EIOPA authorities when the result is a more effective control of the Group and as far as the activities of control of the members of the college of supervisors, for what is their individual responsibility, are not hindered.
S. 413. when a concerned supervisory authority seized the EIOPA in application of article 248, paragraph 4, subparagraph 2 of Directive 2009/138/EC, the Bank, in its capacity as controller of the group, stops its final decision on the divergence of views regarding a coordination agreement entered into pursuant to article 412, within a period of two months from the receipt of the notice of the EIOPA. It takes its final decision in accordance with the decision of the EIOPA. It shall transmit its decision to the supervisory authorities concerned.
S.
414. the Bank as the Group supervisor immediately convenes a meeting of all authorities to control at least in the following circumstances: 1 when it has knowledge of the existence of a serious breach of the requirement for the solvency capital requirement or a violation of the requirement for a minimum of required capital, the head of an insurance undertaking or of reinsurance included in control at the level of the Group;
2 ° when it finds a significant departure from the solvency capital at the level of the group, calculated on the basis of consolidated data, or the solvency capital requirement of the Group on an aggregated basis, according to the method of calculation applied in accordance with articles 372-380.
3 ° when it is aware of any other exceptional circumstance.
S. 415. the Bank, in its capacity as group supervisor, shall transmit to the EIOPA information relevant to the review of the functioning of colleges of supervisors, the EIOPA carried out in accordance with article 248, paragraph 6 of Directive 2009/138/EC. It also transmits information on the difficulties encountered in this operation.
S. 416 § 1. The Bank, as the relevant supervisory authority, participates in the college of supervisors established in accordance with article 248, paragraph 2, of the Directive 2009/138/EC, by a supervisory authority of another State member as controller of group.
It cooperates with the Group supervisor to the extent required for the purposes of the execution of the tasks entrusted to it pursuant to article 248, paragraph 1 of Directive 2009/138/EC and its implementing measures. When the Group supervisor fails referred to above, the Bank may seize the EIOPA and request its assistance in accordance with article 19 of Regulation No 1094/2010.
In case of divergence of views with the Group supervisor or another control authority concerned concerning the coordination agreement governing the creation and functioning of the college of supervisors in which it participates, the Bank, in its capacity as supervisory authority concerned, may seize the EIOPA and request its assistance in accordance with article 19 of Regulation No 1094/2010.
In addition, the Bank, as an supervisory authority responsible for the control of a significant branch or an undertaking linked within the Group may, under the conditions defined by the Directive 2009/138/EC implementing measures, participate in the college of supervisors put in place to facilitate the supervision at the level of the said group. In this case, its involvement is limited to the realization of the objective to ensure an efficient exchange of information between authorities

control.
§ 2. The Bank shall immediately convene a meeting of the college of supervisors at least in the following circumstances: 1 when it has knowledge of the existence of a serious breach of the requirement for the capital of solvency or a violation of the requirement for minimum capital required, the head of an insurance undertaking or of reinsurance under Belgian law included in the control at the level of the Group;
2 ° when it has knowledge of any other exceptional circumstance.
Sub-section III. -Cooperation and exchange of information between supervisory authorities art. 417. the Bank, either as controller of the group or supervisory authority concerned, cooperates closely with the supervisory authorities of the of insurance or reinsurance undertakings forming part of a group of insurance or reinsurance, in particular in cases where an insurance or reinsurance undertaking is experiencing financial difficulties.
It can communicate, initiative or on request, or ask the supervisory authorities of relevant information when they are relevant to allow and facilitate the exercise of the tasks of control entrusted to him or to those authorities under Directive 2009/138/EC or its implementing measures.
The information referred to in this paragraph include, without limitation, information concerning actions of the Group and the supervisory authorities, as well as the information provided by the group.
If an authority referred to in paragraph 1 fails to communicate relevant information, or if a request for cooperation of the Bank, in particular for the exchange of relevant information, is released or is not followed up within a period of two weeks, the Bank may seize the EIOPA in accordance with article 19 of Regulation No 1094/2010.
S. 418. the Bank, in his capacity as group supervisor, transmits to the relevant supervisory authorities and the EIOPA information concerning the Group of insurance or reinsurance, in accordance with articles 95 and 96 and the sub-section V of this Section, in particular on its legal structure, its system of governance and its organizational structure.
S. 419. when the Bank is not the controller of the group appointed in application of article 407, it can be invited by the Group supervisor, to ask a parent under Belgian law undertaking any information useful for the exercise by the Group supervisor of its rights and obligations of coordination defined by Directive 2009/138/EC and its implementing measures , and the transmit.
When the Bank is the controller of the group in accordance with article 407 and the parent undertaking has its head office in one Member State other than the Belgium, the Bank may invite the supervisory authority of that Member State to ask the parent undertaking any information useful for the exercise of its rights and obligations of coordination defined by the present law , Directive 2009/138/EC and its implementing measures, and the transmit.
S. 420 when an insurance undertaking or reinsurance under Belgian law and a credit institution or an investment firm or both, are directly or indirectly related or have a common participating undertaking, the Bank works closely with the supervisory authorities of that credit institution or investment firm.
Without prejudice to their respective competences, the Bank may communicate, initiative or on request, or ask those authorities any information likely to enable and facilitate the exercise of their respective tasks and to allow monitoring of activity and the financial situation of all undertakings subject to their supervision.
Sub-section IV. -Consultation between supervisory authorities art. 421. without prejudice to sub-section III of this Section, the Bank consults, within the college of supervisors, the supervisory authorities of the of insurance or reinsurance undertakings included in the control at the level of the group, before taking one of the following decisions: 1 ° changes in the structure of the shareholding, organization or management of an insurance or reinsurance undertaking which require the approval or authorisation of the Bank; and (2) the extension of the period of recovery in accordance with article 510;
3 ° the major sanctions and exceptional measures taken by the Bank, including the application of an additional capital requirement in addition to the solvency capital in accordance with article 323 and the application of any restriction of the use of an internal model for the calculation of the solvency in accordance with articles 167-188 capital.
4 ° any decision based on information received from another control authority.
The Bank may decide to not operate consultation referred to in paragraph 1 in case of emergency or when this consultation could jeopardize the effectiveness of its decision. In this case, the Bank shall immediately inform the supervisory authorities concerned as soon as it has taken its decision.
By way of derogation from paragraph 2, the Bank should always consult the Group supervisor when it intends to take a decision referred to in paragraph 1, 2 ° or 3 °.
Section V. - Information to be provided for the purposes of the exercise of control at the level of the arts group 422. § 1. Business insurance or reinsurance, insurance holding companies and mixed financial companies, their subsidiaries and all other companies included in the control at the level of the group, provide to the Bank, in its capacity as controller of the group, all the information necessary for the purposes of the exercise of the control tasks entrusted to the controller of the group by or under this Act , as well as the information necessary for taking any appropriate action which calls the exercise of the rights and duties of the Group supervisor monitoring at the level of the group.
§ 2.
For the purposes of paragraph 1, the Bank may: 1 ° define, on an individual basis or by way of a regulation in accordance with article 12bis, paragraph 2, of the law of 22 February 1998, the nature, the scope, format, frequency and the arrangements for the transmission of the information referred to in paragraph 1 of which requires communication on the part of the undertakings referred to in paragraph 1 at the following times (: a) at times predefined;
(b) when predefined events occur;
c) during investigations concerning the situation of an insurance undertaking or of reinsurance because of its inclusion in the control at the level of the group.
2 ° information relating to the contracts held by intermediaries or contracts entered into with third parties;
3 ° require information on the part of external experts;
4 ° prescribing the regular transmission of encrypted or descriptive information other than those referred to in paragraph 1, where such information is necessary for the verification of compliance with the provisions of this Act or of the orders and regulations made pursuant to it.
Article 312, § 3, is applicable to the information referred to in paragraphs 1 and 2.
§
3. The information referred to in paragraphs 1 and 2 shall comply with the following principles: 1 ° they reflect the nature, the scope and complexity of the activities of the Group of insurance or reinsurance and including the risks inherent in its activities;
2 ° they are accessible, complete for all which is important, comparable and consistent in duration;
3 ° they are relevant, reliable and understandable.
S. 423. Notwithstanding the predefined times referred to in article 422, § 2, a), the Bank, in its capacity as group supervisor, can limit the regular communication of information for the purposes of control of frequency that is less than a year at the level of the group, therefore that all the insurance or reinsurance undertakings included in control at the level of the group benefit from the application of section 313 having regard to the nature, magnitude and complexity of the risks inherent to the activity of the group.
S. 424. the Bank as the Group supervisor may dispense with the obligation to communicate information post-by-post at the level of the group, since all insurance or reinsurance undertakings included in control at the level of the group benefit from the application of Section 314, given the nature, magnitude and complexity of the risks inherent to the activity of the group as well as to the objective of financial stability.
S.
425 when she needs to information referred to in articles 422, 423 and 424, which were already provided to another control authority, the Bank, in its capacity of controller of group address, insofar as possible, to the competent authority to avoid any duplication in the head of the company in the provision of information to the various authorities involved in supervision at the level of group.
S.
426. companies that are not included in control at the level of the group in accordance with article 349, are required to communicate to the Bank, in its capacity as group supervisor all information and information that it considers necessary for the exercise of control at the level of the group.
The companies control, solely or jointly with others, an insurance or reinsurance undertaking under Belgian law, as well as the subsidiaries of these companies, are obliged, if these companies and these subsidiaries are not included in the control at the level of the group,

communicate to the Bank and the other supervisory authorities concerned information and information relevant to the exercise of control of the insurance or reinsurance undertaking.
S. 427. without prejudice to articles 422-426, the Bank may if contacted directly to the companies of the group for the information necessary for the exercise of control at the level of the group when such information has been requested from the insurance or reinsurance undertaking subject to the control of the groups and that this company is not communicated this information within a reasonable time.
S.
428 § 1. The Bank may carry out on-site inspections and take notice and copy, without moving, any information held by the insurance or reinsurance undertaking subject to scrutiny at the level of the group, by its related undertakings, by its parent undertaking or by its parent company-related firms, to verify compliance with the provisions laid down in or under this chapter as well as enforcement of Directive 2009/138 / EC and in particular, to verify its correct and full information referred to in articles 422, 423 and 424. Article 304 shall apply.
At the expense of these companies, it can load the Commissioner of such undertakings or an expert appointed by it for that purpose, carry out these verifications.
Articles 305, 306 and 307 are applicable.
§ 2. When the undertakings referred to in paragraph 1 have their head office in another Member State, the Bank asked the supervisory authority of that Member State to carry out the inspection on site. The Bank conducts itself this inspection if it has received the authorization of the supervisory authority of that Member State.
When the latter performs the inspection itself, or means a reviewer or an expert for this purpose, the Bank may nevertheless, if it so wishes, participate.
When the request made by the Bank in accordance with paragraph 1 has not been followed by effect within a period of two weeks, or when she sees herself in practice prevented to attend the inspection on the spot, the Bank may seize the EIOPA and request its assistance in accordance with article 19 of Regulation No 1094/2010.
§
3. When the undertakings referred to in paragraph 1 have their head office in a third country, the terms of the on-site audit are settled in cooperation agreements which the Bank concludes with the authorities of third countries concerned, where appropriate in accordance with article 36/16, § 2, of the law of 22 February 1998 or that the Commission European has concluded in accordance with the provisions of article 264 of the Directive 2009/138 / EC.
S. 429. § 1. When the control at the level of the Group of insurance or reinsurance is exercised by one authority which is a Member State, other than the Belgium, insurance or reinsurance undertakings, insurance holding companies and mixed financial companies and their subsidiaries under Belgian law shall inform that supervisory authority information and information that it deems necessary for the exercise of the control tasks entrusted to him in his capacity as controller of group in accordance with the Directive 2009/138/EC and its implementing measures.
When this authority is governed by the law of a third country and that the obligation to provide information is the result of cooperation agreements concluded by the Bank or the European Commission in application of article 264 of the Directive 2009/138/EC, paragraph 1 shall apply by analogy.
§ 2. When the control at the level of the insurance or reinsurance group is performed by a supervisory authority which belongs to one Member State, other than the Belgium, this authority may, with a view to verifying compliance with the provisions laid down by or pursuant to this chapter as well as enforcement of Directive 2009/138 / EC, carry out on-site in companies under Belgian law referred to in paragraph 1 verification of information and information it has received, or may load approved Commissioners or experts approved by them to do so. The provisions of article 428, paragraph 2, shall apply by analogy.
When this authority governed by the law of a third country, the provisions of article 428, paragraph 3, shall apply by analogy.
Sub-section VI. -Control assimilated art. 430. the provisions of articles 330 to 337 on the functions of Commissioner approved an insurance or reinsurance undertaking shall apply by analogy to insurance or reinsurance undertakings subject to supervision at the level of the group in accordance with article 343.
S. 431 § 1. In a society holding in a joint financial company under Belgian law included in a control at the level of the Group exercised by the Bank, the Commissioner functions referred to in the Code of corporations or insurance are performed by one or more reviewers or one or more auditors companies, which, in accordance with article 327, are approved by the Bank for the functions of Commissioner in an insurance or reinsurance undertaking. Articles 325 to 329 shall apply by analogy.
§
2. The Commissioners appointed from a holding company of insurance or a mixed financial holding company referred to in paragraph 1, lend their cooperation to the exercise of control at the level of the group which is responsible for the Bank, under their personal and exclusive responsibility and in accordance with this paragraph, the rules of the profession and the instructions of the Bank.
S. 432. the Commissioners in a company referred to in article 431 assess the adequacy of the level of the Group's internal control measures referred to in article 42 § 1, 2 °, and they report their findings to the Bank.
S. 433. the approved Commissioners in a company referred to in article 431 shall report to the Bank on the results of the limited review of the periodic statements sent by the insurance holding company or mixed financial company to the Bank at the end of the first half of social, confirming that they have no knowledge of facts which it would appear that these periodic States do not have under all significantly material respects, been in accordance with the requirements laid down by or under the Act, enforcement of Directive 2009/138/EC and the instructions of the Bank.
They also confirm that periodic financial statements closed at the end of semester are, for what is accounting data contained therein, complete and correct and are in all respects significantly important, consistent with accounting and inventories, in the sense that they are: 1 ° complete, that is, they mention all the data contained in the accounts and inventories on the basis of which they are established (2) correct, i.e. that they are exactly consistent with accounting and inventories on the basis of which they are established.
They confirm also have no knowledge of facts which it would appear that periodic States arrested at the end of semester have not been established, to the accountancy data contained therein, by applying the rules of accounting and assessment that led to the establishment of periodic financial statements relating to the last year. The Bank may specify what in this case is the periodic States referred.
S. 434. the approved Commissioners in a company referred to in article 431 also report to the Bank on the results of the control of the periodic statements sent by the insurance holding company or mixed financial company to the Bank at the end of financial year, confirming that these interim statements are, in all respects significantly important, established in accordance with the requirements laid down by or pursuant to the Act Directive 2009/138/EC implementing measures and instructions of the Bank.
They confirm also that periodic States arrested at year-end are, for what is accounting data contained therein, under all respects significantly important, consistent with accounting and inventories, in the sense that they are: 1 ° complete, that is, they mention all the data contained in the accounts and inventories on the basis of which they are established (2) correct, i.e. that they are exactly consistent with accounting and inventories on the basis of which they are established.
They also confirm that the periodic States arrested year-end have been established, for the accountancy data contained therein, by applying the rules of accounting and evaluation for the preparation of the annual accounts.
The Bank may specify what in this case is the periodic States referred.
S. 435. the approved Commissioners in a company referred to in article 431 are the Bank, at its request, special reports on the Organization, activities and financial structure at the level of the Group of insurance or reinsurance, reports whose preparation costs are borne by the insurance holding company or mixed financial company.
S. 436. in the framework of their tasks in an undertaking referred to in article 431, or a mission revisorale from a company linked to such an enterprise, Chartered Auditors are own-initiative report to the Bank as soon as they find decisions, facts or, where appropriate, the developments: 1 ° that influence or may influence significantly the situation of the Group of insurance and reinsurance in financial terms or in terms of its administrative and accounting organization or its internal control;
2 ° that can

result in non-compliance with the provisions relating to the solvency capital requirement at group level;
3 ° which may constitute violations of the Code of corporations, statutes, this Act and the orders and regulations for its implementation with regard to the insurance holding company or mixed financial holding company;
4 ° which may result in refusal or reservations on certification of the consolidated accounts.
S. 437. Chartered Auditors shall communicate to the leaders of the insurance or reinsurance undertaking reports they send to the Bank in accordance with article 435. These communications are subject to section 306.
They shall transmit to the Bank copy of communications they make to these leaders and which relate to matters likely to be of interest to the control exercised by it.
S. 438. no civil, criminal or disciplinary action may not be brought or professional sanctions pronounced against Chartered Auditors who proceeded in good faith to information referred to in article 436.
S. 439. when the parent undertaking insurance or reinsurance under Belgian law undertaking is an insurance holding company or a mixed financial holding company which the registered office is established in another Member State and included in the control at the level of the Group exercised by the Bank, the mission defined in articles 432-436 is exercised by analogy by the Commissioner-designate with a task comparable to that company insurance holding company or mixed financial holding company. In the absence of such a Commissioner, the mission referred to in articles 432-436 is exercised by the Commissioner-designate with the subsidiary insurance or reinsurance under Belgian law undertaking by the mixed financial holding company or insurance holding company.
S. 440. the Commissioners from insurance or reinsurance undertakings, of holding companies of insurance or financial companies mixed Belgian pursuant to sections 430 and 431, for the exercise of their mission, as referred to in these articles, have access to and may take knowledge of all documents and parts from both of the subsidiaries included in the control at the level of the Group companies referred to in article 349.
The provisions of article 35 of the law of 22 February 1998 apply in what concerns the information they have read in pursuance of paragraph 1.
Sub-section VII. -Measures prudential s. 441. when the insurance or reinsurance undertakings under Belgian law subject to control at the level of the group, conform to the requirements laid down in or under this chapter or measures implementing Directive 2009/138/EC, or when these requirements are met but the solvency of the group risk nevertheless be compromised, or where the intra-group transactions or risk concentrations threaten the financial situation such insurance or reinsurance companies , the Bank, in its capacity as group supervisor takes, 1 ° with respect to the insurance undertaking or of reinsurance participating under Belgian law, the measures referred to in Title VI of this Act that are necessary to be remedied as soon as possible to the observed situation;
2 ° with respect to the holding company of insurance or the financial mixed enterprise parent company under Belgian law, the measures referred to in articles 508, § 1, and 517, § 1, 1 ° to 5 °, which are needed to be remedied as soon as possible to the observed situation.
When, in the situation referred to in paragraph 1, the Bank is not the controller of the group, it takes measures that are targeted, respectively, with respect to the insurance undertaking or reinsurance or the insurance holding company or mixed financial company, at the request of the controller of the group or on its own initiative, taking into account the findings made by the Group Supervisor with respect to the provisions applicable to these entities.
If applicable, the Bank coordinates the measures taken pursuant to this section with the supervisory authorities concerned, including, as appropriate, with the controller of the group.
S. 442 when the Bank, in its capacity as controller of the group, noted that the insurance or reinsurance undertakings having their registered office in a Member State other than the Belgium and subject to scrutiny at the level of the group that she is responsible for exercising, conform to the requirements laid down by Directive 2009/138 / EC or by its implementing measures , or when these requirements are met but that the solvency of the Group may still be compromised, or where the intra-group transactions or risk concentrations threaten the financial situation of such insurance or reinsurance companies, it communicates its findings to the supervisory authority of the Member State in which, according to the case, the insurance or participating reinsurance undertaking or the insurance holding company or the parent company joint financial company is headquartered so that this supervisory authority to take the measures provided for in its national legislation that are necessary to be remedied as soon as possible to the observed situation.
Section IV. -Insurance holding and financial companies mixed s. societies 443. without prejudice to article 348, sections 39, 40, 41, 45, §§ 1, 3 and 4, 46, §§ 1, 3 and 4, 47, 64-72, 81, 82, 83, 93 and 94 shall apply by analogy to any Belgian law insurance holding company and any financial composite company under Belgian law included in control on the level of group.
Without prejudice to article 441, articles 508, § 1, and 517 are applicable to the holding company of insurance under Belgian law and the mixed financial holding company under Belgian law in the event of breach of the provisions referred to in paragraph 1.
S. 444. the Bank, in its capacity as group supervisor, establishes the list of insurance holding companies in control at the level of the Group exercised by it.
It communicates this list to the other Member States, the EIOPA supervisory authorities and the European Commission.
Section V. - Parent undertakings having their registered office in a third country article 445 when the insurance or reinsurance undertaking parent undertaking is an insurance holding company, a financial composite company of a third country or an insurance undertaking or reinsurance of a third country, the Bank, when it is the supervisory authority who would play the role of group supervisor if the criteria set out in article 247, paragraph 2, of the Directive 2009/138/EC should apply (hereinafter referred to as "controller group f.f.") checks if this insurance or reinsurance undertaking is subject to scrutiny by an authority of third countries, equivalent to that provided for in title III of Directive 2009/138/EC for insurance undertakings participating reinsurance, and insurance and reinsurance companies whose parent undertaking is an insurance holding company or a mixed financial holding company headquartered is situated in a Member State.
The Bank performs the check referred to in paragraph 1 when the European Commission has not adopted Act delegated pursuant to article 260, paragraph 3 or 5 of Directive 2009/138/EC determining the equivalence of the prudential regime of the third country concerned, established by title III of the Directive 2009/138/EC. It acts at the request of the parent undertaking or the undertaking of insurance or reinsurance subsidiary, or on its own initiative.
For the purposes of the verification provided for in paragraph 2, the Bank, in his capacity as controller f.f. of the group, shall be assisted by the EIOPA in accordance with article 33, paragraph 2, of Regulation No. 1094/2010. It shall consult the supervisory authorities concerned before deciding on the equivalence. The decision is made on the basis of the criteria adopted pursuant to article 260, paragraph 2, of the Directive 2009/138/EC.
The Bank, in its capacity as controller f.f. of group takes no decision in respect of a third country which opposes a decision made previously in respect of that third country, unless it is necessary to take account of the significant changes in the system of control established by Directive 2009/138 / EC or in control of the third country regime.
S. 446. pursuant to article 260, paragraph 1, subparagraph 4 of Directive 2009/138/EC, the Bank may seize the EIOPA and solicit his assistance, in accordance with article 19 of Regulation no 1094/2010, when it is in case of disagreement with the decision taken by the controller f.f. of the Group on the equivalence of the prudential supervision of a third country regime.
S. 447. in the case of equivalence of control, within the meaning of article 260 of the Directive 2009/138/EC, the Bank relies on the control at the level of the Group exercised equally by the authorities of third countries, on the understanding that articles 441 and 442 and Sections III and IV of this chapter shall apply by analogy to the cooperation with the authorities of third countries.
Paragraph 1 is also applicable in the event of temporary equivalency determined by the Commission European pursuant to article 260, paragraph 7 of the Directive 2009/138/EC, unless an insurance undertaking or reinsurance situated in a Member State presents a balance-sheet total greater than the balance sheet total of the parent undertaking situated in a third country. In this case, the task of group supervisor shall be exercised by the f.f. group controller.
S. 448. § 1. Absence of control equivalent within the meaning of article 260 of the Directive 2009/138/EC,

the Bank, in its capacity as group supervisor, applies to the business of insurance or reinsurance undertaking the parent undertaking of which is an insurance holding company, a mixed financial holding company of a third country or an insurance undertaking or reinsurance of a third country, in a similar manner the provisions laid down by or pursuant to this chapter.
The General principles and methods described in the Sections I to IV of this chapter shall apply at the level of the holding company of insurance, the mixed financial holding company or the insurance or third-country reinsurance undertaking.
For the sole purpose of calculating the solvency of group, the parent company qualifies as an insurance or reinsurance undertaking subject to the same conditions as those laid down in articles 140 to 150, with regard to own funds eligible to cover the solvency capital required and one of the following requirements: 1 ° a capital solvency determined in accordance with the principles of article 366 if it is a holding of insurance or a mixed financial holding company;
2 ° a solvency capital requirement determined in accordance with the principles of article 367 is an insurance undertaking or reinsurance of a third country.
§ 2. By way of derogation from paragraph 1, the Bank, as a group supervisor, is empowered, in consultation with the supervisory authorities concerned, to apply other methods ensuring proper control of the insurance undertaking or of reinsurance referred to in paragraph 1 and to the achievement of the control objectives at the level of the group in accordance with title III of Directive 2009/138 / EC.
The Bank may, in particular, require the establishment of an insurance holding company having its registered office in the European economic area or a mixed financial holding company, having its registered office in the EEA European and apply this chapter to the business of insurance or reinsurance the group led by the insurance holding company or this company mixed financial holding.
The Bank shall communicate to the relevant supervisory authorities and the European Commission any decision taken pursuant to this paragraph.
S. 449. when the parent undertaking referred to in article 445 is itself a subsidiary of a holding company of insurance or a mixed financial holding company, having its registered office in a third country or of an insurance undertaking or reinsurance of a third country, the Bank, in his capacity as controller group f.f., perform the verification under article 445 only at the level of the company mother superior, who is a third-country insurance holding company a mixed financial holding company of a third country or an insurance or third country reinsurance undertaking.
The Bank, in its capacity as controller f.f. of group, may, however, in the absence of an equivalent control within the meaning of article 260 of Directive 2009/108 /, conduct a new audit at a lower level where there is a parent undertaking of insurance or reinsurance undertakings, whether at the level of an insurance holding company of a third country, a financial composite company of a third country or an insurance or third country reinsurance undertaking. It explains its decision to the group.
Article 448 is applicable by analogy.
Section VI. -Mixed arts insurance holding companies 450 § 1. When one or more insurance undertakings or reinsurance under Belgian law has as a parent undertaking a joint insurance holding company, the Bank may request all the data and information it deems necessary for the exercise of its control on individual basis and at the level of the group, these insurance or reinsurance, or directly to the joint insurance holding company, or through insurance or reinsurance subsidiaries companies. In the latter case, the mixed-activity insurance holding company remains with the insurance or reinsurance undertaking reporting, responsible for correctness and timely communication of the information provided.
If the insurance referred to in paragraph 1 of the joint holding company is a company under Belgian law, it has an administrative and accounting organization and an adequate internal control to ensure that the information and information are correct and comply with the rules.
§ 2. The Bank can control on-site data and information provided in accordance with paragraph 1.
If the joint holding of insurance or a subsidiary company is established in one Member State other than the Belgium, on places information is controlled according to the procedure set out in article 429.
If this joint holding of insurance or a subsidiary company is a credit institution or an investment firm, the procedure set out in article 420 can also be applied.
When the joint insurance holding company or any of its subsidiaries has its head office outside the European economic area, the implementing of the provisions of paragraph 1 are adjusted in cooperation agreements which the Bank concludes with the authorities of third countries, where appropriate in accordance with article 36/16, § 2, of the law of 22 February 1998 or that the Commission European has concluded in accordance with the provisions of article 264 of the Directive 2009 /. 138 / THIS.
§
3. The Bank can verify its correct and full information and information communicated pursuant to paragraph 1: 1 ° where the enterprise reporting is a company under Belgian law, by the Commissioner of this undertaking;
2 ° when the company reporting has established its headquarters in outside of Belgium, by the auditor of the insurance undertaking or of reinsurance under Belgian law as the mixed-activity insurance holding company a subsidiary.
As regards information and intelligence from mixed companies and their subsidiaries, the right referred to in section 440 applies by analogy to Chartered Auditors.
§ 4. The information and particulars referred to in paragraph 1 must allow the Bank to assess, inter alia, the strength of insurance or reinsurance undertaking, the influence of the mixed activity insurance holding company on the management of the subsidiary insurance or reinsurance undertakings, and the business operations of insurance or reinsurance with the mixed-activity insurance holding company.
§
5. Insurance or reinsurance undertakings referred to in paragraph 1 have the risk management process, as well as adequate internal control mechanisms, including sound information and accounting procedures to detect, measure, monitor and control appropriately transactions with their parent insurance joint holding company and it-related businesses. They say all the significant transactions with these entities. These procedures and transactions of significant importance are under scrutiny by the Bank.
Articles 390, 391, 417-430, 441, paragraphs 1, 2, 2 and 3, and 442 shall apply by analogy.
If the nature and extent of the transactions referred to in paragraph 1 adversely affect the financial situation of the insurance undertaking or of reinsurance under Belgian law subsidiary, the Bank takes appropriate action. Without prejudice to other possible measures, it may require an end to these operations.
CHAPTER III. -Supplementary supervision of conglomerates Section Ire. -Cases of application, scope and levels of supplementary supervision of conglomerates sub-section Ire.
-Cases of application of supplementary supervision of conglomerates s. 451. to the extent and in the manner provided by this chapter and its orders and regulations, the insurance undertakings or reinsurance under Belgian law: 1 ° who are at the head of a financial conglomerate; or 2 ° where the parent undertaking is a joint financial company with its headquarters in a Member State shall be subject to supplementary supervision of conglomerates.
If several regulated companies are subsidiaries of the mixed financial holding company referred to in paragraph 1, 2 °, the supplementary supervision conglomerates applies only to the insurance or reinsurance undertaking under Belgian law, provided that the Bank is responsible for the supplementary supervision pursuant to article 471 conglomerates.
Supplementary supervision of conglomerates does not prejudice the individual control of any regulated company that falls within the scope of the supplementary supervision of conglomerates, unless otherwise provided by or under this chapter. It can however be taken into account the implications of the supplementary supervision conglomerates in determining the content and the terms of individual control of insurance or reinsurance undertakings.
S. 452. § 1. To determine whether a group is a financial conglomerate within the meaning of article 340, 2 °, the thresholds laid down in the following paragraphs shall apply.
§ 2. The activities of a group are deemed practice mainly in the financial sector within the meaning of article 340, 2 °, b), i), if the relationship between the CCA total companies in the group belonging to the financial sector and the total of the common assessment of all of the companies in the group exceeds 40%.
§ 3. The business activities of a group that are part of the same financial sector are deemed to be significant within the meaning of section 340, 2 °, a), iii) or b), iii) if

1 ° either the average of the following two reports is greater than 10%: the ratio between the total of the common assessment of all of the companies in the group that are part said even financial sector and the total of the common assessment of all of the companies in the group that belong to the financial sector and the relationship between the common solvency requirements of all companies in the group that are part said even financial sector and the common solvency requirements of all the Group companies that belong to the financial sector;
2 ° for the total of the common assessment of the companies that are part of the sector financial least important in the group exceeds EUR 6 billion.
For the purposes of paragraph 1: 1 ° banking and investment services sector are aggregated and considered as part of the same financial sector;
2 ° the least important financial sector in a financial conglomerate means financial sector which presents the lowest average and the most important financial sector in a financial conglomerate means sector which presents the highest average.
§ 4. The authorities competent relevant may decide, by mutual agreement, not to consider a group as a financial conglomerate, or not to apply the provisions of articles 7, 8 and 9 and 9A of Directive 2002/87/EC, if they consider that the inclusion of the group in the scope of supplementary supervision of conglomerates or the application of these provisions is not necessary , or inappropriate or confusing with regard to the complementary of the conglomerates and the monitoring objectives, in the following cases: 1 ° if the group reaches the threshold referred to in paragraph 3, paragraph 1, 2 °, but the average referred to in paragraph 3, paragraph 1, 1 °, not more than 10%;
2 ° If the group reaches the average referred to in paragraph 3, paragraph 1, 1 °, but the least important sector remains under the EUR 6 billion amount referred to in paragraph 3, paragraph 1, 2 °.
The decisions which are taken pursuant to paragraph 1 shall be communicated to other competent authorities, and these are published, except in exceptional circumstances, by the competent authorities.
§ 5. For the application of paragraphs 2 to 4, competent relevant authorities may decide by mutual agreement: 1 ° do not include an undertaking in the calculation of thresholds, for the same reason that this company may, pursuant to article 458, § 2, not be included in the calculation of the solvency requirements, except in the case where the entity was transferred from a Member State to a third country and where there are indications that it has changed location
solely to avoid regulation;
2 ° a financial conglomerate should be considered to be a group that does more meet the thresholds laid down in paragraphs 2 to 4, but that has met for three consecutive years, so as to avoid a sudden change of monitoring regime, or to take another decision, or even to reconsider an earlier decision, if significant and lasting of the structure of the Group;
3 ° to exclude one or more participations in the least important sector if these participations are decisive for the identification of a group as a financial conglomerate and, collectively, they present a negligible interest with respect to the objectives of supplementary supervision.
If a group is called a financial conglomerate in accordance with paragraphs 2 to 4, the decisions referred to in paragraph 1 of this paragraph are taken on the basis of a proposal from the Bank if it is Coordinator.
§ 6.
For the application of paragraph 2 and paragraph 3, paragraph 1, 1 °, the authorities competent relevant may, in exceptional cases and by mutual agreement, replace or supplement the parameter based on the total of the common assessment by one of the parameters or by several of them, if they feel that these parameters, in relation to the objectives of the supplementary supervision of conglomerates better reproduce the activity of the Group; These parameters are the structure of income, off-balance sheet of the group activities and total assets under management. The Bank, in its capacity as Coordinator, sets the mode of calculation of these parameters.
§ 7. If a financial conglomerate submitted the supplementary supervision no longer meets one or more of the thresholds laid down in paragraphs 2 to 4, these thresholds are replaced for the next three years, by the following thresholds: 40% becomes 35%, 10% gets 8% and EUR 6 billion becomes 5 billion euros, in order to avoid sudden changes of regime.
By way of derogation from paragraph 1, the Bank, in its capacity as Coordinator, may decide, with the agreement of the other authorities competent relevant, of do not or no longer apply these lower thresholds during the aforementioned period of three years, taking account of the objectives of the supplementary supervision of conglomerates.
§ 8. Calculations the total of CCA, as referred to in this article are carried out on the basis of the total aggregated balance sheet of the companies forming part of the group, from their latest annual accounts, according to the rules defined by the Bank if it Coordinator. Companies in which the Group holds stakes are taken into account up to the amount of their balance sheet total corresponding to the aggregated proportional share held by the group. If, for a particular group or the parts of the Group consolidated accounts are established, calculations are made from these accounts.
The solvency requirements referred to in this section are calculated according to the provisions of sectoral legislation that is applicable to the regulated undertakings.
§
9. The competent authorities are reassessing the exemptions to the application of supplementary supervision of the conglomerate on an annual basis and examine quantitative indicators provided for in this section and assessments, based on the risks, financial groups.
S. 453 § 1.
The bank checks if the insurance or reinsurance undertakings authorised in accordance with Belgian law, are part of a financial conglomerate. It operates to this end in close collaboration with the competent authorities of other regulated firms belonging to this group are approved in accordance with European law. If the Bank considers that the group in question is a financial conglomerate and that the latter is not already subject to supplementary supervision of conglomerates, it shall so inform the other authorities competent relevant and the Joint Committee.
§ 2. The Bank, in its capacity as Coordinator, shall inform the parent undertaking the group or, in the absence of parent undertaking, the regulated utility that displays the balance sheet total the highest in the financial sector the most important group, the fact that the Group has been identified as a financial conglomerate and that it has been designated as Coordinator.
It shall inform also the competent authorities of the other regulated firms belonging to this group that are approved in accordance with European law, the competent authorities of the State in which the mixed financial holding company has its head office, the Joint Committee, and, if it deems necessary in relation to the objectives of the supplementary supervision of conglomerates, the authorities of third countries.
Subsection II. -Scope of the supplementary supervision of conglomerates s. 454. the insurance or reinsurance undertakings referred to in article 451 meet the requirements referred to in articles 459 to 467 at the level of the financial conglomerate. The scope of the supplementary supervision of conglomerates corresponds to all companies, regulated or not, that are part of the group as defined in article 340, 1 °, taking as point of departure the insurance or reinsurance undertaking which is located at the head of the financial conglomerate or joint financial company whose headquarters is established in the European economic area.
S. 455. the supplementary supervision of conglomerates does not entail the exercise of an individual control on a mixed financial holding company, or any other company within the scope of this surveillance.
Sub-section III. -Levels of supplementary supervision of conglomerates s. 456. where a financial conglomerate is itself part of another financial conglomerate under a supplementary supervision of conglomerates, the Bank, in its capacity as Coordinator, may exempt, in whole or in part, the insurance or reinsurance undertakings referred to in article 451, which belong to the subgroup of supplementary supervision of conglomerates if the latter objectives are met sufficiently by the supplementary supervision exercised on the other financial conglomerate.
Section II. -Supplementary supervision of conglomerates sub-section Ire areas. -Supplementary supervision of solvency s. 457. the insurance or reinsurance undertakings referred to in article 451 are subject to supplementary supervision of the solvency at the level of the group.
Supplementary supervision focuses on: 1 ° the compliance with the requirement that the own funds are permanently available at the level of the financial conglomerate and at least equal to the solvency requirements; the own funds and the solvency requirements at the level of the financial conglomerate shall be calculated according to one of the methods set out in annex V, and in compliance with the provisions and principles in the regulation 342/2014;

2 ° the adequacy of management and procedures of the internal control mechanisms relating to the solvency of the group, in accordance with the provisions of sub-section V of this Section;
3 ° the adequacy of equity strategies.
The requirements referred to in paragraph 1 fall within the control of the Bank, in his capacity as Coordinator, in accordance with Section IV of this chapter. It shall ensure that the calculation referred to in paragraph 1 is carried out at least once per year. The results of the calculation and the relevant data on which it is based are submitted by the insurance undertaking or of reinsurance, by the mixed financial holding company, or by a regulated company forming part of the financial conglomerate designated by the Bank after consultation with other authorities competent relevant and of the financial conglomerate.
S. 458. § 1. By derogation from the scope of the supplementary supervision of conglomerates, referred to in article 454, all companies of the group, part of the financial sector, part of supplementary supervision of solvency for the purposes of article 457, paragraph 1, 1 °.
§ 2. By way of derogation from paragraph 1, the Bank, in its capacity as Coordinator, may decide in the following cases, does not include an undertaking given in the scope of the supplementary supervision of credit referred to in article 457, paragraph 1, 1 °: 1 ° where the enterprise is located in a third country where legal barriers preventing the transfer of the necessary information without prejudice to the sectoral rules requiring the competent authorities to refuse authorisation where the effective exercise of their supervisory function is prevented;
2 ° when the company presents a negligible interest with regard to the objectives of the supplementary supervision companies regulated in a financial conglomerate;
3 ° where its inclusion is inappropriate or misleading confusion, the objectives of the supplementary supervision of conglomerates.
Where several undertakings are to be excluded in the case referred to in paragraph 1, 2 °, but there place to include that, collectively, they are of non-negligible interest.
§ 3. When the Bank, in its capacity as Coordinator, believes that an insurance or reinsurance undertaking should not be included in the supplementary supervision of conglomerates by application of paragraph 2, paragraph 1, 3 °, it consults other authorities competent relevant before adopting a decision, except in an emergency.
Subsection II.
-Supplementary supervision for concentration of risks art. 459. the insurance or reinsurance undertakings referred to in article 451 are subject to supplementary supervision of risk concentration. Without prejudice to the provisions contained in the regulation 2015/2303, supplementary supervision focuses on: 1 ° identification and reporting of significant risk concentrations;
2 ° the adequacy of management and control devices procedures internal on concentration of the Americas of the group in accordance with the provisions of sub-section V of this Section.
Surveillance focuses in particular on the following aspects: risk said of contagion in the group, the existence of conflicts of interest, circumvention of sectoral rules, and the level and extent of the risk concentration.
S.
460 § 1. The Bank sets, in his capacity as Coordinator, for the purposes of article 459, paragraph 1, 1 °, in consultation with other authorities competent relevant and after consultation of the financial conglomerate, the thresholds for identifying and reporting of each significant risk concentration within the financial conglomerate. It determines the thresholds on the basis of the following two parameters or one of these parameters only: the regulatory own funds and the technical provisions.
If no threshold has been fixed, the risk concentrations shall be deemed significant if they exceed 10% of the solvency requirement of the financial conglomerate in question.
§ 2. Without prejudice to the provisions of article 459, the Bank may, in his capacity as Coordinator, impose standards of limitation or other equivalent monitoring measures for the control of the risk concentration at the level of a financial conglomerate. In order to oppose the circumvention of the sectoral rules regarding risk concentration, it may also decide, in accordance with article 347, to apply by analogy the relevant sectoral provisions at the level of the financial conglomerate. She previously consults other authorities competent relevant.
Sub-section III. -Supplementary supervision of intra-group Art. transactions
461. the insurance or reinsurance undertakings referred to in article 451 are subject to supplementary supervision of intra-group transactions. Without prejudice to the provisions contained in the regulation 2015/2303, supplementary supervision focuses on: 1 ° identification and reporting of intra-group transactions important;
2 ° the adequacy of management and control devices procedures internal for intra-group transactions, in accordance with the provisions of sub-section V of this Section.
Surveillance focuses in particular on the following aspects: risk said of contagion in the group, the existence of conflicts of interest, circumvention of sectoral rules, and the level and extent of intra-group transactions.
S.
462. § 1. For the purposes of article 461 paragraph 1, 1 °, the Bank sets, in his capacity as Coordinator, in consultation with other authorities competent relevant and after consultation of the financial conglomerate, adequate thresholds for identifying and reporting any intra-group important. It determines the thresholds on the basis of the following two parameters or one of these parameters only: the regulatory own funds and the technical provisions.
If no threshold has been set, intra-group transactions are deemed significant if they exceed 5% of the solvency requirement of the financial conglomerate in question.
§
2. Without prejudice to the provisions of section 461, the Bank may, in his capacity as Coordinator, impose standards of limitation or other equivalent monitoring measures for the realization of the objectives of the supplementary supervision of the conglomerate in intra-group transactions. In order to oppose the circumvention of the sectoral rules on intra-group transactions, it may also decide, in accordance with article 347, to apply, by analogy, the sectoral provisions at the level of the financial conglomerate. She previously consults other authorities competent relevant.
Sub-section IV. -Reporting periodic art. 463 § 1.
For the supplementary supervision of conglomerates governed by subsections I, II and III of this Section, the following States are subject to the Bank, in his capacity as Coordinator, in the manner it shall determine, and at least twice per year: 1 ° an accounting statement on the financial situation of the financial conglomerate and including at least the balance sheet and the income statement.
2 ° a State recognizing the standards defined by or in pursuance of articles 457, paragraph 1, 1 °, 460, § 2, and 462, § 2, as well as a statement of significant risk concentrations and significant intra-group transactions referred to in articles 459, paragraph 1, 1 °, and 461, paragraph 1, 1 °.
To this end, the Bank determines, in its capacity as Coordinator, in consultation with other authorities competent relevant, categories of operations, risks and positions which must be notified for the monitoring of concentrations of risk and transactions significant intra-group; It can in this respect take account of the specificities of the structure group and structure of the management of the risks of the concerned financial conglomerate.
§
2. The States referred to in paragraph 1 shall be notified by the insurance undertaking or reinsurance, the mixed financial holding company, or a regulated company forming part of the financial conglomerate designated by the Bank after consultation with other authorities competent relevant and of the financial conglomerate.
Section V. - Procedures of risk management and internal control provisions art. 464. the insurance or reinsurance undertakings referred to in article 451 shall ensure that the financial conglomerate has procedures for managing risks and devices of internal control, as well as an administrative and accounting organization, which are adequate.
In particular, these procedures for managing risks and these internal control mechanisms must be present at the level consolidated and sous-consolidé in the parent undertakings referred to in article 451, whether the insurance undertaking or reinsurance or financial composite company at the head of the financial conglomerate, as well as in all the regulated part of the financial conglomerate so that procedures for managing risks and internal control devices are consistent and well-integrated, the influence exerted by the Group on the regulated undertakings can be assessed and that all data and information important for the supplementary supervision of the conglomerate can be obtained. These parent companies apply these procedures

risk management and internal controls in their subsidiaries unregulated.
These procedures of risk management and internal control mechanisms are also consistent and well-integrated, and these subsidiaries must also be able to provide the data and relevant information for monitoring.
S. 465. § 1. Risk management procedures include: 1 ° administration and adequate management, with approval and periodic evaluation of the strategy and policy by competent and laying bodies on all major risks at the level of the financial conglomerate;
2 ° an adequate solvency policy, which ensures particularly anticipate for the group the future consequences of the operating strategy followed on the risk profile of the Group and the solvency requirements referred to in the subsection I of this Section.
3 ° the procedures ensuring that management systems and risk tracking are sufficiently integrated to the Organization of the Group and systems used in the companies in the group are consistent between them, so that at the level of the financial conglomerate, the risk are subject to identification, monitoring and a correct master.
4 ° of the devices updated to participate to the realization and, where appropriate, in the development of mechanisms and appropriate recovery and fault resolution plans.
§
2. The internal control mechanisms include: 1 ° of the appropriate procedures for the follow-up of the solvency at the level of the group, so that all key risks to undergo identification and correct tracked and own funds are sufficient with regard to the risks involved;
2 ° the examination of the adequacy of procedures and systems for the identification, measurement, monitoring and control of intra-group transactions and risk concentration.
§
3. Insurance or reinsurance undertakings referred to in article 451 have an administrative and accounting organization that guarantees its correct and comply with the rules in force of the information and information communicated to the supplementary supervision of the conglomerate and the preparation of the annual accounts.
S. 466. the insurance or reinsurance undertakings referred to in article 451 shall ensure the transparency of the structure of the group. The insurance or reinsurance, the mixed financial holding company or a regulated undertaking forming part of the financial conglomerate that the Bank, in its capacity as Coordinator, has designated after consultation with other authorities competent relevant and with the financial conglomerate shall in this regard as follows: 1 ° they regularly communicate to the Bank the peculiarities of their legal structure, their system of organization and their management structure encompassing all regulated carriers non-regulated subsidiaries and branches of significant importance;
2 ° they publish once a year at the level of the financial conglomerate a description of the legal structure, operative organization of company and their management for the public structure and shall ensure that all regulated companies also publish this information either in full or by referring to equivalent information.
Sub-section VI. -Tests of resistance art. 467. the Bank, in its capacity as Coordinator, evaluates at least once per year the need for testing resistance at the level of the financial conglomerate. To this end, it aligns its evaluation on stress tests that are organized for the most important financial sector represented in a financial conglomerate and confers with other authorities competent relevant.
For the purposes of these tests of resistance, the Bank takes into account parameters that can identify specific risks related to financial conglomerates.
The Bank shall communicate the results of stress tests to the Joint Committee.
Sub-section VII. -Governance art. 468. § 1. When the Bank has, by virtue of article 471, supplementary supervision of conglomerates on an of insurance or reinsurance undertaking referred to in article 451, parent undertakings that article 451 which have their head office in Belgium are responsible for compliance with the obligations relating to the supplementary supervision of conglomerates.
In the exercise of coordination and the control that their obligations as umbrella companies of the financial conglomerate referred to in paragraph 1 of the parent companies enact guidelines for companies that are part of the financial conglomerate to the respect for the obligations arising from the supplementary supervision of conglomerates and the obligation to ensure the stability of the financial conglomerate. These directives cannot be contrary to the Code of corporations and its stop execution and can be injurious to control over individual basis on insurance or reinsurance undertakings forming part of the financial conglomerate.
§ 2. When the Bank has, under article 471, the supplementary supervision of conglomerates on an of insurance or reinsurance undertaking referred to in article 451 the parent undertaking of which is a mixed financial holding company which is headquartered outside the Belgium, this insurance or reinsurance undertaking shall ensure compliance by its parent undertaking of obligations relating to the supplementary supervision of conglomerates.
The insurance or reinsurance undertaking must obtain the cooperation of the parent undertaking referred to put in place a management structure appropriate that contributes to that supplementary conglomerates supervision to be exercised in the most efficient way possible, and to ensure that the influence of the parent undertaking is not contrary to the Code of corporations and its execution orders and does not affect the control on individual basis applicable to the insurance undertaking or reinsurance or to supplementary supervision of conglomerates.
§ 3. In the internal governance memorandum required under article 42, paragraph 3, should be, in regards to the level of the financial conglomerate, how satisfied the principles contained in paragraphs 1 and 2.
§
4. In the cases referred to in paragraphs 1 and 2, the responsible parent undertakings mentioned above provide the reporting required under article 463 of the Act, as well as at the request of the Bank, all additional relevant information for the exercise of the supplementary supervision of conglomerates.
§ 5. When the Bank has, under article 471, the supplementary supervision of conglomerates in cases other than those referred in paragraphs 1 and 2, it can clarify the case by case how the principles referred to in paragraphs 1 to 4 shall apply by analogy.
§ 6. For the purposes of paragraphs 1, 2 and 5, the Bank shall consult, as appropriate, other competent authorities.
§ 7. When a competent authority other than the Bank exercising supplementary supervision of conglomerates on an insurance undertaking or of reinsurance under Belgian law, it is the responsibility of that insurance or reinsurance undertaking to verify if the influence of its parent company is not contrary to the Code of corporations and its execution orders and does not affect the control on individual basis to which this insurance or reinsurance undertaking is subject.
S. 469. § 1. Management Committee, where applicable the effective management of parent undertakings referred to in article 451 of Belgian law that are included in the control group or supplementary supervision of conglomerates exercised by the Bank, said that the reports referred to in article 468, § 4 conform to accounting and inventories. It is this effect required that States are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct, that is, they are exactly consistent with accounting and inventories on the basis of which they are established. Management Committee, where applicable the effective management, confirms having made arrangements for the above States are based on the instructions in force, as well as by application of the rules of accounting and evaluation leading to the establishment of the consolidated accounts, or, as regards those States which do not relate at the end of the fiscal year, by applying the rules of accounting and assessment that led to the establishment of consolidated accounts relating to the last year.
§
2. Article 80 shall apply mutatis mutandis to the Executive Committee, as appropriate to the actual direction of the parent undertakings referred to in paragraph 1 as regards measures contained in sections 464 to 466.
S. 470. without prejudice to the principle contained in article 455, and when the supplementary supervision of the conglomerate is performed by the Bank, the following articles shall apply by analogy to the mixed financial holding company under Belgian law: articles 39, 40, 41, 45, §§ 1, 3 and 4, 46, §§ 1, 3 and 4, 47, 64-72, 81, 82, 83, 508, § 1, and 517.
Section III. -Exercise of the supplementary supervision of conglomerates sub-section Ire. -Determination of the co-ordinator s.
471. § 1. In order to ensure a supplementary supervision of conglomerates

appropriate, shall be carried the designation, among the competent authorities of the Member States concerned, including those of the Member State where the mixed financial holding company has its head office, a single Coordinator who is responsible for coordination and exercise of supplementary supervision of conglomerates.
§ 2. Supplementary supervision of conglomerates exercised on insurance or reinsurance undertakings referred to in article 451, paragraph 1, is carried out as follows: 1 ° by the Bank in the case referred to in article 451, paragraph 1, 1 °;
2 ° If the financial conglomerate is headed by a company Belgian joint financial, by the Bank, without prejudice to points 3 ° to 7 °: 3 ° If, in addition to an insurance or Belgian reinsurance undertaking, at least another Belgian regulated company has a same financial mixed Belgian at the head of the financial conglomerate, by the competent Belgian company responsible for the prudential supervision of the Belgian regulated company whose balance sheet total is the highest;
4 ° If the mixed financial holding company at the head of the financial conglomerate has its head office in a Member State other than the Belgium and in that Member State has a subsidiary which is a regulated company, by the competent authority of that country;
5 ° If the mixed financial holding company at the head of the financial conglomerate has its head office in a Member State other than the Belgium and that it has in that Member State at least two subsidiaries that are regulated businesses, each with a different competent authority, by the competent authority of the regulated business of the most important financial sector;
6 ° If several mixed financial companies having their registered office in different Member States are at the head of the financial conglomerate, and that there is a company regulated in each of these Member States, by the competent authority of the regulated company with the largest balance sheet total if the activities of these companies are in the same financial sector , or by the competent authority of the regulated business of the most important financial sector;
7 ° if at least two regulated undertakings having their registered office in a Member State have as a parent the same mixed financial holding company and none of these companies has a licence in the State where the mixed financial holding company has its head office, by the competent authority of the undertaking regulated whose balance sheet total is the highest in the most important financial sector;
8 ° if the financial conglomerate is a group without a parent undertaking at the head of the group, as well as in all cases other than the above cases, by the competent authority responsible for the control of the undertaking regulated whose balance sheet total is the highest in the most important financial sector.
S. 472. the Bank and other authorities competent relevant may, in special cases, agree by common agreement waive the rules of jurisdiction defined in article 471, if their application, taking into account the structure of the financial conglomerate and the relative importance of the Group's activities in the different Member States, is not adequate, and load another competent authority of supplementary supervision of conglomerates.
They consult the financial conglomerate before taking a decision on the matter.
Subsection II. -Rights and obligations of the Coordinator - College art. 473. § 1.
Without prejudice to the other powers and tasks entrusted to it by or under this act as well as by Directive 2002/87/EC, the tasks of the Bank in its capacity as Coordinator include: 1 ° coordinating the collection and dissemination of relevant and essential information in going concern as in emergency situations , including the dissemination of important information for monitoring by a competent authority under the sectoral rules;
2 ° the control, including the assessment of the financial situation of the financial conglomerate;
3 ° checking compliance with the provisions of articles 457 to 462 solvency, concentration of risk and intra-group transactions, as well as compliance with the reporting obligations referred to in article 463;
4 ° the control, including the assessment of the structure, the organisation and the internal control mechanisms of the financial conglomerate, as referred to in sections 464 to 466;
5 ° the planning and coordination of surveillance activities in going concern as in emergency situations, in cooperation with other authorities competent relevant;
6 ° the taking of measures and penalties with respect to the mixed financial holding company.
§ 2.
The authorities competent relevant may, where appropriate in consultation with other competent authorities, agree to entrust to the Bank, in its capacity as Coordinator, other tasks of monitoring as provided for in paragraph 1.
S. 474 § 1.
The Bank, in its capacity as Coordinator, established a college for the supplementary supervision of conglomerates in order to achieve the cooperation provided for in this chapter and the performance of the tasks of Coordinator and, if applicable, the coordination and cooperation with supervisory authorities concerned to third countries, in accordance with the requirements of confidentiality and the law of the Union.
§ 2. When authorities competent relevant already participate in a college established under article 248, paragraph 2, of Directive 2009/138/EC or article 116 of Directive 2013/36/UC, the college will operate at the level of the financial conglomerate within the college prepared for the most important financial sector. Banking and investment services sector are aggregated for this purpose.
The terms of coordination referred to in paragraph 1 are established separately in written coordination arrangements established for the college sector. The Bank, in its capacity as Coordinator, decided, as president of this sectoral college, what other competent authorities participate in a meeting or activity of the said college.
S.
475. without prejudice to agreements on cooperation and coordination under the other provisions of this chapter, the Bank, in its capacity as Coordinator, concluded with other jurisdictions the agreements that are necessary to the implementation of the supplementary supervision of conglomerates such as defined in this chapter. These agreements if necessary regulate the procedures for the exercise of this control, including the modalities of cooperation and exchange of information between competent authorities. In particular, they may adjust procedures of decision-making between the authorities competent relevant.
S. 476. the Bank, in its capacity as Coordinator, sets out lists of mixed financial companies involved in supplementary supervision of conglomerates exercised by it.
It communicates these lists to the competent authorities of the other Member States, the EIOPA, ABE and the European Commission.
S. 477. without prejudice to the delegation of competences and specific monitoring responsibilities in accordance with the sectoral rules, the designation of the Bank in its capacity as Coordinator is without prejudice to the tasks and responsibilities of the authorities competent such as relevant as defined by the sectoral rules.
Sub-section III.
-Cooperation and exchange of information between the competent authorities art. 478. the Bank, whether in his capacity as coordinator or competent authority without being Coordinator, cooperates closely with other competent authorities, be they co-ordinator or competent authority without being a coordinator.
It can communicate, initiative or on request, or ask the competent authorities all information, y included confidential information, when they are essential or relevant to allow and facilitate the exercise of monitoring tasks that are entrusted to him or are entrusted to those authorities under the sectoral regulations and supplementary supervision of the conglomerates Directive 2002/87/EC.
This cooperation covers at least the collection and exchange of information on the following: 1 ° the legal group, its device of company organization structure and its management structure encompassing all regulated, unregulated subsidiaries and branches important within the meaning of article 354 of the 2015/35 regulation in the financial conglomerate, the holders of qualifying holdings in the umbrella parent company level as well as the authorities responsible for the regulated said group;
2 ° the strategies of the financial conglomerate;
3 ° the financial situation of the financial conglomerate, in particular concerning the own capital adequacy, intra-group transactions, risk concentration and profitability;
4 ° the main shareholders and management of the financial conglomerate;
5 ° the organisation, risk management and the internal control systems at the level of the financial conglomerate;
6 ° procedures for the collection of information from companies of the financial conglomerate and verification of such information;
7 ° the negative developments facing regulated businesses or other enterprises of the financial conglomerate and which is likely to seriously harm business said regulated;
8 ° the significant sanctions and exceptional measures taken by the authorities

competent in accordance with sectoral regulations or Directive 2002/87/EC.
The Bank may also exchange information with the ESRB in relation to the exercise of control of insurance or reinsurance undertakings that are part of a financial conglomerate.
S. 479 § 1. When the Bank, in the case of a parent undertaking under Belgian law, does not itself exercise supplementary supervision of conglomerates under article 471, it can be invited by the competent authorities responsible for exercising this control, to ask the parent undertaking any relevant information for the exercise of this control, and passes.
§ 2. Where under article 471, the Bank exercises the supplementary supervision of the conglomerate and the parent undertaking has its head office in one Member State other than the Belgium, the Bank may invite the competent authority of that Member State to ask the parent undertaking any information relevant to the exercise of this control, and the transmit.
S. 480. when a competent authority of another Member State shall exercise the supplementary supervision of the conglomerate on an insurance or reinsurance undertaking which is a subsidiary of a mixed financial holding company under Belgian law, the Bank shall verify, when the competent authority so requests, how it can lend its cooperation for the implementation of the measures which exist in the Member State of the competent authority for the inclusion of mixed financial companies in the supplementary supervision of conglomerates.
S. 481. the collection, Exchange, or possession of information by the Bank and the competent authorities to facilitate supplementary supervision of conglomerates with respect to companies listed in article 483, § 1, does not mean that the Bank performs a function of control over these companies individually.
Sub-section IV. -Consultation between competent authorities art. 482. without prejudice to its responsibilities as defined under sectoral rules, the Bank proceeded to concerted action on the points listed below before taking a decision affecting the monitoring missions carried out by other competent authorities: 1 ° of changes ownership, the Organization, or the direction of regulated companies making part of a financial conglomerate requiring approval or authorisation of competent authorities;
2 ° the significant sanctions and exceptional measures.
The Bank may decide not to consult with his counterparts in an emergency or when this consultation may jeopardise the effectiveness of the decisions. In such a case, the Bank shall without delay inform the other competent authorities.
Section V. - Information to be provided for the purposes of the exercise of the supplementary supervision of conglomerates s.
483 § 1. Without prejudice to the applicable periodic reporting, the Bank must have access, in direct or indirect contacts with insurance or reinsurance undertakings, and the mixed financial companies concerned, their subsidiaries and all the other companies included in the financial conglomerate, any useful information on the exercise of the supplementary supervision of conglomerates.
Companies that are not included in the supplementary supervision in accordance with article 458 conglomerates, § 2, are required to provide to the Bank, in his capacity as Coordinator, all information and information that it considers necessary for the supplementary supervision of conglomerates.
Companies that control, solely or jointly with others, an insurance or reinsurance undertaking under Belgian law, as well as the subsidiaries of these companies, are required, if these companies and these subsidiaries do not fall within the scope of the supplementary supervision of conglomerates, to communicate to the Bank and to the other competent authorities the information and information relevant to the exercise of control of the insurance or reinsurance undertaking.
§ 2. The Bank may require that the information referred to in paragraph 1 concerning undertakings whose registered office is established in one Member State other than the Belgium are communicated to him by the insurance undertaking or of reinsurance, or the mixed financial holding company incorporated under Belgian law, or that the information related to companies whose head office is established in a third country should be communicated to him by an insurance or reinsurance undertaking , or a mixed financial holding company with their head office in a Member State.
§ 3. If an insurance undertaking or reinsurance under Belgian law is left outside the financial conglomerate by another competent authority acting as Coordinator, the Bank may require that the parent undertaking which oversees the financial conglomerate shall communicate information and information which it deems necessary to the exercise of its control of the insurance or reinsurance undertaking.
S. 484. when the Bank, in the context of the control on individual basis, control groups or supplementary supervision of conglomerates, wants to information already reported in sectoral regulatory enforcement to another competent authority, it is addressed as far as possible to the competent authority to obtain this information.
S. 485. without power y oppose drawn objections of private law, connected in particular with pledges of confidentiality or the nature of their relationship, the companies included in the supplementary supervision of conglomerates, as well as firms in a financial conglomerate flairs of supplementary supervision in accordance with article 458 conglomerates, § 2, shall communicate to each other information and useful information.
S.
486. § 1. The Bank may carry out on-site verification of compliance with the obligations covered by this chapter, as well as correct and complete information and information character, in the undertakings referred to in article 483, § 1.
At the expense of these companies, it can load Commissioners or foreign experts approved by it for this purpose, to conduct these checks.
§ 2. When the undertakings referred to in paragraph 1 have their head office in another Member State, the Bank application to the competent authority of that Member to perform State controls. The Bank is itself to this control if it has received the authorisation of the competent authority of that Member State. When the latter wishes to make itself this control, or refers to an auditor or an expert for this purpose, the Bank may nevertheless, wishes to be associated with.
§ 3. When the undertakings referred to in paragraph 1 have their head office in a third country, the terms of the on-site audit are settled in cooperation agreements the Bank has concluded with the foreign authorities concerned, where appropriate in accordance with article 36/16, § 2, of the law of 22 February 1998 or that the Commission European has concluded in accordance with the provisions of article 264 of the Directive 2009/138/EC.
S. 487. § 1. When the supplementary supervision of conglomerates is exercised by an authority which is a competent authority of a Member State, another that the Belgium, insurance or reinsurance undertakings and mixed financial companies and their subsidiaries under Belgian law shall notify the competent authority information and intelligence that it deems necessary to the exercise of the supplementary supervision of conglomerates of which it is responsible , either directly or indirectly.
When this authority is governed by the law of a third country and the obligation to provide information is the result of cooperation agreements concluded by the Bank with the foreign authority concerned, paragraph 1 shall apply mutatis mutandis.
§ 2. When supplementary conglomerates supervision is exercised by a competent authority which is one Member State, other than the Belgium, this authority may, with a view to verifying compliance with the provisions laid down by or pursuant to this chapter, conduct on-site in the undertakings referred to in article 483, § 1, having their registered office in Belgium, verification of information and intelligence that it received or charge registered members or experts approved by it to do so. The provisions of article 485, § 2, shall apply by analogy.
When this authority governed by the law of a third country, the provisions of article 485, paragraph 3, shall apply by analogy.
Sub-section VI. -Control assimilated art. 488. the provisions of articles 330 to 337 on the duties of auditor of an insurance undertaking or of reinsurance on an individual basis shall apply by analogy in relation to the business of insurance or reinsurance referred to in article 451, paragraph 1, 1 °, for the supplementary supervision of conglomerates, which are the subject of insurance or reinsurance undertakings.
S. 489. § 1. In a joint financial company under Belgian law referred to in article 451, paragraph 1, 2 °, and included in the supplementary supervision of conglomerates exercised by the Bank, the Commissioner functions referred to in the Code of corporations, are entrusted to one or more reviewers or to one or more auditors companies, which are approved by the Bank in accordance, as appropriate in section 327 of the Act, section 222 of the Act of April 25, 2014 or article 96 of the law of 6 April 1995.

The college of reviewers or editors, designated with a mixed financial holding company, companies must submit a composition such as they are, either individually or jointly, approved in each of the financial sectors in which the financial conglomerate exerts a significant activity.
The Bank may, by reference to the thresholds set in article 452, determine what is meant by significant activity. The provisions of the sectoral rules on audit control shall apply by analogy.
§ 2. Certified Commissioners from the mixed financial companies referred to in paragraph 1 lend their cooperation to the supplementary supervision of conglomerates, which is responsible for the Bank, under their personal and exclusive responsibility and in accordance with this paragraph, the rules of the profession and to the instructions of the Bank.
S. 490. the approved Commissioners in the mixed financial companies referred to in article 489 assess the adequacy of the procedures of risk management, administrative and accounting organization and internal control devices referred to in sections 464 to 466, and communicate their findings to the Bank.
S. 491 approved Commissioners in a company referred to in article 489 shall report to the Bank on the results of limited of transmitted States review by financial composite Company pursuant to section 463 in the Bank at the end of the first half of social, confirming that they have no knowledge of facts which it would appear that these periodic States arrested at the end of semester have not, in all respects significantly important, been prepared in accordance with the requirements laid down by or pursuant to the Act and the instructions of the Bank.
They confirm also that these States arrested at the end of semester are for what is accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are: 1 ° complete, that is, they mention all the data contained in the accounts and inventories on the basis of which they are established, and 2 correct ° that they are exactly consistent with accounting and inventories on the basis of which they are established.
They confirm also have no knowledge of facts which it would appear that periodic States arrested at the end of semester have not been established, to the accountancy data contained therein, by applying the rules of accounting and assessment that led to the establishment of periodic financial statements relating to the last year. The Bank may specify what in this case is the periodic States referred.
S. 492. the approved Commissioners in a company referred to in article 489 are also report to the Bank on the results of control of the periodic statements sent by financial composite company to the Bank at the end of the financial year, confirming that they are, in all material respects significantly, prepared in accordance with the requirements laid down by or pursuant to the law and instructions of the Bank.
In addition, they confirm that these States arrested at the end of fiscal year are, for what is accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are: 1 ° complete, that is, they mention all the data contained in the accounts and inventories on the basis of which they are established, and 2 correct ° that they are exactly consistent with accounting and inventories on the basis of which they are established.
They also confirm that the periodic States arrested year-end have been established, for the accountancy data contained therein, by applying the rules of accounting and evaluation for the preparation of the annual accounts.
The Bank may specify what in this case are target States.
S. 493. the approved Commissioners in a company referred to in article 489 are at the Bank, at its request, special reports on the aspects referred to in articles 457 at 460 and 490 to 492 articles.
S. 494. in the framework of their mission from the mixed financial holding company, or a mission revisorale from a company linked to the mixed financial holding company, Chartered Auditors are own-initiative report to the Bank as soon as they find decisions, facts or, where appropriate, the developments: 1 ° that influence or may influence significantly the situation of the group in financial terms or in terms of its administrative and accounting organization and its control internal.
2 ° which may constitute an infringement of the Code of corporations, statutes or this Act and regulations and orders for his execution in what concerns the mixed financial holding company;
3 ° that are likely to result in refusal or reservations on certification of the consolidated annual accounts.
S.
495. the costs for the preparation of these reports are supported by the mixed financial holding company, by the insurance undertaking or of reinsurance under Belgian law or by both together.
S.
496. Chartered Auditors shall communicate to the leaders of the insurance or reinsurance undertaking reports they send to the Bank in accordance with article 494. These communications are subject to section 306.
They shall transmit to the Bank copy of communications they make to these leaders and which relate to matters likely to be of interest to the control exercised by it.
S.
497. no civil, criminal or disciplinary action may not be brought or professional sanctions pronounced against Chartered Auditors who proceeded in good faith to the communication of information referred to in article 495.
S. 498. where the parent undertaking is a mixed financial holding company referred to in article 451, paragraph 1, 2 °, of which the registered office is established in another Member State and included in the supplementary supervision of conglomerates exercised by the Bank, the mission defined in articles 489, § 2, at 494 is exercised by analogy by the authorized Commissioner-designate with a comparable with this financial company joint task. In the absence of such Commissioner, their mission is exercised by the Commissioner-designate bona fide regulated under Belgian law which is under the control of the Bank and is a subsidiary of the mixed financial holding company referred.
S. 499. the approved Commissioners from insurance undertakings or reinsurance or financial companies mixed Belgian in accordance with articles 488-498, have, for the exercise of their mission as referred to in these articles, access to and can take knowledge of all documents and parts from both of the subsidiaries included in the financial conglomerate companies referred to in article 483 , § 1, paragraph 2.
The provisions of article 35 of the law of 22 February 1998 apply in what concerns the information they have read in pursuance of the paragraph 1 of Section IV. -Other financial groups art.
500. If, in cases other than those referred to in article 451, a company has an interest in, or other link capital with one or more other enterprises, or, apart from any participation or other capital ties, exerts a significant influence on such undertakings, and that one of the aforementioned companies or undertaking insurance or reinsurance under Belgian law , the Bank may, in its capacity as authority competent relevante, decide in consultation with other authorities competent relevant to exercise supplementary supervision of conglomerates on the regulated companies in the group. Authorities competent relevant jointly define the modalities of this additional supervision of conglomerates, and in particular determine the articles of this chapter concerning the supplementary supervision of the conglomerates which are applicable. They make their decision according to the objectives of the supplementary supervision as defined in this chapter conglomerates, and take into account in this context international principles for supplementary supervision of conglomerates.
For the purposes of the provisions of paragraph 1, must be satisfied the conditions of article 340, 2 ° a),) ii and iii), or (b)), ii) and (iii)).
S. 501. the competent authority responsible for the supplementary supervision of conglomerates is designated by analogous application of the provisions of article 471.
If, pursuant to article 500, paragraph 1, it was decided to conduct a supplementary supervision of conglomerates, the provisions of article 453, § 2, shall apply by analogy.
Section V. - Parent undertakings established in a third country article 502. the insurance or reinsurance undertakings under Belgian law the parent undertaking of which is a regulated carrier at the head of a financial conglomerate or a mixed financial holding company having its registered office in a third country, and which are not already the subject or not yet fall within the scope of supplementary supervision of conglomerates in accordance with this chapter exerted by the Bank or by another competent authority, shall be subject to supplementary supervision of conglomerates in accordance with the provisions of this Section.
S. 503 § 1. The bank checks if the insurance or reinsurance undertakings referred to in article 502 are subject to a control

by a competent authority of a third country equivalent to supplementary supervision of conglomerates in accordance with the provisions of this chapter.
It does this on its own initiative or at the request of the parent undertakings referred to in article 502 or the insurance undertaking or of reinsurance under Belgian law.
Before taking its decision, the Bank shall consult other competent authorities on the equivalence or non-targeted control.
With respect to this equivalence, the Bank takes into account the guidelines established by the Joint Committee in accordance with articles 16 and 56 of regulation 1093/2010, regulation 1094/2010 or of regulation 1095/2010, relating to the supplementary supervision of conglomerates in accordance with Directive 2002/87/EC: § 2. If, by application similar to the provisions of article 10 of Directive 2002/87/EC, another competent authority that the Bank is the co-ordinator, audit and consultation are carried out by the other competent authority, the Bank may communicate its findings and its point of view on the equivalence referred to in paragraph 1.
When the Bank has a different opinion as to a decision taken by another competent authority in accordance with paragraph 1, article 19, as the case may be, of regulation 1094/2010, regulation 1093/2010 or of regulation 1095/2010 applies.
§ 3. Permitting the procedure laid down in paragraphs 1 and 2 to show the absence of equivalence, the insurance or reinsurance under Belgian law undertakings concerned are subject to supplementary supervision of conglomerates by analogous application of the provisions of paragraph 1, subparagraph 1, performed by the Bank if the competent authority which would be responsible for the supplementary supervision of conglomerates by analogous application of the provisions of article 471.
By way of derogation from paragraph 1, the Bank may, after consultation with other authorities competent relevant, also decide to apply another method of adequate control, which must achieve the objectives of the provisions referred to in paragraph 2, paragraph 1.
The Bank may in particular require that the insurance undertakings or reinsurance under Belgian law and any other businesses regulated formed under the law of a Member State are included in a group headed by a mixed financial holding company incorporated under the laws of a Member State, and apply the provisions of this chapter at the level of the financial conglomerate having headed this mixed financial holding company.
In this case, the Bank shall notify other authorities competent relevant and the European Commission of any decision taken pursuant to paragraphs 2 and 3.
For the purposes of paragraphs 1 to 4, the Bank concluded the necessary agreements with the authorities competent relevant.
TITLE VI. -Undertakings insurance or reinsurance undertakings in difficulty or in an irregular situation, chapter I. -Update balance rates s. 504. If the bank notes or an insurance or reinsurance undertaking informs him that the implementation of one of its rates give place or risk give rise to losses, the Bank may require that this company this rate in equilibrium.
The balance of the tariff may include an adaptation of the terms of coverage.
By way of derogation from article 41 of the Insurance Act and without prejudice to the right of termination on the part of the policyholder, the rehabilitation of a tariff applies with respect to contracts of insurance and reinsurance life, in the manner provided in article 216, § 3.
S. 505 when the contracts affected by article 504 consist in insurance contracts not related to professional activity within the meaning of section 202 of the Act insurance, the Bank consults the FSMA before taking its decision.
The FSMA communicate its opinion to the Bank within a period of one month from the receipt of the request for an opinion. In the absence of opinion within this period, it is considered that it has no comments to make.
S.
506. the rehabilitation of a tariff is not subject to the requirement of reporting of price increases referred to by the law of 22 January 1945 on economic regulation and prices and its implementation orders.
S.
507. the bank informs the FSMA and the Commission of the price of the decision of raising the rate of an insurance undertaking.
The Bank may also proceed with the publication in the Moniteur belge of an extract from the decision indicating the percentage of the authorized increase.
CHAPTER II. -Measures for relief Section Ire. -Measures binding art.
508 § 1. When the Bank becomes aware that an insurance or reinsurance undertaking does not in accordance with the provisions of this Act, of the orders and regulations for its execution or enforcement of Directive 2009/138/EC, or that it has evidence that this company may no longer work in accordance with these provisions over the next twelve months the Bank fixed the period within which it must be remedied this situation.
§
2. As long as it has not been remedied by the insurance or reinsurance undertaking in the situation referred to in paragraph 1, the Bank may, at any time: 1 ° impose particular requirements assessment or adjustment value for the calculation of the own funds requirements by or under this Act or by the enforcement of Directive 2009/138/EC;
2 ° limit or prohibit the distribution of bonuses and rebates or the award of bonuses spread, after consultation of the FSMA.
3 ° limit or prohibit any distribution of dividends or payment, including interest, to the shareholders or holders of own funds instruments, insofar as the suspension of payments that would result does not result in the conditions for the initiation of winding-up proceedings in accordance with the provisions of the law of 8 August 1997 on bankruptcy;
4 ° impose total or partial of the distributable profits reserve development;
5 ° impose limit the component of the variable remuneration of the persons covered by the remuneration to a percentage of income policy;
6 ° impose specific liquidity standards more stringent than those laid down by applicable regulations pursuant to this Act, including limitations on the asymmetries of maturity between assets and liabilities of the insurance or reinsurance undertaking;
7 ° impose that the insurance or reinsurance undertaking decreases the risk inherent to certain activities or products or to his organization, where appropriate through the transfer of all or part of its business or its network;
8 ° impose standards on concentration of risks or limitation applicable to assets exhibitions more stringent than those defined by or under this Act;
9 ° impose an obligation to provide information (reporting) extra or impose a frequency of information (reporting) higher than what is provided by or under this Act or the implementing measures of Directive 2009/138/EC, particularly as regards risk capital or liquidity positions;
10 ° impose publication of information more complete and more frequent than those provided for by or under this Act or by the enforcement of Directive 2009/138/EC;
§ 3. When the Bank considers that the measures taken by the insurance or reinsurance undertaking within the time limit pursuant to paragraph 1 to remedy the observed situation are satisfactory, it throws, the manner it shall determine, all or part of the measures adopted pursuant to paragraph 2.
Section II. -Implementation of relief art. 509. as long that insurance or reinsurance undertaking has not remedied the situation referred to in article 508, § 1, and without prejudice to the measures referred to in paragraph 2 of this article, the Bank may at any time and upon such terms as it shall determine, require that the company should implement all or part of the recovery plan prepared pursuant to section 204.
Section III. -Recovery strategy and funding short-term art. 510 § 1. As soon as it finds that its solvency capital requirement is more in keeping with the requirements laid down by article 151 or that it may not be in the next three months, any insurance or reinsurance undertaking shall immediately notify the Bank.
Within two months of the observation referred to in paragraph 1 or the notification by the Bank that it has carried out such a finding, the company shall submit to the Bank, for approval, realistic recovery strategy aimed at restoring the level of eligible own funds covering the solvency capital or reduce its risk profile to ensure compliance of the capital of solvency within a period not exceeding six months.
The Bank may, if it considers it necessary, extend the time limit of three months.
§ 2. The recovery program includes at least for three subsequent fiscal years, a detailed description of the following elements, or justifications y related: 1 ° a predictive estimate of management fees, including general expenses and commissions;
2 ° an estimate of revenue and expenditure, both for direct business and for acceptances and reinsurance cessions;
3 ° a forecast balance sheet;
4 ° an estimate of financial resources

intended to cover technical provisions, as well as of capital solvency and the minimum capital requirement;
5 ° the general policy underwriting and pricing;
6 ° the general policy matters relating to reinsurance or retrocession;
7 ° the relevant provisions of the recovery plan established in pursuance of articles 204 to 206.
The Bank may require any additional information or justification that it considers necessary for the evaluation of the plan.
§
3. In unfavourable exceptional circumstances as referred to in article 138, paragraph 4, of Directive 2009/138/EC and declared as such by the EIOPA, the Bank may extend the time referred to in subsection for the affected company, 1, paragraph 2, of a maximum duration of seven years taking into account all relevant factors and, in particular, the average length of technical provisions.
The insurance undertaking or reinsurance undertaking in question shall submit every three months the Bank an interim report outlining the measures taken and the progress made to restore the level of own funds eligible for the solvency capital requirement or to reduce its risk profile to ensure compliance of the solvency capital requirement.
The extension referred to in paragraph 1 is withdrawn when the interim report shows that no significant progress has been made by the company with regard to the objectives referred to in paragraph 2.
S. 511 § 1.
As soon as it finds that its minimum capital requirement is more in keeping with the requirements laid down by article 189, or that it may not be in the next three months, any insurance or reinsurance undertaking shall immediately notify the Bank.
In the month of the report referred to in paragraph 1 or the notification by the Bank that it has carried out such a finding, the company submits to the Bank for approval a short-term realistic finance plan to restore the original own funds eligible at least at the level of the minimum capital requirement within a period not exceeding three months, or to reduce its risk profile to ensure compliance of the minimum of required capital.
§ 2. The short-term financing plan contains at least for three subsequent fiscal years, a detailed description elements referred to in article 510, § 2, and the reasons thereto.
S. 512. also long as recovery referred to in article 510 or funding in the short term under article 511 is underway and the Bank considers that the rights of policyholders, insured persons or beneficiaries or rights arising from reinsurance contracts, are threatened, she refrains from issue of solvency certificates as referred to in articles 109 , paragraph 1, and 116, paragraph 1.
Section IV. -Limitation of the right to dispose of assets art.
513. without prejudice to other measures provided for by or under the Act, the Bank may restrict or prohibit the free disposal of the assets of an insurance or reinsurance undertaking, irrespective of their location, in the following cases: 1 ° if the company does to comply with the provisions of articles 124 to 139 with regard to the technical provisions;
2 ° in the exceptional circumstance where, where the undertaking has submitted or is required to submit a programme of recovery under article 510, the Bank is of the opinion that the financial situation of the undertaking will deteriorate further;
3 ° If the minimum capital requirement is more in keeping with the provisions of article 189;
4 ° If, despite the implementation of a program of recovery or a short-term financing plan, the solvency of the company continues to deteriorate or the interests of policyholders, insured persons or beneficiaries of insurance contracts or rights arising from reinsurance contracts are threatened.
S. 514. § 1. The prohibition of the free disposal of assets located in Belgium pursuant to article 513 shall be governed by the following provisions: 1 ° without such communication is a prerequisite for the ban, the company communicates to the Bank a full inventory of its assets, including other than those assets held to cover the technical provisions. Any act of disposition or allocation of these assets is subject to the prior permission of the Bank.
2 ° for assets subject to a registration account, the Bank is directed to the depositary account blocking. For other likely assets of deposit, the Bank directs the company immediate filing on a special account which open blocking of assets of a credit institution, a society of scholarship or a foreign investment firm whose approval covers the receipt of assets, under the law of a Member State.
Depository agencies can render the assets they hold on behalf of the insurance or reinsurance undertaking on production of the permission of the Bank. It informs organizations depositaries of the obligations imposed on them under this section. These organizations are responsible for loss of value resulting from the breach of their obligations under this paragraph.
3 ° the sums paid in Belgium in enforcement of claims of an insurance undertaking or reinsurance are paid on an account special and blocked with a Belgian credit institution or governed by the law of a Member State, and following the same regime as the assets referred to in 1 °.
4 ° in relation to other assets non-deposit, the King may, on opinion of the Bank, set the rules relating to provisional measures to which they may be subjected.
5 ° the real estate assets are subject to a legal hypothec for the benefit of all the creditors of insurance or reinsurance.
Registration is required by the Bank under the conditions laid down in articles 82 to 87 of the mortgages Act.
Registration is cancelled or reduced by the consent of the Bank under the conditions laid down in articles 92 to 95 of the mortgages Act.
Fees and rights relating to registration, cancellation and reduction shall be borne by the undertaking concerned.
6 ° the Bank may, by registered letter addressed to the conservative mortgages, to oppose the cancellation or reduction of the mortgage given by a third party for the benefit of the insurance or reinsurance undertaking.
§ 2. Representative securities which are the subject of the provisions of paragraph 1 are exempt, except for the benefit of the creditors holding rights acquired in good faith under a formality accomplished prior to the assignment of the said values in respect of representative values.
S.
515. the Bank shall inform in advance the supervisory authorities of the host Member States concerned of its intention to restrict or prohibit the free disposal of the assets.
The Bank may ask the supervisory authorities of the Member States on the territory of which the assets of the company to take the necessary measures to ensure the effectiveness of the restriction or prohibition of the free disposal of those assets are located. The Bank means the assets covered by these measures.
S.
516 at the request of an authority of a Member State, the Bank may restrict or prohibit the free disposal of the assets owned by a company in accordance with article 513 of insurance or reinsurance under law of this State which are located on the Belgian territory and that this authority has designated.
Section V. - Exceptional remedial measures art. 517 § 1. Without prejudice to the other provisions laid down by or under this Act, where the Bank finds that an insurance or reinsurance undertaking does not comply, or ceases to comply with the measures adopted pursuant to article 508, § 2, or at the end of the time limit under section 508, § 1, it has not remedied the situation , the Bank may: 1 ° appoint a special Commissioner.
In this case, written, General or special, this permission is required for all the acts and decisions of all organs of the company and for those of the persons responsible for the management. the Bank may, however, limit the scope of the operations subject to authorisation.
The special Commissioner may submit to the deliberation of all organs of the company, including the General Assembly, any proposal which it considers.
The members of the bodies of administration and management and management personnel who carry out acts or take decisions without obtaining the required permission from the special Commissioner are responsible for jointly for the prejudice resulting to the company or third parties.
If the Bank has published in the Belgian monitor the designation of the special Commissioner and specified the acts and decisions subject to authorization, the acts and decisions made without this permission was required are void, unless the special Commissioner not ratifying. Under the same conditions any decision of General Assembly taken without obtaining the required permission from the special Commissioner is void, unless the special Commissioner ratifies.
The remuneration of the special Commissioner is set by the Bank and supported by the company.
The Bank may appoint a Deputy Commissioner;
2 ° directing the replacement of all or part of the members of the statutory governing body, of the Executive Committee or, where appropriate, the persons responsible for the effective management of the enterprise

insurance or reinsurance, within a time limit which it shall determine, in the absence of such a replacement within this period, replace all of the organs of administration and management of the company one or several directors or interim managers who have, singly or collectively as appropriate, powers of replaced individuals. The Bank publishes its decision in the Moniteur belge.
In the circumstances, the Bank may proceed to the appointment of one or more directors or interim managers without prior to the injunction to replace all or part of the company.
On the authorisation of the Bank, the directors or interim managers can convene a general meeting and establish the order of the day.
The Bank may require, upon such terms as it shall determine, that the Administrators or interim managers him to report on the financial situation of the company and on measures taken in the context of their mission, as well as on the financial situation at the beginning and at the end of this mission.
The remuneration of the directors or interim managers is set by the Bank and supported by the undertaking concerned.
The Bank may, at any time, replace the Administrators or interim managers, either ex officio or at the request of a majority of shareholders or associated when they justify that interested parties management no longer has the necessary guarantees;
3 ° require the insurance or reinsurance undertaking to convene, within the time limit laid down a general meeting of shareholders, which establishes the agenda;
4 ° suspend, for the duration as it determines the exercise direct or indirect of any part of the activity of the company or prohibit this exercise. This suspension may, to the extent determined by the Bank, involved the total or partial suspension of the execution of contracts in progress, unless such suspension does not exceed two months or be a cause for non-payment of the premiums due before the date of the suspension measure.
The members of the bodies of administration and management and management personnel who carry out acts or making decisions in violation of the suspension or prohibition are responsible for jointly for the prejudice resulting to the company or third parties.
If the Bank issued the suspension or prohibition to the Moniteur belge, the acts and decisions intervened against it are void;
5 ° direct insurance or reinsurance undertaking to assign rights of shareholders that it holds;
6 ° restrict or prohibit the free disposal of the assets of the insurance undertaking or of reinsurance, articles 514 and 515 being applicable;
7 ° require the insurance or reinsurance undertaking to transfer part or all of its activities, including all or part of its portfolio thus implying the transfer of the rights and obligations arising under the contracts of insurance or reinsurance, overdue or current, as well as assets held to cover these obligations within the fixed period by the Bank. In this case articles 102 to 106 and article 547, § 2, 1 °, are application;
8 ° revoke approval, for one, several or all of the branches of insurance for which the insurance undertaking is authorised or for all or part of the activities for which the reinsurance undertaking is authorised.
§ 2. Notwithstanding the conditions of application of paragraph 1, in cases of extreme emergency or when required for safeguarding the rights of insurance creditors, the Bank may adopt the measures referred in paragraph 1 without a time limit is laid down in advance.
§ 3. The Bank's decisions referred to in paragraph 1 sortissent their effects with respect to the company from the date of their notification by registered letter or with acknowledgment of reception, and towards third parties, from the date of their publication or formalities were effected in accordance with the provisions of paragraph 1.
§ 4. The Bank may also adopt the measures referred to in this article where an insurance or reinsurance undertaking has received an authorisation through false statements or any other irregular means.
§ 5. Section 508, as well as paragraph 1, 1 °, 2 °, 4 ° and 6 ° and paragraphs 2 and 3 of this article shall apply in the event that the Bank is aware of the fact that an insurance or reinsurance undertaking has set up a special mechanism having purpose or effect of promoting tax evasion by third parties.
§ 6. In the event of serious and systematic infringement of the rules referred to in article 45, § 1, paragraph 1, 3 °, or § 2, of the law of 2 August 2002, the Bank may revoke the approval on request of the FSMA according to the procedure and detailed rules laid down in article 36A of this same Act.
§ 7. The Commercial Court pronounced at the request of any interested person, the nullity referred to in paragraph 1, 1 ° and 4 °.
The action in nullity is directed against the company. If are serious reasons, the applicant for invalidity may seek interim provisional suspension of the acts or decisions attacked. The suspension order and the judgment declaring the nullity have effect with respect to all. In the case where the Act or suspended or annulled decision was the subject of a publication, the suspension order and the judgment declaring the nullity are published in extract in the same forms.
When the nullity is likely to infringe the rights acquired in good faith by a third party with respect to the company, the Court may declare without effect the nullity with respect to these rights, without prejudice to the right of the plaintiff to damages if applicable.
Nullification proceedings may not be initiated after the expiry of a period of six months from the date on which acts or decisions made are enforceable against the person alleging nullity or are known to him.
S. 518. the bank informs the decisions made pursuant to sections 504 and 517 FSMA and holds the FSMA informed of the follow-up to the action taken against these decisions.
It shall also inform the supervisory authorities of the other Member States in which the insurance undertaking or reinsurance has established branches or carries on activities under the regime of the free provision of services.
CHAPTER III. -Measures to safeguard the financial system Section Ire. -Acts of provision art.
519 when one of the situations described in article 508, § 1, is likely to affect the stability of the Belgian financial system or international due to the volume of liabilities of the insurance undertaking or reinsurance undertaking in question or its role in the financial system, the King may, by Decree deliberated in the Council of Ministers, either at the request of the Bank, or initiative, after notice from the Bank stop any act of disposition, to the Crown or any other person, Belgian or foreign, public or private law, including any act of transfer, sale or contribution on: 1 ° of the assets, liabilities, or one or more branches of activity and more generally, all or part of the rights and obligations of the insurance undertaking or of reinsurance;
2 ° the securities or shares, representing or non capital, conferring a right to vote, issued by the insurance or reinsurance undertaking or not.
S. 520. the royal decree made under article 519 defines the compensation payable to the property owners or holders of rights as the object of the provision Act provided for by order. If the transferee designated by royal decree is one person other that the State, the price payable by the transferee to the terms of the agreement with the State returns such owners or holders as compensation, according to the distribution defined by the same order key.
S. 521. the royal decree made under article 519 is notified to the insurance undertaking or reinsurance undertaking in question. The measures provided for by this order are, in addition, by notice published in the Moniteur belge. This notice is also published on the website of the undertaking concerned.
The moment where she received the notification referred to in paragraph 1, the insurance or reinsurance undertaking loses the free disposal of the assets covered by the provision acts provided for by royal decree.
S. 522. the acts referred to in article 519 may not be the subject of a non-enforceability under articles 17, 18 or 20 of the Act of 8 August 1997 on bankruptcy or article 1167 of the civil Code.
Notwithstanding anything otherwise conventional measures adopted by the King in accordance with article 519 cannot have the effect of altering the terms of an agreement between the insurance or reinsurance undertaking and one or more third parties, to put an end to such an agreement, or to give any party the right to terminate unilaterally.
Are inoperative with respect to the measures adopted by the King in accordance with article 519, any statutory or contractual clause for approval or for pre-emption, any option to purchase of a third party, as well as any statutory or contractual clause preventing the change in the control of the insurance or reinsurance undertaking.
The King is empowered to take all necessary measures to ensure the proper execution of the measures taken in application of article 519.
S.
523. the responsibility civil people, acting on behalf of the State or at its request, involved in the transactions contemplated by this Section, incurred by reason of or in connection with their

decisions, acts or behaviour in the context of these operations is limited to cases of fraud and misconduct in their leader.
The existence of gross negligence is assessed taking into account the concrete circumstances of the case of species including the urgency which were faced by these persons, practices of financial markets, the complexity of the case, threats on the protection of savings and the risk of damage to the national economy that would result from the discontinuity of the insurance undertaking or of reinsurance undertaking in question.
S. 524. all disputes to which the acts referred to in this Section as well as the liability referred to in article 523, could give rise fall within the exclusive jurisdiction of the Belgian courts, which exclusively apply Belgian law.
S.
525. for the application of the collective agreement No. 32bis concluded June 7, 1985, within the national labour Council, concerning the maintenance of the rights of workers in the event of change of employer by reason of a conventional company transfer and regulating the rights of the workers resumed in the event of resumption of the assets after bankruptcy, acts under article 519 , 1 °, are considered to be acts performed by the insurance undertaking or reinsurance itself.
S.
526. without prejudice to the General principles of law that it could invoke, the governing body of the insurance or reinsurance undertaking may waive the statutory powers of management when restrictions one of the situations described in article 508, § 1, paragraph 1, is likely to affect the stability of the Belgian financial system or international due to the volume of commitments of the business of insurance or reinsurance undertaking in question or its role in the financial system. The Governing Board shall establish a special report justifying the use of this provision and stating the decisions taken; the report is transmitted within two months to the General Assembly.
Section II. -Control judiciary art. 527. for the purposes of this Section and of the orders and regulations for its execution, it has to be understood by: 1 ° the royal decree: the royal decree deliberated in the Council of Ministers taken in application of article 519;
2 ° the provision Act: assignment decision or another Act provision provided for by royal decree;
3 ° the tribunal: the tribunal de première instance de Bruxelles;
4 ° the owners: the natural or legal persons who, at the date of the royal decree, are owners of the assets, securities or shares, or holders of rights, subject to the Act's provision.
5 ° the third party assignee: the natural or legal person other that the Belgian State which, under the terms of the royal decree, is called upon to acquire the assets, securities or shares, or rights, subject to the Act's provision;
6 ° the compensatory allowance: the allowance that the royal decree provides for owners in return for the Act's provision.
S. 528. any act of disposal subject to prior checking by the tribunal pursuant to this Section.
The royal decree comes into force the day of its publication in the Moniteur belge of the judgment referred to in article 534.
S.
529 § 1. The Belgian State filed at the registry of the Court a motion tending to establish that the Act's provision complies with the Act and that the compensatory allowance is fair especially considering the criteria laid down in article 533, § 4.
§ 2. Under penalty of nullity, the query contains: 1 ° the identity of the insurance undertaking or of reinsurance undertaking in question.
2 ° where appropriate, the identity of the third party assignee;
3 ° the justification for the Act's provision with regard to the criteria set out in article 519;
4 ° the compensatory allowance, the bases on which it has been determined, in particular concerning the variable part which the consist and, where appropriate, key distribution between owners;
5 ° if applicable, required Government authorizations and all other conditions precedent to which the Act of disposal is subject;
6 ° if applicable, the price agreed with the third party assignee for assets, securities or shares being the object of the Act's provision and mechanisms of review or adjustment of this award;
7 ° the indication of the day, month and year;
8 ° the signature of the person who represents the Belgian State or his lawyer.
A copy of the royal decree is attached to the request.
§ 3. Title Vbis of book II of the fourth part of Judicial Code, including sections 1034bis to 1034sexies shall not apply to the query.
S. 530. the proceedings instituted by the application referred to in article 529 excludes all other remedies or actions, simultaneous or future, against the royal decree or provision Act, with the exception of the request referred to in article 537.
The filing of the application makes moot any other proceedings directed against the royal decree or deed of provision, which would have been previously brought and would still be pending before another judicial or administrative jurisdiction.
S.
531 § 1. Within 24 hours of the filing of the application referred to in article 529, by order, the president of the Court fixed the date and time of the hearing referred to in article 533, which must take place within seven days after the filing of the request. This order reproduced all of the particulars provided for in article 529, § 2.
§ 2. The order is notified by the registry by registered legal to the Belgian State, the insurance undertaking or of reinsurance undertaking in question and, where appropriate, to the third party assignee. It is simultaneously published in the Moniteur belge. This publication constitutes notification to the other owners, if any, that the insurance undertaking or of reinsurance undertaking in question.
Within 24 hours of notification, the insurance undertaking or reinsurance undertaking in question also publishes the order on its Web site.
S.
532. the persons referred to in article 531, § 2, may, until the pronouncement of the judgment referred to in article 534, free access to the registry the request referred to in section 529 and its annexes.
S.
533 § 1. During the hearing scheduled by the president of the tribunal and possible subsequent hearings that the Court considers useful to fix, the Court shall hear the Belgian State, the insurance undertaking or reinsurance undertaking in question, if the assignee third and the owners involved voluntarily the procedure.
§ 2. By way of derogation from the provisions of chapter II of title III of book II of the fourth part of the Judicial Code, any person other than those referred to in the preceding paragraph cannot intervene in the procedure.
§ 3. After hearing the submissions of the parties, the tribunal checks if the Act of disposal is compliant with the law and if the compensation seems fair.
§ 4. The tribunal takes into account the actual situation of the insurance or reinsurance undertaking concerned at the time of the adoption of the Act of provision, in particular its financial situation as it was or would have been if public aid, received directly or indirectly, were not given.
For the purposes of this paragraph, are assimilated to public aid, the advances of emergency liquidity and guarantees a legal person of public law.
§ 5. The Court decides by a single judgment which is made within twenty days following the hearing scheduled by the president of the tribunal.
S. 534. the judgment by which the Court finds that the Act's provision complies with the Act and that the compensatory allowance seems fair, is conveyance of ownership of the assets, securities or shares subject to the Act's provision, subject however to the suspensive conditions referred to in article 529, § 2, 5 °.
S. 535. the judgment referred to in article 534 is likely neither opposition nor third-party appeal.
It is notified by judicial fold to the Belgian State, the insurance undertaking or of reinsurance undertaking in question and, where appropriate, to the third party assignee, and is simultaneously published by extract in the Moniteur belge.
This publication constitutes notification to the other owners, where appropriate, that the insurance undertaking or reinsurance undertaking in question, and won the enforceability of the Act's provision to third parties, without any further formality.
Within 24 hours of notification, the insurance undertaking or reinsurance undertaking in question also publishes the judgment on its Internet site.
S. 536. further to the notification of the judgment referred to in article 534, the Belgian State or, where applicable, the third party assignee files the compensatory allowance to the Caisse des Dépôts et consignations, without that formality is required in this regard.
A notice confirming the achievement of the conditions precedent referred to section 529, § 2, 5 °, is published in the Moniteur belge by care of the Belgian State.
As soon as the publication referred to in paragraph 2, the Caisse des Dépôts et consignations is held to the owners, following the rules laid down by the King, the amount of the compensatory allowance recorded without prejudice to any seizures-stop or oppositions regularly performed on the recorded amount.
S.
537. the owners may bring before the Court, on penalty of lapse within a period of two months from the publication in the Moniteur belge of the judgment referred to in article 534, an application for revision of the compensatory allowance. This request has no effect on the transfer of ownership of the assets, securities or shares subject to the Act's provision.

The application for revision is, for the rest, governed by the Judicial Code. Article 533, § 4, is applicable.
TITLE VII.
-At the end of the chapter I: approval. -Cancellation of accreditation Section Ire. -Waiver of registration art. 538. § 1.
An insurance undertaking or reinsurance approved under this Act has the right to waive all or part of its approval.
§ 2. The waiver request is addressed to the Bank and indicate the branches of insurance and activities of reinsurance for which the waiver is requested.
The application is accompanied by a plan detailing how the company intends to proceed with the liquidation of its commitments arising out of contracts of insurance or reinsurance relating to the activities for which the waiver of the approval is requested.
In the absence of such a plan, or where it considers that the plan referred to in paragraph 1 does not sufficient guarantees with regard to the protection of creditors of insurance or reinsurance, the Bank may take all measures to govern wind-up proper insurance or reinsurance business commitments and including all measures to safeguard the rights of the creditors of insurance or reinsurance.
These measures shall include the measures provided for in articles 509 to 517.
Where it considers that the plan referred to in paragraph 1 present sufficient guarantees with regard to the protection of creditors of insurance or reinsurance, the Bank shall cancel the approval for all or part of the branches and activities for which the waiver is requested.
§ 3. The Bank sets the date of the effects of the radiation delivered pursuant to this section.
When it comes to an insurance undertaking, the Bank consults the FSMA on the presence of sufficient guarantees with regard to the protection of insurance creditors, before this date. The FSMA communicates its opinion to the Bank no later than within twenty days from the date on which it received the request for an opinion.
§ 4. Radiation following the renunciation is published on the internet site of the Bank.
§ 5. The insurance or reinsurance undertaking whose registration has been cancelled pursuant to this section provides the Bank updating the plan referred to in paragraph 2, paragraph 1 the terms, including frequency and content, set, case by case, by the Bank.
§ 6. Insurance or reinsurance undertakings whose authorisation has been cancelled pursuant to this section are listed under a specific heading of the list referred to in article 31. Any modification of this topic is brought to the attention of the supervisory authorities of the other Member States.
Section II. -Radiation for non-exercise of activity art.
539. § 1. The Bank may deregister by decision notified by registered mail or with proof of receipt, approval of insurance or reinsurance 1 ° undertakings which have not started their activities in the twelve months of the approval;
2 ° who ceased to carry on business for more than 6 months;
§ 2. Paragraph 1 applies to the classes of insurance or the reinsurance activities affected by the situation referred to in paragraph 1.
Section III. -Cancellation of right art. 540. the approval of the insurance or reinsurance undertakings be cancelled ipso jure with respect to all the classes of insurance and/or reinsurance activities in the case of: 1 ° bankruptcy pronounced against them;
2 ° voluntary or judicial dissolution within the meaning of articles 181 and 182 of the Code of corporations.
CHAPTER II. -Revocation of authorisation art. 541. without prejudice to the case of revocation of the approval issued pursuant to article 517, § 1, 8 °, the Bank revoke the certificate in relation to all branches and activities of insurance or reinsurance when an insurance or reinsurance undertaking has more than the minimum required capital and the Bank considers that the financing plan submitted in pursuance of article 511 short-term is manifestly inadequate or that the undertaking concerned conforms to the plan
approved within three months following the finding of non-compliance of the minimum capital requirement.
S.
542. when approval is revoked pursuant to article 517, § 1, 8 °, or article 541 for all classes of insurance and/or reinsurance business, the company is dissolved of right and enters into liquidation in accordance with articles 183 et seq. of the Code of corporations.
CHAPTER III. -Provisions common to the different cases of loss of accreditation s. 543. the waiver approval, cancellation or revocation of the approval, total or partial, carries prohibition against new contracts in the classes of insurance and reinsurance activities concerned with the loss of enjoyment.
In accordance with paragraph 1, and in article 540 articles 187 of the Code of corporations and 46 of the Act of 8 August 1997 on bankruptcy only allow execution of contracts of insurance or reinsurance current, excluding the conclusion of all new insurance or reinsurance contracts.
S.
544. the bank informs the FSMA and the supervisory authorities of the other Member States where the insurance or reinsurance undertaking operates the loss of accreditation activities.
She asked them to take appropriate measures to prevent the insurance or reinsurance undertaking from commencing new operations within their territories.
S. 545. the insurance or reinsurance undertakings having more than one approval under article 517, § 1, 8 °, or of the provisions of this title, shall remain subject to this Act and the orders and regulations for its execution as well as the provisions of the implementing measures of the Directive 2009/138/EC until they are liquidated all of its contracts of insurance or reinsurance , as well as all commitments y thereto, unless the Bank does to exempt certain provisions.
S. 546. the Bank may require the undertakings referred to in this title, if necessary with the assistance of the supervisory authorities of the other Member States, all measures necessary to safeguard the rights of policyholders, insured persons and beneficiaries of insurance and reinsurance contracts.
It may in particular take all measures referred to in title IV, in particular those referred to in article 517, § 1, without the prior fixing of a time limit is necessary.
In the event of transfer on the basis of article 517, § 1, 7 °, the Bank may accompany its an adaptation measure, for the future, the rate of return guaranteed by contracts of life insurance, without however that such an adaptation can lead to lower yield offered in Belgium by the market insurance on the day of the decision of the Bank. The Bank shall consult the FSMA on respect of the abovementioned limit of the rate of return.
The measures referred to in paragraph 1, also include the possibility for the Bank to terminate the contracts of insurance and reinsurance in the manner and within the time limit which it shall determine.
S. 547. § 1.
The Bank may make the adaptations to the rate of return referred to in article 546, paragraph 3, or terminate the contracts as provided for in article 546, paragraph 4, that if, in the absence of these measures, the fate of insurance affected creditors prove less favourable.
§ 2. For the purposes of paragraph 1, the measures referred to in article 546, in particular the transfer of portfolio, where appropriate accompanied by a reduction of rate of return, must meet the following conditions: 1 ° transfer of portfolio, especially the determination of assets that accompanies the transfer of insurance liabilities may infringe the equality of insurance creditors. This equality requires: has) by separate management, a division of the assets referred to in article 194 in proportion to the transferred commitments;
(and if necessary surplus, b) a division of other assets in proportion to the transferred commitments, not covered by the a), compared to all the liabilities of the insurance undertaking, such that these transferred commitments are evaluated at the time of the assignment.
2 ° may not be terminated contracts of insurance or a reduction rate may be ordered only in the hypothesis where the continuity of insurance contracts would lead to a deficit liquidation. In addition, the rate reduction occurs so as to evenly on all the creditors of insurance under a same separate management, loss resulting from the rate reduction.
If notwithstanding paragraph 2, 2 °, a surplus appear, its amount is exclusively allocated for the benefit of insurance creditors in proportion to the amounts to which they would have been entitled in the case of continuity of their contracts.
S. 548. in addition to the similar measures laid down by Directive 2009/138/EC implementing measures, the Bank may order limitation and prohibitions of reimbursement and payment of capital and interest, in respect of holders of basic own funds instruments, pending measures to safeguard the rights of insurance creditors adopted in application of articles 546 and 547.
The use of the prerogative referred to in paragraph 1 is limited to the situations referred to in article 542 and takes into account the situation of the creditors of the insurance undertaking as it results from the application of articles 643 and 644.
S. 549. in the event of a deterioration of the financial situation of an insurance undertaking

or reinsurance referred to the present title, the Bank may, by way of derogation from article 6 of the law of 8 August 1997 on bankruptcy, initiative the Tribunal of commerce by means of citation.
545 to 548 articles are not applicable in the event of cancellation of the registration of an insurance undertaking or of reinsurance declared bankrupt.
BOOK III. -Insurance undertakings or REINSURANCE of law alien title I. -Insurance undertakings or reinsurance governed by the law of another Member State, chapter I. -Exercise of activities in Belgium by insurance governed by the law of another State Member Section Ire undertakings. -Access to the subsection Ire activity. -Opening of branches s. 550 § 1. Governed by the law of another Member State, insurance undertakings which are empowered under their national law to engage in their State of origin of the insurance activities may, by way of installation of branches, engage in those activities in Belgium, provided that the supervisory authorities of that State of origin have communicated to the Bank containing folder, mutatis mutandis, the information referred to in section 108 , § 1, paragraph 2, 1 ° to 4 °, as well as the additional information referred to in article 109.
§ 2. This record also includes: 1 ° in the case where the insurance undertaking intends its branch to cover risks of accident at work: a) proof that the insurance undertaking informed of the proposed activity the occupational accidents Fund;
(b) proof that the insurance undertaking is committed to the Fund of the accidents at work constitute a bank guarantee as referred to in article 60 of the Act of 10 April 1971 on work accidents at the first request of the said Fund, to fill in the repair of the accidents at work in cases where the insurance undertaking has remained in default.
2 ° in the case where an insurance undertaking intends to practice compulsory insurance of liability for motor land vehicles, excluding the liability of the carrier, a statement that the company became a member of the Belgian guarantee – the Belgian Bureau Fund.
S. 551. the Bank has for a period of two months from the receipt of the information referred to in article 550 to instruct the authorities of State control home Member of the undertaking concerned, the provisions of general interest referred to in article 564.
S. 552. the activities authorized in the head of the branch may commence in Belgium from the date on which the supervisory authority of the Member State of origin has received the communication referred to in article 551 and no later than the expiry of the period of two months referred to in article 551.
S. 553. the Bank shall communicate to the FSMA within the time limit referred to in article 551 submission of information referred to in article 550 and any subsequent changes to the information it contains.
S. 554. the insurance undertaking which has opened a branch in Belgium shall notify the Bank any changes it intends to make to the information contained in the information package referred to in article 550 and this, one month at least this change to be made.
S. 555. the Bank establishes the list of branches of insurance undertakings referred to in article 550. This list as well as any changes that are made are published on its website.
Subsection II. -Freedom to provide services article
556. § 1. Governed by the law of another Member State, insurance undertakings which are empowered under their national law to pursue in their State of origin of the insurance activities, can engage in those activities in Belgium under the regime of the free provision of services, subject to the control of that State of origin authorities have communicated to the Bank the file containing the information referred to in article 115 , § 1, 1 ° and 2 ° so that the additional information referred to in article 116.
§ 2. This record also includes: 1 ° in the case where an insurance undertaking intends to cover the risk of accident at work: a) proof that the insurance undertaking informed of the proposed activity the occupational accidents Fund;
(b) proof that the insurance undertaking is committed to the Fund of the accidents at work constitute a bank guarantee as referred to in article 60 of the Act of 10 April 1971 on work accidents at the first request of the said Fund, to provide for compensation for work accidents where the insurance undertaking has remained in default;
c) the name and address of the representative referred to in article 557, §§ 2 and 3;
2 ° in the case where an insurance undertaking intends to practice compulsory insurance of liability for motor land vehicles, excluding the liability of the carrier: a) a declaration that the undertaking has become Member of the Belgian guarantee – the Belgian Bureau Fund.
b) the name and address of the representative of the settlement of claims referred to in article 21 of Directive 2009/103/EC;
c) the name and address of the representative referred to in article 557, §§ 1 and 3.
S. 557 § 1. The insurance undertaking which intends to practice in freedom to provide services the compulsory insurance of liability for motor land vehicles, excluding carrier's liability, ensures that people with a claim for compensation in respect of events occurring on the Belgian territory are not placed in a less favourable situation of the fact that the company does not exercise its activities in Belgium through a branch.
To this end, the company designates one representative who is domiciled or habitually resident in Belgium and has a professional repute and appropriate expertise for the performance of its tasks.
This representative gathers all necessary information in relation to claims for compensation and has sufficient powers to represent the insurance undertaking from the persons who can claim compensation, including the payment thereof, and to represent it or, if necessary, represent, to regard these claims before the courts and the Belgian authorities.
This representative has the power to represent the insurance undertaking before the competent Belgian authorities for the control of the existence and the validity of contracts relating to compulsory insurance of liability for motor vehicles.
§ 2. The insurance undertaking which intends to free provision of services covering risks related to accidents at work means a representative who responds, mutatis mutandis, with the requirements referred to in paragraph 1 with respect to contracts of insurance relating to accidents at work.
§ 3. The role of the representative referred to in paragraph 1 may be ensured by the representative of the claims designated under article 556, § 2, 2 °, b), provided that the conditions referred to in paragraph 1 are met.
The designation by an insurance undertaking of a representative pursuant to subsection 1 or 2 is not in itself the opening of a branch.
S. 558. the assurance undertaking may start its activities in freedom to provide service in Belgium from the date on which it has been notified by the control authorities of his Member State of origin of the communication to the Bank of the dossier referred to in article 556.
S. 559. the Bank shall communicate to the FSMA the dossier referred to in article 556, as well as any subsequent changes to the information that it contains.
S.
560. any change that the assurance undertaking intends to make to the information referred to in article 556 is subject to the procedure laid down in this Section.
S. 561. the Bank establishes the list of insurance undertakings referred to in article 556. This list as well as any changes that are made are published on its website.
Section II. -Exercise of activity art.
562. § 1. Insurance undertakings referred to in this chapter shall at all times comply with the conditions laid down by or pursuant to sections 550, 556 and 557 of this Act.
§ 2. When the Bank has grounds for considering that the activities of an assurance undertaking might affect its financial soundness, it shall inform the supervisory authorities of the Member State of origin.
S. 563. the insurance undertakings referred to in articles 550 and 556 are in the exercise of their activities in Belgium, accompany their designation of the reference to their State of origin and, in the case of section 550, from their headquarters.
S. 564. § 1. The provisions of this chapter do not prejudice compliance, in the exercise of activities of insurance authorized in Belgium, legal and regulatory provisions applicable in Belgium to insurance companies and their operations for reasons of general interest.
In particular, insurance undertakings referred to in this chapter may make advertise their services by all means of communication available in Belgium, provided that they comply with the rules adopted for reasons of general interest governing the form and the content of this advertising.
The Bank gives to insurance undertakings referred to in article 550 communication of the provisions which, to his knowledge, have this character. It collects to that effect the opinion of the FSMA.

The provisions of this chapter do not prejudice compliance, in the exercise of activities other than insurance activities authorized in Belgium, legal and regulatory provisions applicable in Belgium, to these activities.
§ 2.
Sections 199 to 203 shall apply to insurance undertakings referred to in article 550.
Section III. -Control art. 565 in addition to the control which they are subject under legal or regulatory provisions governing their activities, insurance undertakings referred to in this chapter are subject to the control of the Bank in respect of sections 550, 556 and 557.
S. 566. on request of the Bank, insurance undertakings must submit all information and provide all documents for the control of compliance with the provisions referred to in article 562.
For the same purpose, the Bank may also conduct inspections on the spot in the Belgian branch or take copies of any information in the possession of the branch of the insurance undertaking.
Under review under this Section, agents, brokers or insurance intermediaries are required to provide to the Bank, on request, any information concerning insurance contracts on which they intervened as middlemen and who relate to risks situated in Belgium.
In the case referred to in paragraph 2, the Bank shall inform in advance the supervisory authorities of the Member State of origin.
S. 567. § 1. The supervisory authorities of the home Member State shall be entitled, after having previously informed the Bank, to carry out checks and inspections on the spot with branches referred to in article 550 to verify or collect, as appropriate, through the persons they appoint, the information that is necessary to ensure the monitoring of the financial situation of the insurance undertaking. The Bank may participate in that verification.
§
2. Disposals of portfolio involving the transfer of rights and obligations from contracts of insurance on which the commitment is the Belgium or the risk is located, carried out by insurance undertakings referred to in this chapter, authorized by the supervisory authorities of their Member State of origin are subject to an advertisement in Belgium. This advertising is, at the request of these authorities, carried out by the Bank as laid down in article 106.
Section IV. -Measures exceptional art.
568 when the bank notes that an insurance company governed by the law of another Member State operating in Belgium through a branch or under the freedom to provide services regime complies with the provisions referred to in articles 562-564, insofar as matters covered by these provisions fall within the competence of the Bank She puts the insurance undertaking formal notice to remedy within the time limit which it shall determine, the observed situation.
The bank informs the FSMA of its intention to make application of the preceding paragraph.
If, at the end of the period referred to in paragraph 1, the situation has not been remedied, the Bank shall inform the supervisory authorities of the Member State of origin concerned.
S. 569 § 1. In case of persistence of the deficiencies, the Bank may take appropriate measures, including those provided for in article 517.
When such a measure is proportionate the Bank may also prohibit the company to conclude new contracts of insurance in Belgium and carry out, at the expense of the company, to the publication of the measure to ban newspaper of his choice or in places and for the duration as it determines.
In addition, if the Bank considers that the supervisory authority of the Member State of origin did not have adequate measures to remedy the situation of non-compliance referred to in article 568 may seize the EIOPA and request its assistance in accordance with article 19 of regulation 1094/2010.
Article 517, § 5, shall apply.
§
2. The Bank shall inform the supervisory authorities of the home Member State before taking the measures provided for in paragraph 1.
S. 570. in case of emergency, the Bank may take the measures referred to in article 569, § 1, without a time limit is laid down in advance and by informing the supervisory authorities of the Member State of origin immediately after taking such measures.
S. 571. the Bank shall immediately inform the FSMA of measures taken on the basis of articles 569 and 570, as well as the occupational accidents fund when these measures are taken with respect to undertakings covering the risks of work-related accident.
The Bank shall communicate to the European Commission and the EIOPA the number and nature of cases in which measures taken pursuant to articles 569, 570.
S. 572. the Bank may, at the request of the competent Belgian authorities concerned, to apply articles 568 to 570 a company of insurance referred to in this chapter when she has done in Belgium, as part of its insurance activities, acts contrary to the provisions legal or regulatory interest as referred to in article 564, paragraph 1.
S. 573. in the event of cancellation or revocation of the authorisation of the insurance undertaking by the supervisory authority of its home Member State, the Bank takes, at the request of this authority, appropriate measures to prevent the undertaking of insurance concerned to conclude new contracts or operations in Belgium.
In particular, the Bank may direct, after giving notice to this authority, the closure of the branch the insurance undertaking established in Belgium. It may appoint an interim manager who ensures the preservation of the assets of the branch while awaiting determination of their destination, and who is entitled to take all precautionary measures in the interests of policyholders, insured persons and beneficiaries in Belgium.
The bank informs the FSMA by the decision of cancellation or revocation of the authorisation of the insurance undertaking by the supervisory authority of the Member State, as well as the measures it takes pursuant to this section.
S. 574. If the supervisory authorities of the Member State of origin of an insurance undertaking so require, the Bank may restrict or prohibit the free disposal of assets located on Belgian territory that these authorities have designated in accordance with articles 513-515.
CHAPTER II. -Exercise of activities in Belgium by undertakings governed by the law of another State Member Section Ire reinsurance.
-Access to activity art. 575. the reinsurance undertakings governed by the law of one Member State other that the Belgium may exercise, by the way of installation of a branch or under the freedom to provide services regime, operations reinsurance for which they have received an authorisation in their home Member State.
Section II. -Exercise of activity art.
576. the provisions of this chapter do not prejudice compliance, in the exercise of reinsurance activities in Belgium, legal and regulatory provisions applicable in Belgium to reinsurance undertakings and their operations for reasons of general interest.
The provisions of this chapter do not prejudice compliance, in the exercise of activities other than the activities of reinsurance, the legal and regulatory provisions applicable in Belgium, to these activities.
Articles 199 to 202 are applicable to reinsurance undertakings referred to in article 575 who operate in Belgium through a branch facility.
S.
577. reinsurance undertakings referred to in article 575 are, in the exercise of their activities in Belgium, accompany their description of the reference to their State of origin as well as when they operate through a branch, the mention of their headquarters.
Section III. -Control subsection Ire. -General art. 578. § 1. The supervisory authorities of the home Member State shall be entitled, after having previously informed the Bank, to carry out checks and inspections on the spot with branches referred to in article 575 to verify or collect, as appropriate, through the persons they appoint, the information that is necessary to ensure the monitoring of the financial situation of the reinsurance undertaking. The Bank may participate in that verification.
§
2. When the Bank has grounds for considering that the activities of the reinsurance undertaking might affect its financial soundness, it shall inform the supervisory authorities of the Member State of origin.
Subsection II. -Measures exceptional art. 579 when the bank notes that a reinsurance undertaking governed by the law of another Member State operating in Belgium through a branch or under the freedom to provide services regime complies with the legal and regulatory provisions applicable in Belgium in the field of competence of the Bank, she puts the remains to address reinsurance undertaking within the time limit which it shall determine, to the situation observed.
The Bank shall inform the relevant home Member State control authorities.
S. 580 § 1. In case of persistence of the deficiencies, the Bank may take appropriate measures, including those provided for in article 517.
When such a measure is proportionate, the Bank may also prohibit the company to conclude new reinsurance contracts in

Belgium and do proceed, at the expense of the company, to the publication of the expulsion in the journals of their choice or in places and for the duration as it determines.
In addition, if the Bank considers that the supervisory authority of the Member State of origin did not have adequate measures to remedy the situation of non-compliance referred to in article 26 may seize the EIOPA and request its assistance in accordance with article 19 of regulation 1094/2010.
Article 517, § 5, shall apply.
§ 2. The Bank shall inform the supervisory authorities of the home Member State before taking the measures provided for in paragraph 1.
S.
581. the Bank shall immediately inform the FSMA of measures taken on the basis of articles 579 and 580.
S. 582. in the event of cancellation or revocation of the authorisation of the reinsurance undertaking by the supervisory authority of its home Member State, the Bank takes, at the request of the supervisory authority, appropriate measures to prevent the undertaking from reinsurance to conclude new contracts or operations in Belgium.
In particular, it may order, after giving notice to this authority, the closure of the branch that this reinsurance undertaking established in Belgium. It may appoint an interim manager who ensures the preservation of the assets of the branch while awaiting determination of their destination, and who is entitled to take all protective measures in the interest of the beneficiaries of reinsurance in Belgium.
S. 583. If the supervisory authorities of the Member State of origin of a reinsurance undertaking so require, the Bank may restrict or prohibit the free disposal of assets located on Belgian territory that these authorities designated in accordance with articles 513-515.
TITLE II. -Insurance undertakings or reinsurance governed by the law of third countries Chapter I.
-Branches in Belgium of insurance governed by the law of third countries Section Ire. -Access to the activity in Belgium art. 584. without prejudice to the provisions of international treaties to which the Belgium is party, governed by the law of a third country insurance undertakings duly licensed as such in this country must, before opening a branch to carry out their activities in Belgium, will accept from the Bank.
The King may, for the implementation of international treaties to which the Belgium is party, clarify the terms and conditions under which insurance undertakings covered by these treaties are entitled of establishment or to provide services for the exercise of their activities in Belgium.
S.
585. § 1. For the purposes of the granting of the authorisation referred to in article 584, shall apply: 1 ° articles 22, 23, 24, 26, 27, 28, 29, 30, 32, 34, 1 °, and 35, being understood that) article 18, paragraph 3, shall not apply;
(b) the insurance undertaking is authorised in their country of origin to exercise the activities contained in its programme of activities;
(c) the administrative record also includes the name, address and the powers of the general representative referred to article 593;
(d) the reference to article 23 applies to the insurance undertaking which survey branch;
2 ° article 31, the branches referred to in this title being mentioned in a special section of the list;
3 ° article 37, 2 ° and 3 °;
4 ° articles 39 to 43, on the understanding that the reference to articles 39 and 43 applies to the insurance undertaking which survey branch and that the reference to articles 40 to 42 apply to branch in Belgium;
5 ° article 62 insofar as the insurance undertaking may establish that commitments of its Belgian branch are covered by a system of protection of creditors of insurance in its country of origin to an extent at least equivalent to that resulting from the systems put in place in Belgium, about the types of covered contracts and the level of protection provided.
In addition to the requirements referred to in paragraph 1, 3 °, the company demonstrates has) that its subsidiary subject to an endowment in eligible own funds needed to reach the half of the absolute threshold of minimum capital requirement provided in article 189, § 1, 4 °;
b) that it has in Belgium of assets for the amount referred to the a) and that it has, in addition, half of those assets with a financial intermediary in such a way to make them unavailable. The Bank determines, by regulation made pursuant to article 12bis, paragraph 2, of the law of 22 February 1998, the terms and conditions to meet such unavailability.
§ 2. The granting of the approval referred to in paragraph 1 is also subject to compliance with the following conditions: 1 ° the statutes of the concerned insurance undertaking are not contrary to the provisions of this Act and its orders and regulations;
in particular, the articles of association may authorise one activity other than those referred to in article 34, 1 °;
2 ° the supervisory authority in charge of the control of the insurance undertaking in the third country confirms that the company meets the prudential requirements which apply in this country.
§ 3. Without prejudice to paragraphs 1 and 2, the granting of an authorisation to a branch of a governed by the law of a third country insurance undertaking is also subject to compliance with the following terms: 1 ° the insurance undertaking is subject, in their country of origin, a prudential supervision of an equivalent nature to one held by Directive 2009/138/EC and its implementing measures.
2 ° the Bank signed a cooperation agreement involving an exchange of information allowing it to exercise effective control of the activities of the Belgian branch with the authority of the third country concerned. The Bank may waive compliance with this condition if, under the circumstances of the case, it considers that it is not likely to substantially improve the knowledge of the business of insurance, including the group to which it belongs, under the angle of his organization and risk generated by its activities, especially the risks for the Belgian branch insurance creditors.
§ 4. Without prejudice to international agreements binding the Belgium, the Bank may refuse to accept the branch of an assurance undertaking governed by the law of a third country which does not have the same opportunities for access to its market to the insurance undertaking of Belgian law.
§ 5. The Bank may also refuse the registration of a branch referred to this title if it considers that the protection of policyholders, insured persons and beneficiaries or the sound and prudent management of the company or the stability of the financial system requires the incorporation of a company under Belgian law.
Such a decision may in particular take into account the following criteria: 1 ° the absence of effective exercise by the company of insurance in the third country, or the group to which belongs the insurance undertaking activities planned by the branch;
2 ° the importance of the branch to the size of the insurance undertaking.
§ 6. Before deciding on the request for the approval of the branch, the Bank shall consult the authority of the third country concerned.
The Bank shall decide on the application for registration of the branch on the advice of the FSMA with respect to the protection of policyholders, insured persons and beneficiaries. The FSMA shall deliver its opinion within a time limit of one month from the receipt of the request for an opinion by the Bank, accompanied by all the useful documents received from the company seeking approval. The absence of notice within that period is considered to be a positive opinion.
Section II.
-Exercise of activity art. 586. the Belgian branches of governed by the law of a third country insurance undertakings must at all times comply with the conditions laid down by or pursuant to article 584.
S. 587 are applicable to the branches referred to in article 584: 1 ° article 71;
2 ° article 83 in what concerns the general agent of the branch referred to in article 593 as well as, where appropriate, other persons responsible for the senior management of the branch and article 81 in what concerns those same people and, where appropriate, the leaders of independent within the branch control functions;
3 ° article 93, on the understanding that leaders of the branch shall be treated as members of the legal governing body;
4 ° the articles 36 and 38, § 1;
5 ° articles 102, 103, 104, § 1, 1 °, and § 2, 105 and 106, on the understanding that: has) article 102, paragraph 1, 1 °, concerning the branch in Belgium;
(b) in the case referred to in article 102, paragraph 1, 3 °, where the transferee company is a branch of an insurance undertaking governed by the law of a third country, situated in the territory of another Member State, the Bank gave its authorization to transfer portfolio only if:-the supervisory authorities of the Member State concerned have given their consent to such a transfer , and - that these authorities certify that the relevant transferee undertaking has, in light of the proposed transfer of eligible own funds to cover the solvency capital requirement required under the legislation of that State;
(c) when it is requested by the branch referred to in article 584 company company, the authorization referred to in article 102, paragraph 1, 3 °, can be given only if the Bank has received the agreement of the supervisory authorities of the other Member States where the risk is situated or, as the case may be, of the supervisory authorities of the Member States of the commitment.

Absence of a response from the foreign authorities consulted within a period of three months, their consent is presumed.
S. 588 § 1. Are also applicable to the branches referred to in article 584: 1 ° articles 123 to 139;
2 ° articles 76, 199-203, being understood that for the purposes of the application of article 76, the conservation of documents relating to operations carried out through the branch is headquarters of the branch.
§
2. The King determines the obligations and terms of publication of the annual accounting statements of the branches referred to in article 584.
S. 589. § 1.
The branches referred to in article 584 should be subject to a bank's own funds responding to the following rules: 1 ° the Bank's own funds comply with articles 140 to 150;
2 ° the Bank's own funds comply with solvency capital requirement and minimum capital requirement calculated in accordance with articles 151 to 189, with the understanding that for the purposes of these requirements, only are taken into consideration, both for life insurance only for non-life insurance, operations carried out by the branch concerned;
3 ° the requirement of absolute threshold corresponds to half of the amount referred to in article 189, § 1, 4 °.
The deposit made in accordance with article 585, paragraph 2, b), is recorded in the eligible basic own funds to cover the minimum capital requirement.
§ 2. Article 323 is applicable on the understanding that the additional requirement is an additional requirement for the Bank own funds required pursuant to this section.
§ 3. Section 91 shall apply to the branches referred to in article 584.
S. 590. the branches referred to in article 584 cannot simultaneously operate non-life insurance and life insurance.
S. 591 § 1. Articles 190 to 193 shall apply in relation to the assets held by the branch.
§
2. Without prejudice to article 585, § 1, paragraph 2, articles 194 and 195 are also applicable to the commitments undertaken by the branch. The assets referred to in articles 194 and 195 shall be located in Belgium.
§ 3. By way of derogation from paragraph 2, the assets may not be located in Belgium only up to the minimum of required capital, and for the rest, within a Member State where the company demonstrates that it meets the following conditions: 1 ° the right to procedures for liquidation of the third country provides to insurance creditors whose rights have been pledged to the Belgian branch a treatment which is equivalent to that of insurance whose rights creditors has been pledged to the insurance undertaking in the third country; and 2 ° in case of winding-up proceedings opened against the insurance undertaking in the third country, the law governing this procedure grants to insurance creditors whose rights have subscribed with the Belgian branch of a row offering a protection similar to that provided for in articles 643 and 644.
S. 592 are also applicable to the branches referred to in article 584: 1 °, articles 212-221;
2 ° the articles 230 and 231;
3 ° sections 232 to 238;
4 ° the articles 240 and 241.
S. 593. the branches referred to in article 584 must designate a general representative. Sections 81, 83 and 93 are applicable.
This general agent must, in addition, have domicile or habitual residence in Belgium and should have sufficient powers to engage in the business of insurance in relation to third parties and to represent it in relations with the authorities and Belgian courts.
In the case of the mandate waiver or revocation, or in case of death of the general representative the insurance undertaking shall take necessary measures to make the successor function in the month.
S. 594. § 1. Insurance companies governed by the law of third countries which have requested or obtained a licence in Belgium in accordance with this chapter and for the establishment of a branch in one or more other Member States may request the benefit of the following provisions, which may be granted only jointly: 1 ° the solvency capital requirement is calculated on the basis of all of the activity carried out in the Member States. To this end, only the operations performed by all of the branches established within Member States are taken into consideration for this calculation;
2 ° by way of derogation from article 585, paragraph 2, b), the deposit required pursuant to this provision is made in the Member State of the supervisory authority referred to in paragraph 2, paragraph 2;
3 ° by way of derogation from article 592, the assets representing the minimum required capital can be located in one of the Member States where they operate.
§ 2. The application referred to in paragraph 1 shall be lodged with the Bank and the supervisory authorities of each of the other Member States concerned. In this application, an enterprise should disclose the supervisory authority which will be responsible to verify the solvency of branches established within the European economic area for the whole of their operations.
The choice of the authority of inspection carried out by the company must be reasoned and accepted by this authority.
§
3. The benefit of the provisions laid down in paragraph 1 may be granted to the company only with the agreement of the supervisory authorities of all the Member States concerned.
These special provisions are applicable to that on the date on which the supervisory authority selected confirms to other supervisory authorities that it accepts its designation and that it will verify the solvency requirements of the established branches within the European economic area for the whole of their operations.
When an authority of another Member State is chosen in accordance with paragraphs 2 and 3, the Bank provides to that authority the information necessary for the verification of the overall solvency of the concerned insurance company requirements.
The benefit of the provisions laid down in paragraph 1 is removed from right in the event of the Bank's request addressed to other relevant supervisory authorities or at the request of one of them. This withdrawal is notified to the branch referred to in article 584.
§ 4. When she is chosen in accordance with paragraphs 2 and 3, the Bank shall inform the EIOPA.
Section III.
-Control art. 595 are applicable: 1 ° sections 303-309;
2 ° articles 504 to 507;
3 ° articles 510, 511, 513-515, being understood that in the case referred to in article 594, the supervisory authority responsible for verifying the solvency requirements of branches established in different Member States for all their operations may also exercise powers under these provisions.
S. 596. the management of the branches referred to in this title is required to appoint one or more authorized reviewers or one or more companies of Auditors approved in accordance with section 327. It may designate, similarly, an alternate.
In the case of designation of a firm of réviseurs, Section 326 shall apply mutatis mutandis.
Sections 328, 329, paragraphs 1 to 4, 330, paragraph 1, and 331-337 shall, mutatis mutandis, applicable.
S. 597. § 1. The Bank may agree, based on reciprocity, with the authorities of third countries of the insurance undertaking and with the competent authorities and third countries of the other branches of this undertaking established in States other than Belgium, of rules relating to the obligations and prohibitions concerning the branch in Belgium, of the object and its monitoring practices as well as the modalities of collaboration and the exchange of information with those authorities such as provided for in articles 36/16 and 36/17 of the law of 22 February 1998.
§ 2. The conventions may, subject to the approval of the Minister having the economy in its attributions, derogate from the provisions of this Act to establish rules and terms more appropriate to the nature and distribution of the activities of the insurance undertaking and its control.
Subject to the existence of a global control meets the criteria provided for by or under this Act, these conventions may exempt from the application of certain provisions of this Act and the orders and regulations for its execution.
Conventions covered by this article does not include for the benefit of the branches as they refer to more favourable rules than those that apply to branches established in Belgium of insurance governed by the law of another Member State business.
Section IV. -Exceptional measures, sanctions and the end of the article approval 598. § 1. Apply articles 508 and 517.
In the event of withdrawal of authorization by the Bank justified by failure to comply with the rules relating to the solvency requirements, the bank informs the other supervisory authorities referred to in article 594.
In the event of withdrawal of authorization by a supervisory authority designated pursuant to article 594, §§ 2 and 3, the Bank also withdrawing the approval referred to in article 585.
§
2. Still, the Bank may revoke the approval of a branch referred to in this chapter if it considers that the protection of insurance creditors or the sound and prudent management of the insurance undertaking or the stability of the financial system requires the incorporation of a company under Belgian law. The Bank may use, for this purpose, criteria referred to in article 585, § 4.
The bank informs the decisions taken in accordance with paragraph 1 of the FSMA.
S. 599. the articles

538 to 541, 543, paragraph 1, and 544-547 shall apply.
CHAPTER II. -Activities in Belgium, by way of a branch or free provision of services, by reinsurance undertakings governed by the law of third countries s. 600 reinsurance undertakings falling within the law of a third country, including the solvency regime to which they are subject under this legislation is, pursuant to article 172, paragraph 3, of Directive 2009/138/EC, considered equivalent to that established by this directive for companies governed by the law of a Member State, are allowed to practise in Belgium by the way of installation of a branch or under the regime of the free provision of services, reinsurance operations for which they have obtained approval in their State of origin.
To this end, the provisions of chapter II of title I shall, mutatis mutandis, for the application.
S. 601. the reinsurance undertakings falling under the law of a third country, including the solvency regime to which they are subject under this legislation is not, pursuant to article 172, paragraph 3, of Directive 2009/138/EC, considered equivalent to that established by this directive for companies governed by the law of a Member State, are allowed to practise in Belgium , by the way of installation of a branch, the reinsurance operations for which they have obtained approval in their State of origin subject to the provisions of chapter I of this title.
BOOK IV. -FINES and other coercive measures art. 602. without prejudice to other measures provided for in this Act, the Bank may publish only an insurance or reinsurance undertaking, an insurance holding company, a mixed financial holding company or a mixed Belgian or foreign law law insurance holding company is not complied with orders that were made to comply within the time limit it shall determine provisions of this Act or of the orders or regulations made for execution or settlement 2015/35 or any other measures for the implementation of the Directive 2009/138/EC.
S. 603 § 1. Without prejudice to other measures provided for in this Act, the Bank may attach to an insurance or reinsurance undertaking, an insurance holding, a mixed financial holding company or a company joint insurance holding under Belgian law or foreign law, a period in which: 1 ° it must comply with provisions of this Act, of the orders or regulations made for execution or settlement 2015/35 or any other implementing measures of the Directive 2009/138/EC or 2 ° it must make the adjustments needed to its system of organization or its policy regarding its capital needs and its risk management. This injunction is applicable to branches of insurance undertaking or reinsurance within another Member State, for what concerns a breach of the obligations referred to in articles 564, paragraph 1 and 576, paragraph 1;
§ 2. If the company remains in default upon the expiry of the time limit, the Bank may, heard or at least convened, company impose a penalty at the rate of a maximum amount of 2 500 000 euros per offence and maximum 50,000 euros per day of delay.
§
3. The amount of the penalty payment is fixed taking particular account 1 ° of the seriousness of the shortcomings encountered and, where appropriate, the potential impact of these shortcomings on the stability of the financial system;
2 ° of the financial base of the undertaking in question, as reflected notably its turnover.
§
4. Periodic penalty payments imposed pursuant to subsection 2 shall be recovered for the benefit of the Treasury by the Administration du Cadastre, registration and domains.
Book V. - Title I: SANCTIONS.
-Administrative fines s. 604 § 1. Without prejudice to other measures provided for by this Act and without prejudice to the measures provided for by other laws or other regulations, the Bank may, where it finds a breach of the provisions of this Act, to the measures taken in pursuance thereof or to Regulation 2015/35 or to all other measures implementing Directive 2009/138/EC, impose an administrative fine in an insurance or reinsurance undertaking a holding company of insurance in a mixed financial holding company, a mixed-activity insurance holding company, Belgian law or foreign law in one or more of the members of the statutory body of directors or Committee management of these entities, persons who, in the absence of Management Committee, participating in their effective management, responsible for the breach found.
§ 2. The amount of the administrative fine imposed on the entity referred to in paragraph 1, for the same offence or for the same set of facts, is minimum 1% and maximum of 10% of products technical and financial of the entity in the previous year.
The amount of the administrative fine imposed to a natural person for the same Act or to the same set of facts, is EUR 5,000 minimum and maximum 5 000 000 euros.
§ 3. The fines imposed by the Bank pursuant to paragraph 1 shall be recovered for the benefit of the Treasury by the Administration du Cadastre, registration and domains.
§ 4. The amount of the fine set in function 1 ° the severity and duration of breaches;
2 ° of the degree of responsibility of the person concerned;
3 ° the financial base of the person in question, as reflected notably in the total turnover of the Corporation in question or the annual earnings of the individual in question;
4 ° the benefits or any profits from such breaches;
5 ° of prejudice suffered by third parties due to deficiencies, insofar as it can be determined;
6 ° of the degree of cooperation with the competent authorities demonstrated the physical or legal person concerned;
7 ° of previous breaches committed by the person concerned;
8 ° of the potential negative impact of the breaches on the stability of the financial system.
§ 5. When the Bank makes public the measures imposed pursuant to this section, it shall at the same time inform the EIOPA as well as the supervisory authority of the Member State concerned if it is an insurance or reinsurance undertaking engaged in an activity in another Member State.
TITLE II. -Penal sanctions art. 605 § 1. Shall be punished by a term of imprisonment of one month to one year and a fine of 50 euros to 10,000 euros or one of those penalties only: 1 ° those who do not comply with article 16;
2 ° those who carry on the business of an insurance undertaking or of reinsurance referred to in section 17 or in Book III, title II unless this company is approved or that registration has been cancelled or revoked;
3 ° those who, knowingly, fail to make the notifications provided for in articles 64 and 68, who spend in addition to the opposition referred to in article 66, paragraph 2, or those who spend in addition to the suspension referred to in article 72, paragraph 1, 1 °;
4 ° the legal governing body members and other persons referred to in section 83 that contravene the provisions of this article;
5 ° the members of the legal administration or the Executive Committee body or persons in charge of the actual direction which contravene articles 93, 102, 2 ° and 3 °, 426, 428, 483-486;
6 ° members of the legal administration or the Executive Committee or the people in charge of the effective management of an insurance undertaking or of reinsurance abroad, open a branch or is performing services without having carried out the planned notifications by articles 108, 113, 115, or 120 or which conform to articles 112 119 or 122;
7 ° the legal administration or the Executive Committee Board members or the people in charge of the management of an insurance undertaking or reinsurance that contravene the orders or regulations referred to in articles 199, 201, 342, 564, § 2, 576, paragraph (3) or 588, § 1, 2 °;
8 ° the members of the legal Board of directors or the Executive Committee or the people in charge of the branch of an insurance undertaking or reinsurance which do not conform to articles 201 or 202.
9 ° those who perform acts or operations without obtaining approval from the special Commissioner under section 517, § 1, 1 °, or against a decision to suspend taken in accordance with article 517, § 1, 4 °, which do to comply with the formal notice taken pursuant to articles 568, paragraph 1, or 579, paragraph 1, or to the measures taken in application of articles 569 , § 1, paragraph 1, 580, § 1, 573 or 582.
10 ° those who, as Commissioner, auditor or independent expert, have attested, approved or confirmed accounts, annual accounts, balance sheets and accounts for the consolidated business or periodic financial statements or information or results when the provisions of this Act or of the orders and regulations for its execution or enforcement of Directive 2009/138 / EC have not been met, or in the knowledge that they it had not been, either in not having not completed normal diligence to ensure that they were respected;
11 ° those who impede inspections and audits to which they are liable in the country or abroad or refuse to give information that they are required to provide under this Act and measures implementing Directive 2009/138/EC

or who knowingly provide information inaccurate or incomplete;
12 ° the directors and managers who fail to comply with the provisions of articles 325, § 1, paragraphs 1 and 596;
§ 2. Any infringement of the prohibition referred to in article 41 is punishable by imprisonment of three months to two years and a fine of EUR 1 000 to EUR 10 000.
S.
606. the provisions of book I of the penal Code, without exception of Chapter VII and article 85, shall apply to criminal offences punishable under the Act.
S. 607. the insurance or reinsurance undertakings are civilly responsible for the fines to which their members of the legal Board of directors or the Executive Committee, the people in charge of the effective management or their agents in accordance with the provisions of this title are condemned.
S.
608. any information the Chief of contravention of this Act or to any of the laws referred to in article 20 of the Act of April 25, 2014, against members of the legal Board of the Committee of direction, people in charge of the effective management, agents or authorized Commissioners of insurance or reinsurance undertaking and any information of count under this Act against any other person or entity must be worn to the knowledge of the Bank and the FSMA, each in its field of competence by the judicial or administrative authority which is before it.
Any criminal action of the head of the offences referred to in paragraph 1 must be brought to the attention of the Bank and the FSMA, each in its field of competence, at the instance of the Crown.
S. 609. the Bank and the FSMA are empowered to intervene in any case before the Criminal Court of an offence punishable under this Act, without having to justify injury.
The intervention follows the rules applicable to the civil party.
BOOK VI. -PRIVATE rules of INTERNATIONAL law on reorganisation and winding-up proceedings measures applicable to the business of insurance title Ier. -Chapter I: sanitation measures. -Rule of jurisdiction and reception of foreign measures art. 610. subject to sections 598 and 614, the Belgian sanitation authorities are competent to adopt reorganisation measures only in respect of insurance under Belgian law. These measures are applied and produce their effects in accordance with Belgian legislation, subject to the clarifications and exceptions provided for in this Act. In particular, the Belgian sanitation authorities cannot adopt a reorganisation measure concerning an insurance undertaking governed by the law of another State Member and EC, including with regard to the branch of one such company located in Belgium.
S. 611. Notwithstanding advertising which they are subject in Belgium, the reorganisation measures decided by the authorities of remediation of an another Member State concerning insurance under the law of this State undertaking produce their effects in Belgium according to the legislation of that State as soon as they produce their effects in the Member State where they have been adopted. These measures do not require any formalities in Belgium.
CHAPTER II. -Consultation and information Section Ire.
-Insurance undertakings of Belgian law art. 612. the King shall inform without delay the Bank of its decision to adopt a reorganisation measure in accordance with article 519, if possible prior to the adoption thereof or, if not, immediately after.
The Bank shall forthwith to the knowledge of the FSMA and the supervisory authorities of all other States members, by all appropriate means, the adoption of all remedial action and the concrete effects that these measures could have. To this end, the King takes the Bank informed of developments relating to the implementation of article 519.
S.
613. when the implementation of a reorganisation taken in accordance with article 610 measure is likely to affect the rights of third parties in another Member State where the insurance undertaking has a branch or provides services, and that an appeal is open against the measure, the Bank or, where acts of disposition referred to in article 519, the King, ensure the publicity of the decision in accordance with the legislation in force and shall be published as soon as possible one excerpt from that decision, in the or one of the official languages of those Member States, in the Official Journal of the European Union. This advertising has no impact on the effects of the reorganisation measure, including with respect to the creditors of the insurance undertaking. It shall contain at least: 1 ° the object and the legal basis of the decision with the mention that the measure is governed by Belgian law;
2 ° the sanitation authorities and, where appropriate, the designated sanitation Commissioner;
3 ° the periods allowed for appeals and the coordinates of the authority for the use.
The period of appeal concerning the adoption of a reorganisation measure takes course on third parties having their domicile or habitual residence in an another Member State, on the date of publication in the Official Journal of the European Union.
Section II. -Insurance governed by the law of a third country article 614. the Bank shall inform without delay and by all appropriate means, the supervisory authorities of the other Member States where the law of a third country insurance undertaking has also a branch of its decision on a reorganisation measure pursuant to article 598, and the practical effects of this measure, to the extent possible prior to the adoption of the or otherwise, immediately after. The Bank strives to coordinate its action with that of the control, sanitation and, the authorities where appropriate, liquidation of the insurance undertakings of other Member States.
TITLE II. -Bankruptcy and other winding-up proceedings based on insolvency, chapter I. -Rule of jurisdiction and reception of foreign proceedings art. 615. the commercial court is competent to decide on the opening of a bankruptcy only in respect of insurance under Belgian law. In particular, the tribunal de commerce cannot open a bankruptcy about a company of insurance under a foreign law including in relation to the branch of one such company located in Belgium.
S.
616. the winding-up proceedings which the opening is decided by the authorities of liquidation of another Member State concerning a company of insurance covered by the law of this State are recognized in Belgium without any formalities and take effect as soon as they produce their effects in the Member State where they have been opened.
S. 617. a foreign judicial decision on winding-up proceedings based on insolvency of insurance governed by the law of third countries undertaking cannot be recognised and declared enforceable in Belgium only if the following conditions are satisfied: 1 ° law of insolvency of the third country ensures creditors to insurance concluded their contract with the Belgian branch of a treatment which is equivalent to that of insurance creditors having their contract with the insurance company in the third countries;
2 ° the law governing the insolvency proceedings in the third country grants to insurance creditors having their contract with the Belgian branch of a protection similar to that provided for in articles 643 and 644.
CHAPTER II. -Insurance undertakings of Belgian Law Section Ire. -Consultation and information art. 618. without prejudice to article 640, the commercial court shall inform without delay the Bank of its decision to open a bankruptcy procedure and practical effects of the bankruptcy, as far as possible before opening it or otherwise immediately after. The Bank shall communicate without delay and by all appropriate means this information to the FSMA and the supervisory authorities of all other Member States.
S. 619. the trustees appointed in accordance with article 11 of the law of 8 August 1997 on bankruptcy, ensure publicity referred to in article 38 of the same Act, also by the publication of the extract in the Official Journal of the European Union. A form in all the official languages of the European Union, the heading "Invitation to lodge a claim. Deadlines"is used for this purpose.
The advertisement shall contain at least: 1 ° that the liquidation procedure is governed by Belgian law;
2 ° the competent court and the designated trustee coordinates.
S. 620 when the individual warning of creditors referred to in article 62 of the law of 8 August 1997 on bankruptcy concerns creditors having their domiciles or their habitual residence in another Member State, the circular also indicates in addition to the information mentioned in the passage referred to in article 619, the obligation of creditors benefiting of a lien or security interest to declare their claims as well as the consequences of non-compliance with the time limits provided for in article 72 of the Act of 8 August 1997 on bankruptcy. In the case of insurance claims, the circular also mentioned the General effects of winding-up proceedings on the insurance contracts, in particular the date to which insurance contracts or operations continue to produce their effects and the rights and obligations of the insured with respect to the contract or transaction.
The circular referred to in article 62 of the Act

of 8 August 1997 on bankruptcy, written in the language of the proceedings or for holding an insurance claim and creditors who have their habitual residence, domicile or head office in another State Member, in an official language of that Member State is, in all the official languages of the European Union, the heading "Invitation to lodge a claim - deadlines".
Section II. -Elements of procedure and applicable law art. 621. the bankruptcy proceedings concerning an insurance undertaking of Belgian law is governed by Belgian law, subject to the clarifications and exceptions provided for in this Act.
S. 622 § 1. Creditors who have their domicile or habitual residence in another Member State may declare their claims and submit their views in an official language of this State accompanied by the words "Lodgement of claims" or "Submission of observations relating to claims" in the language of the proceedings in Belgium. Article 63 of the law of 8 August 1997 on bankruptcy shall apply. However, the privilege granted to receivables of insurance in accordance with articles 643 and 644 should not be mentioned.
§
2. The claims of creditors having their domicile or habitual residence in another Member State enjoy the same treatment and, in particular, the same ranking as claims of an equivalent nature which may be declared by creditors having their domicile or habitual residence in Belgium. To this end, claims made by creditors of the same nature are considered equivalent claims.
Paragraph 1 shall also apply with respect to creditors who have their domicile or habitual residence in a third country, provided that the law applicable in that State does not allow the opening of insolvency against the concerned insurance undertaking and that the procedure initiated in Belgium can produce its effects in that State. Otherwise, these creditors are assimilated to unsecured creditors for the purposes of the procedure initiated in Belgium.
S. 623. the trustees appointed in accordance with article 11 of the law of 8 August 1997 on bankruptcy shall regularly inform the creditors in the form which they deem most appropriate, the conduct of the proceedings.
At the request of the supervisory authorities of the other Member States, the Bank provides information on the progress of the winding-up proceedings. To this end, the tribunal de commerce maintains the Bank informed of the progress of the procedure.
CHAPTER III. -Insurance governed by the law of a third country article 624. where an insurance undertaking under the law of a third country has branches in Belgium and in other Member States, the Bank, as well as liquidation authorities and the supervisory authorities of these Member States, strive to coordinate their actions.
TITLE III. -Winding-up proceedings not based on insolvency concerning undertakings of insurance governed by the law of third countries art. 625. when an undertaking governed by the law of third countries subject to a cancellation, revocation of approval or waives accreditation for all its operations in Belgium, the Bank may appoint a liquidator to prepare all the assets of the company in Belgium and to liquidate all the commitments made in Belgium.
Without prejudice to article 599, the King determines, on opinion of the Bank, the powers and duties of such liquidator.
The liquidation expenses are responsibility of the undertaking concerned.
The provisions of this article shall not apply where the law of a third country insurance undertaking subject to winding-up proceedings based on insolvency in that State at the time of the revocation of the approval.
S. 626 § 1. A decision of liquidation not based on insolvency of insurance governed by the law of third countries undertaking may be recognised and declared enforceable in Belgium only if the following conditions are satisfied: 1 ° the right of the third country governing the liquidation procedure ensures creditors to insurance concluded their contract with the Belgian branch of a treatment which is equivalent to that of insurance creditors having concluded their agreement with the third country insurance undertaking;
2 ° the law governing the liquidation procedure in the third country grants to insurance creditors having their contract with the Belgian branch of a protection similar to that provided for in articles 643 and 644.
§ 2. Article 625 is not application when winding-up proceedings not based on insolvency of insurance governed by the law of third countries undertaking is recognized and declared enforceable in Belgium in accordance with paragraph 1.
S. 627. where an insurance undertaking under the law of third countries with offices in Belgium and in other Member States, the Bank, as well as liquidation authorities and the supervisory authorities of these Member States, strive to coordinate their actions. Any liquidators shall endeavour also them to coordinate their action.
TITLE IV. -From the liquidation of special heritages s.
628. § 1. Without prejudice to article 631 and article 195, paragraph 2, the fate of assets referred to in article 194 subject to a right in rem is determined in accordance with the Belgian law as the lex fori concursus.
§ 2. Without prejudice to article 632, the fate of assets referred to in article 194 subject to a retention of title clause is determined in accordance with the Belgian law as the lex fori concursus.
§ 3. Without prejudice to article 633 and the requirement that an insurance undertaking to evaluate claims on a third party deduction of amounts owed to such third party for the valuation of its assets referred to in article 194, the fate of such an asset subject to a legal or conventional compensation is determined in accordance with the Belgian law as the lex fori concursus.
§ 4. For the purposes of this article, the Belgian law includes provisions of substantive law arising from the transposition of European directives governing the issues referred to in paragraphs 1 to 3.
S. 629. the composition of the assets entered in the permanent inventory in accordance with article 195, at the time of the decision to open winding-up proceedings, cannot, at this moment, be changed; No changes can be made to the permanent inventory, other than the correction of purely clerical errors, unless authorized by the authorities of liquidation.
Notwithstanding paragraph 1, the liquidator adds active said their financial product, and the amount of premiums (premium pure) in separate management for the period between the opening of winding-up proceedings and payment of claims to insurance or to the transfer of portfolio.
If the proceeds of the realisation of assets is less than their assessment as contained in the permanent inventory, the liquidator shall give justification to the Bank.
TITLE v - Rules common to reorganisation measures and winding-up proceedings chapter I. -Exceptions and temperaments to the application of Belgian law as the law of the proceedings article 630. by way of derogation from articles 610 and 621, the effects of a measure of reorganisation or winding-up proceedings on: 1 ° the employment contracts and labour relations are governed exclusively by the law of the Member State applicable to the contract or employment relationship;
2 ° the contract conferring the right to make use of or acquire immovable property shall be governed solely by the law of the Member State on whose territory the immovable property is located. This law determines whether the property is movable or immovable;
3 ° the rights of insurance on real property, a ship or an aircraft business, which are subject to registration in a public register, are governed by the law of the Member State under whose authority the register is kept;
4 ° transactions carried out within the framework of a regulated market within the meaning of article 2, 6 °, of the Act of 2 August 2002 on the supervision of the financial sector and financial services are governed solely by the law applicable to that market.
5 ° a lawsuit pending concerning an asset or a right of which the insurance undertaking has been divested shall be governed solely by the law of the Member State in which the lawsuit is pending.
The King may, on opinion of the Bank, extend the rule referred to the paragraph 1, 4 °, to transactions on financial instruments markets organized pursuant to article 15 of the law of 2 August 2002.
S. 631 § 1. The implementation of a reorganisation measure or the opening of bankruptcy proceedings does not affect the real right of a creditor or a third party on tangible or intangible, movable or immovable assets - both listed property and the indeterminate property sets whose composition is subject to change - belonging to the insurance undertaking and which are, at the time of the implementation of such measures or the opening of a procedure , in the territory of another Member State.
§
2. The rights referred to in paragraph 1 include: 1 ° the right to make good or be disinterested by the product or income of that property, in particular under a pledge or a mortgage;
2 ° the exclusive right to collect a debt, including under pledging or assignment of the debt as collateral;
3 ° the right

to claim the property and/or to claim restitution in the hands of anyone who holds or enjoys against the wishes of the copyright;
4 ° the real right to collect the fruits of a property.
§ 3. Shall be considered a right in rem the right, recorded in a public register and enforceable against third parties, to obtain a right in rem within the meaning of paragraph 1.
S.
632. the implementation of a reorganisation measure or the opening of bankruptcy against an insurance undertaking purchasing an asset affect rights vendor based on a reservation of title where this property is situated, at the time of the implementation of such measures or the opening of such proceedings in the territory of one Member State other than the State in which such measures are implemented or in which such a procedure is opened.
The implementation of a reorganisation measure or the opening of bankruptcy against an insurance undertaking being the seller, after the supply of the goods subject of sale, is not a cause for resolution or termination of the sale and shall not prevent the acquisition by the purchaser of the property sold property When the asset is situated at the time of the implementation of such measures or the opening of such proceedings in the territory of one Member State other than the State in which such measures are implemented, in which such proceedings are opened.
S.
633. the implementation of a reorganisation measure or the opening of bankruptcy proceedings does not affect the right of creditors to demand compensation for their claims against the claims of the insurance undertaking, where this set-off is permitted by the law applicable to the claim of the insurance undertaking.
S. 634. without prejudice to article 630, paragraph 1, 1 °, 3 °, and subject to article sections 631, 635, § 1, 632 and 633 shall not preclude the application of articles 17 to 20 of the Act of 8 August 1997 on bankruptcy.
Article 1167 of the civil Code and articles 17 to 20 of the Act of 8 August 1997 on bankruptcy shall not apply when the recipient of an intended act these provisions provides evidence that the Act is subject to the law of one Member State other than the Belgian law and that this Act does, in this case, no way to question this Act.
S. 635. by way of derogation from article 517, § 1, 1 °, and 4 ° and article 16 of the law of 8 August 1997 on bankruptcy, and notwithstanding articles 17 to 20 of this Act, if the insurance undertaking has for consideration, after the adoption of a reorganisation measure or the opening of a proceeding in bankruptcy, immovable property, a ship or an aircraft subject to registration in a public register or securities whose existence or transfer presupposes entry in a register of legally prescribed or account legally prescribed or which are placed in a central deposit system governed by the law of a Member State, the invalidity or unenforceability of that Act is judged according to the law of the Member State in the territory of which the immovable property is situated or under the authority of which that register, account or deposit system is required.
CHAPTER II. -Information art. 636. without prejudice to articles 610 and 615, when the supervisory authorities of the Member State of origin of an insurance undertaking shall inform the Bank of the decision to open winding-up proceedings or to adopt a reorganisation measure, the Bank shall inform the FSMA. The Bank and the FSMA may publish a notice in the Belgian Official Gazette and in two daily newspapers or periodicals to regional broadcast.
This notice contains at least an extract from this decision and mentions the competent authorities to adopt a reorganisation measure or open winding-up proceedings, the law governing these measures or procedures and, as appropriate, the liquidator or the Commissioner of sanitation designated, and is published at least in one of the official languages in Belgium.
CHAPTER III. -Sanitation Auditors and liquidators Section Ire. -Reception of measures and procedures foreign art.
637. the appointment of a Commissioner for sanitation or a liquidator by an authority of another Member State is established by the presentation of a certified copy of the original decision appointing him or by any other certificate issued by the authority.
Without that any legalization or other similar formality shall be required, there will nevertheless be a translation of the document referred to in paragraph 1 in the language or one of the languages of the linguistic region on the territory of which the Commissioner of sanitation or the liquidator wishes to take action.
S. 638. § 1. The Commissioners to sanitation and the liquidators designated by an authority of another Member State may exercise all the powers which they are entitled to exercise within the territory of that other State in Belgium.
It is the same with regards to whom they have designated, in accordance with the law of this State, to assist them or to represent them in the course of a measure of reorganisation or winding-up proceedings.
§ 2.
In the exercise of their powers in Belgium, the Commissioners to sanitation and the liquidators referred to in paragraph 1 adhere to the Belgian legislation, in particular with regard to procedures for the realisation of assets and information of workers. Their powers may include the use of force or the right to rule on a dispute or a dispute.
§
3. The Commissioners to sanitation and the liquidators referred to in paragraph 1 shall communicate to the Crossroads Bank referred to in article 3 of the Act of 16 January 2003 on the establishment of a Crossroads Bank for enterprises, modernization of the commercial register, creation of window-sized Chartered and various provisions, the reorganisation measures and winding-up proceedings decided by an authority of another State Member for inclusion.
Section II. -Sanitation Auditors and liquidators Belgian art. 639. the trustees appointed in accordance with article 11 of the law of 8 August 1997 on bankruptcy shall take all necessary measures to ensure registration of winding-up proceedings in a register of another Member State when this registration is obligatory under the law of that State.
Charges resulting from a registration in a public register of another Member State are considered to be costs of the procedure, that registration is obligatory, or that it results from the initiative of the persons referred to in paragraph 1.
BOOK VII. -ASPECTS of the PROCEDURES for LIQUIDATION title I substantive law. -Special rules in the event of bankruptcy art. 640. § 1. Except with regard to the case of quote made in application of article 549, paragraph 1, the opening of bankruptcy proceedings or divested provisional within the meaning of article 8 of the law of 8 August 1997 on bankruptcy against an insurance or reinsurance undertaking may be pronounced only with the assent of the Bank.
§ 2. Referral to the Bank is written. She is accompanied by the necessary parts for its information.
The Bank shall deliver its opinion within a period of fifteen days from the receipt of the request for an opinion. The Bank may, in the case of a procedure relating to an insurance undertaking or reinsurance may introduce, in its discretion, significant systemic implications or which requires prior coordination with foreign authorities, give its opinion within a longer period, without however that the total period does not exceed thirty days. Where it considers need to make use of this exceptional period, the Bank shall notify the court proceedings.
The period within which the Bank to make its opinion suspends the time limit within which the Court must decide. In the absence of response from the Bank within the time limit, the Court may decide.
The opinion of the Bank is written. It is transmitted by any means to the Registrar, who shall provide to the president of the commercial court and the Prosecutor. The notice is placed on the record.
S. 641. the Trustees referred to in article 27 of the law of 8 August 1997 on bankruptcy, as well as people Deputy under that article 27, paragraph 4, are designated on the advice of the Bank.
TITLE II. -Special rules in the event of winding-up proceedings within the meaning of article 183 of the Code of corporations s. 642 § 1. Except in relation to the dissolutions of right in application of article 542, all dissolutions of an insurance or reinsurance undertaking, be they voluntary or judicial, and liquidation within the meaning of the Code of corporations that ensues, require the assent of the Bank.
Before ruling on a cause of judicial dissolution provided for in the Code of corporations with respect to an insurance or reinsurance undertaking, the commercial court shall the Bank for an opinion according to the procedure laid down in article 640, paragraph 2.
§ 2. Dissolution voluntary or judicial dissolution pursuant to section 542 of the insurance or reinsurance undertaking or the liquidator who is appointed in accordance with the rules statutory or legal, may be appointed with the approval of the Bank.
Without prejudice to the legal provisions applicable to commercial companies and article 545, the King determines, on the advice of the Bank the powers and duties of the liquidator,

especially as regards the settlement of insurance claims. In any case, the liquidator is required to respond to requests for information addressed to him by the Bank and shall, moreover, inform the Bank of the evolution of its mission initiative.
§ 3. The Bank shall, without delay, inform the supervisory authorities of all other Member States and, in the case of an insurance undertaking, FSMA, any dissolution as well as its possible practical effects.
TITLE III. -Provisions common to the different procedures of liquidation and other situations of competition article
643. the whole of the assets referred to in article 194 formed by separate management referred to in article 230, a special heritage for the execution of liabilities to policyholders, insured or beneficiary of insurance under this management, priority over all other claims on the insurance undertaking.
Special heritage of each separate management is formed by the content of the permanent inventory prescribed by article 195.
S. 644. any liquidation of special heritages should be made taking into account the rights of the creditors holding an insurance claim and creditors referred to in paragraph 2 in accordance with equality between all creditors of the same class.
By derogation from article 643, paragraph 1, the liquidator may take on every special heritage his compensation, his staff and all other costs of liquidation insofar as they benefited the liquidation of this heritage.
If the liquidation of a special heritage left a positive balance, this balance is shared between other special heritages, in proportion to the deficits of these special heritage.
If after the liquidation of all special heritages, there remains an available balance, it is attributed to the mass of creditors.
Insufficiency of wealth special to totally satisfy creditors holding debt of insurance, they retain the remainder preferred against the company claim.
This privilege is broad; It is awarded by the special privileges as well as by the General privileges of salaried workers, Treasury and social insurers and agencies, as well as the exercise of rights in rem.
BOOK VIII. -FINAL, amending provisions, transitional and REPEALING title Ier. -Provisions transitional art. 645. the insurance companies listed, on the date of entry into force of this Act, to the list of insurance undertakings referred to in article 4 of the Act of 9 July 1975 on the control of insurance undertakings shall be approved as such, for the purposes of this Act.
Insurance companies under the law of a Member State recorded on the lists referred to in article 66 of the law of 9 July 1975 on the control of insurance undertakings are, of right, registered, as appropriate, on the list provided for in article 555 or 561.
S. 646. § 1.
Insurance undertakings referred to in article 275 exercising their activities on the date of entry into force of this Act are provisionally included in the list referred to in article 275, § 2, paragraph 5.
These companies benefit from a period of four months from the date of the entry into force of this Act to send to the Bank the registration referred to in article 275 § 2.
§ 2. Insurance undertakings referred to in article 276 have a period of one year from the date of the entry into force of this Act, to comply with the provisions of sections 276 to 293.
§ 3. Local insurance undertakings referred to in article 294 who were exercising their activities on the date of entry into force of this Act are provisionally included in the list referred to in article 296.
These companies benefit from a period of four months from the date of the entry into force of this Act to send to the Bank the registration referred to in article 296.
S.
647. § 1. The Royal Decrees, regulations of the Bank and all other acts of a regulatory nature adopted in pursuance of the Act of 9 July 1975 on the control of insurance undertakings remain applicable to the extent that the provisions of this Act provide clearances legal, General or specific, necessary for these regulatory acts and their content is not contrary to this Act.
§ 2. The authorisations and derogations given by the Bank as well as all acts of individual scope previously adopted on basis of the Act of 9 July 1975 on the supervision of insurance companies or regulatory acts adopted for its implementation, remain in force, except their revocation or variation determined pursuant to this Act.
S. 648 registered reinsurance businesses, on the date of entry into force of this Act, to the list of the reinsurance undertakings referred to in article 11 of the Act of February 16, 2009 on reinsurance shall be approved as such, for the purposes of this Act.
S. 649 insurance companies registered on the date of entry into force of this Act, to the list of insurance undertakings referred to in article 4 of the law of 9 July 1975 on the supervision of insurance companies and who, at this same date, were of reinsurance, are full approved as a reinsurance undertaking for the purposes of this Act.
S. 650 § 1. The Royal Decrees, regulations of the Bank and all other acts of a regulatory nature adopted in pursuance of the law of February 16, 2009 on reinsurance remain applicable to the extent that the provisions of this Act provide clearances legal, General or specific, necessary for these regulatory acts and their content is not contrary to this Act.
§ 2. The authorisations and derogations given by the Bank and all acts of individual scope previously adopted on basis of the Act of February 16, 2009 on reinsurance or regulatory acts adopted for its implementation, remain in force, except their revocation or variation determined pursuant to this Act.
S. 651. by way of derogation from article 40, § 1, paragraph 1, legal persons which, on May 7, 2014, were engaged in a member function of the legal governing body of an insurance or reinsurance undertaking are authorized to continue their current mandate until the expiry of this. Until the expiry of the mandates referred to in this article, article 40, § 1, paragraph 2, is applicable to the permanent representative of the legal person.
S. 652 § 1. By way of derogation to articles 48, 50, 51, insurance or reinsurance undertakings benefit from a period of six months from the entry into force of this Act to comply with the obligation to establish a remuneration Committee and a Committee risks.
§ 2. By way of derogation from article 56, insurance or reinsurance undertakings benefit from a period of six months from the entry into force of this Act to comply with the obligation to implement a function of management of risk in accordance with that section 56.
§ 3. Loans, credits, guarantees or insurance contracts awarded before the entry into force of this Act and which do not conform to the provisions of article 93 shall terminate no later than June 30, 2016.
S. (653. Notwithstanding section 96, § 4, even if all of the solvency capital referred to in article 96 § 1, 5 °, b), is published, the additional capital requirement or the effect of specific parameters which the insurance or reinsurance undertaking is bound to use under article 166 do not have to be the subject of a disclosure separated during a transitional period ending 31 December 2020.
S.
654 § 1. Until December 31, 2017, insurance or reinsurance undertakings the percentages referred to in article 189, § 3, only apply to the solvency capital required of the company calculated in accordance with the standard formula in articles 153 to 166.
§
2. By way of derogation from articles 511 and 541, the of insurance or reinsurance undertakings which, until December 31, 2015, meet the requirements of solvency margin laid down by or pursuant to the law of 9 July 1975 on the supervision of insurance undertakings or by or under the Act of February 16, 2009 on reinsurance and which , at the date of entry into force of this Act, are not a sufficient amount of eligible basic own funds to cover the minimum capital requirement, have a period ending December 31, 2016 to comply with section 75.
The companies that, upon expiry of the period provided for in paragraph 1, lack a sufficient amount of eligible basic own funds to cover the minimum capital requirement are withdraw their approval in accordance with article 517, § 1, 8 °.
S.
655. as long as the maximum reference rate of life insurance operations were not fixed in accordance with article 216, the correlative maximum rates laid down in application of article 19, §§ 2 and 3, of the Act of 9 July 1975 on the control of business insurance or article 24 of the royal decree of 14 November 2003 on the activity of life assurance shall continue to apply.
S.
656. by way of derogation from article 224, paragraph 2, without prejudice to articles 224, paragraph 3, and 225 to 229, the companies mentioned in article 223 which are also life reinsurance activities

and non-life, until December 31, 2019, may manage all of these reinsurance business jointly with either their life insurance activities, or their non-life insurance activities.
The Bank withdraws the benefit of paragraph 1 to the insurance undertaking which does not meet the requirements laid down in article 224, paragraph 3.
S. 657. mutual insurance associations referred to in article 244 suit formally, for December 31, 2017, their statutes, contracts of insurance and all documents to the public, with respect to the indication of their legal form.
S. 658. by way of derogation from articles 538, §§ 1, 2, 3 and 5 and 545, the insurance or reinsurance undertakings which, at 1 January 2016, without being in liquidation within the meaning of articles 183 et seq. of the Code of corporations, have stopped to sign new contracts and merely administer their existing portfolio to put an end to their business are exempt from the provisions of book II of this Act if all the following conditions are met : 1 ° the company committed the Bank to terminate the ongoing activities for January 1, 2019, or she is the subject of measures of sanitation and a provisional Manager or administrator has been designated pursuant to article 517, § 1, 2 °;
2 ° the undertaking does not part of a group unless all companies in the group have ceased their activities in accordance with this article or the national provisions transposing article 308ter, paragraphs 1 to 3 of Directive 2009/138/EC;
3 ° the company shall notify the Bank, no later than January 15, 2016, its intention to benefit from the provisions of this article;
4 ° the company present to the Bank a plan detailing how the company intends to proceed with the liquidation of its commitments.
The Bank withdraws the benefit of the provisions of this article:-January 1, 2019, for companies that have undertaken to cease their activities on that date;
-on 1 January 2021 for companies subject to reorganisation measures;
or at an earlier date if the Bank considers that the progress made in respect of the termination of the activity of the company are insufficient.
Absence of the plan referred to in paragraph 1, 4 °, or where it considers that this plan does not present sufficient guarantees with regard to the protection of creditors of insurance and reinsurance, the Bank may take all measures to govern proper liquidation of liabilities of insurance and reinsurance of the company and in particular, all measures to safeguard the rights of the creditors of insurance and reinsurance. These measures shall include the measures provided for in articles 504 and 517, 546 and 547.
Insurance or reinsurance undertakings referred to in this article provide annually to the Bank an updating of the plan referred to in paragraph 1, 4 °. The Bank determines in addition, case by case, the contents of the updated plan.
S. 659 § 1. For a period not exceeding four years from January 1, 2016, the maximum time in which the insurance or reinsurance undertakings must provide the information referred to in article 312, at annual or less frequent intervals is set at 20 weeks from the close of the accounting year of the company ended between June 30, 2016 and January 1, 2017. This delay decreases by two weeks in each fiscal year to be set at fourteen weeks from the close of the accounting year of the company ended between January 1 and June 30, 2019 2020.
§ 2. For a period not exceeding four years from January 1, 2016, the maximum time in which the insurance or reinsurance undertakings must provide the information referred to in article 312, on a quarterly basis, is set at eight weeks from any quarter ended between 1 January 2016 and January 1, 2017. This delay decreases a week in each accounting period to be set at five weeks from any quarter ended between January 1 and June 30, 2019 2020.
S. 660. for a period not exceeding four years from January 1, 2016, the maximum time in which the insurance or reinsurance undertakings shall provide the information referred to in articles 95 and 96, is set at 20 weeks from the close of the accounting year of the company ended between June 30, 2016 and 1 January 2017. This delay decreases by two weeks in each fiscal year to be set at fourteen weeks from the close of the accounting year of the company ended between January 1 and June 30, 2019 2020.
S. 661. articles 659 and 660 shall apply by analogy in relation to the obligations of information provided for in articles 93, 94 and 307 to the insurance or reinsurance undertakings participating in holding companies insurance and mixed financial companies, being understood that the time limits referred to in articles 659 and 660 are extended, each time, six weeks.
S. 662. § 1. Notwithstanding article 147 Basic own fund items are included in the own funds of basic level 1 for a maximum period of ten years after 1 January 2016, if these elements: 1 ° have been issued before January 18, 2015;
2 ° could, until December 31, 2015, taking into account their characteristics, be used to meet the solvency margin available in a proportion not exceeding 50% of the margin of solvency in accordance with the provisions of the Act of 9 July 1975 on the control of business insurance or act of February 16, 2009 on reinsurance and their by-laws and regulations;
§ 2. Basic own fund items that can be classified at level 2 in application of article 147 are not assimilation laid down in paragraph 1.
S. 663 § 1. By way of derogation from article 147 Basic own fund items are included in the own funds of basic level 2 for a maximum period of ten years after 1 January 2016, if these elements: 1 ° have been issued before January 18, 2015;
2 ° could, until December 31, 2015, taking into account their characteristics, be used to meet the solvency margin available in a proportion not exceeding 25% of the solvency margin in accordance with the provisions of the Act of 9 July 1975 on the control of business insurance or act of February 16, 2009 on reinsurance and of their laws and regulations.
S. 664. as regards insurance or reinsurance companies which invest in marketable securities or other financial instruments based on repackaged loans that were issued before January 1, 2011, the requirements laid down by the regulation 2015/35 shall apply only if the underlying exposures have been replaced or supplemented with new exhibits after December 31, 2014.
S.
665. Notwithstanding sections 74, 151, § 2, paragraph 2, and paragraph 3, and 154, the following rules shall apply: 1 ° until December 31, 2017, the standard settings to use to calculate the concentration risk sub-module, and the Submodule 'margin risk - spread risk' according to the standard formula are the same, for exposures to central Governments and central banks of the Member States which are denominated and funded in the national currency of a Member State than those that would apply to such exposures denominated and funded in euros;
2 ° in 2018, the standard settings to use to calculate the concentration risk sub-module, and the Submodule 'margin risk - spread risk' according to the standard formula are reduced by 80% for exposures to central Governments and central banks of the Member States which are denominated and funded in the national currency of a State member.
3 ° in 2019, the standard settings to use to calculate the concentration risk sub-module, and the Submodule 'margin risk - spread risk' according to the standard formula are reduced by 50% for exposures to central Governments and central banks of the Member States which are denominated and funded in the national currency of a State member.
4 ° from 1 January 2020, the standard settings to use to calculate the subsidiary risk of concentration and the Submodule "spread risk" according to the standard formula are not reduced for exposures to central Governments and central banks of the Member States which are denominated and funded in the national currency of any other Member State.
S. 666. Notwithstanding sections 74, 151, § 2, paragraph 2 and § 3, and 154, the standard settings to use for the shares acquired by the company to the more later 1 January 2016 when calculating of the Submodule 'risk on shares' according to the standard formula without making use of the possibility provided for under article 162, equivalent to the weighted average: has) standard parameter to be used for the calculation of the Submodule 'risk equity' pursuant to section 162; and (b)) from standard setting to use for the calculation of the Submodule 'risk shares' according to the standard formula without the possibility provided for under section 162.
The coefficient assigned to the parameter referred to in paragraph 1, b), is increasing in a manner less linear at the end of each year, 0% for the year beginning on January 1, 2016, up to 100% by January 1, 2023.
S. 667. Notwithstanding article 510, §§ 1 and 2 and without prejudice to paragraph 3 of that article,

When the insurance or reinsurance undertakings which complied with the requirement of solvency margin provided for in Act of 9 July 1975 on the control of insurance undertakings or reinsurance Act of February 16, 2009 and their orders and regulations, but do not meet the solvency capital requirements during the first year of application of this Act the Bank requires of the insurance undertaking or reinsurance undertaking in question to take the necessary measures to establish the level of eligible own funds covering the solvency capital requirement or reduce its risk profile to ensure compliance with the solvency at 31 December 2017 capital requirement.
The insurance undertaking or reinsurance undertaking in question shall submit every three months the Bank an interim report outlining the measures taken and the progress made to establish the level of own funds eligible for the solvency capital requirement or to reduce its risk profile to ensure compliance of the solvency capital requirement.
The benefit of the extension provided for in the paragraph 1 is withdrawn when the interim report shows that no significant progress has been made by the company to restore the level of own funds eligible for the solvency capital or reduce the risk profile to ensure compliance of the solvency capital requirement, between the date of the finding of non-compliance of the solvency capital required and the date of delivery of the interim report.
S. 668. § 1. By way of derogation from articles 126 to 131, the Bank may authorize insurance undertakings or reinsurance to apply, on a transitional basis, a derogation to the relevant curve of interest rates without risk to liabilities of life insurance and reinsurance life meets the following conditions: 1 ° insurance or reinsurance obligations arise from contracts which have been concluded before January 1, 2016 , excluding the renewals which take place from that date;
2 ° until January 1, 2016, the technical provisions for insurance and reinsurance obligations were determined in accordance with the provisions of the Act of 9 July 1975 on the control of business insurance or act of February 16, 2009 on reinsurance and their by-laws and regulations;
3 ° the equalizer adjustment referred to in section 129 is not applied to the insurance and reinsurance obligations.
§
2. The transitional derogation referred to in paragraph 1 allows, in each currency, calculate the adjustment as a share of the difference between: 1 ° the interest rate determined by the insurance or reinsurance undertaking in accordance with the provisions of the law of 9 July 1975 on the control of business insurance or act of February 16, 2009 on reinsurance and of their laws and regulations to December 31, 2015. and (2) the effective annual rate as the single discount rate which, if it was applied to the insurance and reinsurance obligations portfolio cash flows meet the conditions referred to in paragraph 1, would give a value equal to the value of the best estimate of the portfolio of those of insurance and reinsurance obligations for which the time value of money is taken into account along the relevant rate of interest without the risk referred to in article 126 , § 2.
Insurance or reinsurance undertakings make use of correction for volatility referred to in article 131, the relevant risk-free interest rate curve referred to in paragraph 1, 2 ° when the relevant risk-free interest rate curve referred to in article 131.
In the event of authorization of the given Bank pursuant to paragraph 3, the referred part 1 paragraph decreases in a linear manner at the end of each year of 100% for the first year beginning on January 1, 2016, up to 0% at 1 January 2032.
§
3. The authorization of the Bank referred to in paragraph 1, paragraph 1, can be released only if the business demonstrates, on the basis of a dossier which the Bank determines the content, it is, on the basis of projections credible conditions of market and its risk tolerance limits, able to meet the solvency requirements, throughout the transitional period taking into account the application of the terms of linear reduction provided for in paragraph 2, subparagraph 3.
The Bank acknowledge receipt of the application referred to in paragraph 1 and, within fifteen days of receipt of the file, indicates the company if the record is complete for consideration or if it requires additional information.
The Bank decides on the authorization request within two months of the introduction of a complete file and at the latest within three months of receipt of the request.
§ 4. In addition to the requirement under article 670, insurance or reinsurance undertakings which apply on a transitional basis, the derogation to the relevant curve of the interest rate without risk in accordance with this section:-do not include eligible insurance and reinsurance obligations in the calculation of the correction for volatility referred to in article 131;
-indicate in their report on their solvency and their financial situation referred to in articles 95 and 96, which they follow the curve of the transitional risk-free interest rate and quantify the impact on their financial situation resulting from a non-application of this transitional measure.
S. 669. § 1. By way of derogation to articles 124 to 139, the Bank may authorize insurance undertakings or reinsurance to apply, on a transitional basis, in relation to existing insurance or reinsurance commitments at 1 January 2016, a deduction to their technical provisions. This deduction can be applied at the level of groups of homogeneous risks referred to in article 135.
The deduction referred to in paragraph 1 corresponds to the difference between 1 the amount of the technical provisions after deduction of receivables arising under contracts of reinsurance and securitisation vehicles computed to 1 January 2016 pursuant to articles 124 to 139, and 2 the amount of the technical provisions after deduction of receivables arising from reinsurance contracts, calculated pursuant to the provisions of the law of 9 July 1975 relating to the control of insurance undertakings or the Act of February 16, 2009 on reinsurance and their orders and regulations.
When the insurance or reinsurance undertakings make use of article 131, the calculation of the amount referred to in paragraph 2, 1 °, is calculated with correction for volatility at 1 January 2016.
In the case of permission of the particular bank in accordance with paragraph 2, the maximum deductible share of technical provisions decreases in a linear manner at the end of each year of 100% for the first year beginning on January 1, 2016, up to 0% at 1 January 2032.
Subject to prior approval or on the initiative of the Bank, the amount of technical provisions, incorporating where appropriate the amount of the correction for volatility, in the calculation of the transitional deduction determined in accordance with this paragraph, may be recalculated every twenty-four months or more frequently in the event of a significant change of the risk profile of the undertaking as a result of an acquisition or a transfer of commitments of insurance or reinsurance existing at 1 January 2016.
§ 2. Authorization of the Bank referred to in paragraph 1, paragraph 1, can be given only if the company demonstrates, on the basis of a dossier which the Bank determines the content, it is, on the basis of projections credible conditions of market and its risk tolerance limits, able to satisfy, throughout the transitional period, in terms of linear reduction of the deduction referred to in paragraph 1 paragraph 4.
The Bank acknowledge receipt of the application referred to in paragraph 1 and, within fifteen days of receipt of the file, indicates the company if the record is complete for consideration or if it requires additional information.
The Bank decides on the authorization request within two months of the introduction of a complete file and at the latest within three months of receipt of the request.
The Bank may limit the deduction referred to in paragraph 1 if its application is likely to result in lower requirements for financial resources applicable to the undertaking that those which are calculated in accordance with the provisions of the law of 9 July 1975 on the control of the business of insurance or reinsurance Act of February 16, 2009 and their arrested and regulations to December 31, 2015.
In order to ensure the respect by the company of the terms of linear decrease of the deduction referred to in paragraph 1, subparagraph 4, the Bank can also match its authorization to conditions which breach allows the Bank to terminate the authorisation given pursuant to this section.
In the event of authorization of the Bank granted after 1 January 2016, the insurance or reinsurance undertaking must meet the linearity of the deductible proportion referred to in paragraph 1, subparagraph 4 as if permission had been granted to 1 January 2016.
§ 3. In addition to the requirement under article 670, insurance or reinsurance undertakings which apply, in accordance with this section, the transitional provisions deduction

techniques indicate in their report on their solvency and their financial situation referred to in articles 95 and 96 they apply this transitional deduction regime and quantify the impact on their financial situation resulting from a non-application of this transitional measure.
S. 670. the insurance or reinsurance undertakings may not benefit cumulatively an authorization given pursuant to article 668 and an authorization given under section 669 for the same commitments under branches mentioned in Appendix II.
S. 671 § 1.
The insurance or reinsurance undertakings which benefit from the transitional measures referred to in article 668 or 669 present each year to the Bank a report outlining the measures taken and the progress made to ensure compliance with the requirement of capital of solvency at the end of the transitional period.
The Bank removes the authorization to apply the transitional measure when it emerges from this intermediate report that compliance with the requirement of solvency at the end of the transitional period capital constitutes an unrealistic perspective.
The insurance or reinsurance undertakings which benefit from the transitional measures referred to in articles 668 or 669, in addition, inform the Bank as soon as they find that they do not comply with the requirement of solvency capital without the application of these transitional measures.
The Bank requires of the insurance undertaking or reinsurance undertaking in question to take the necessary measures to ensure compliance with the requirement of capital of solvency at the end of the transitional period.
Within two months of the observation of non-compliance with the requirement of solvency capital without the benefit of the transitional measures referred to in articles 668 or 669, the insurance undertaking or reinsurance undertaking in question presents to the Bank a plan of gradual implementation outlining measures to establish the level of own funds eligible for the solvency capital requirement or reduce its risk profile to ensure compliance with the solvency capital requirement at the end of the transitional period. The insurance undertaking or reinsurance undertaking in question can refresh the plan's phased implementation during the transitional period. The undertakings benefiting from the transitional measure referred to in article 669 have, in addition, each year a report outlining the measures taken and the progress made under the phased implementation plan referred to in this paragraph.
§
2. Until January 1, 2021, the Bank provides the EIOPA, on an annual basis, the following information: 1 °, the availability of guarantees long term of insurance on the national market products and the business practices of insurance and reinsurance as long-term investors;
2 ° the number of of insurance and reinsurance undertakings which apply the equalizer adjustment, correction for volatility and the extension of the period of recovery in accordance with article 510, § 3, the sub-module "risk equity" based on the duration and the transitional measures laid down in articles 668 and 669;
3 ° the effects on the financial situation of the business of insurance and reinsurance, Equalizer adjustment, correction for volatility, mechanism of symmetrical adjustment of the requirement of capital for actions, of the Submodule 'equity risk' based on the duration and the transitional measures set out in articles 668 and 669, at the national level and in anonymous made conditions for each company;
4 ° the effect of the equalizer adjustment, correction for volatility, symmetrical adjustment mechanism requirement of capital for actions and the Submodule 'risk equity' based on the duration on the business of insurance and reinsurance investment practices and whether these measures entail undue relief of own funds requirements;
5 ° the effect of any extension of the deadline for reinstatement granted in accordance with article 510, § 3, on the efforts made by the insurance and reinsurance undertakings to restore the level of eligible own funds covering the solvency capital or reduce the risk profile to ensure compliance with the solvency capital requirement;
6 ° where insurance and reinsurance undertakings apply the transitional measures laid down in articles 668 and 669, compliance by companies said, the gradual implementation plans referred to paragraph 1 of this article and the prospects for a reduction of dependence on these transitional measures, including measures that have been taken or should be taken by enterprises and the Bank taking into account the applicable legal framework.
S. 672. § 1. Notwithstanding article 357, § 2, the transitional provisions in articles 661 to 665 and 668 to 671, § 1, shall apply mutatis mutandis to the level of the group.
Notwithstanding article 357, §§ 2 and 3, the transitional provisions laid down in article 667 shall apply mutatis mutandis to the level of the group when the insurance or reinsurance undertakings participating or insurance or reinsurance undertakings belonging to a group conformed to the requirement of adjusted solvency under Chapter VIIbis's control of the companies act of 9 July 1975 but do not comply with the applicable to the Group solvency capital requirement.
§ 2. Notwithstanding article 373, the superior parent undertaking may request, prior to March 31, 2022, to be authorised to apply an internal model group as a part of the provided group that, at once, the insurance or reinsurance undertaking and the superior parent company are located in the same Member State and that this part is a separate part with a profile of risk significantly different from that of the rest of group.
S. 673. up to December 31, 2020, section 600 is implementing business of reinsurance under the law of a third country appearing on the list published by the EIOPA in application of article 172, paragraph 4, subparagraph 3 directive 2009/138/EC.
S. 674 insurance undertakings formally adapt contracts covered branch 27 mentioned in Appendix II not later than January 1, 2019.
TITLE II. -Final provisions and various arts. 675. in article 2, § 1erquater of the law of 9 July 1975 on the control of insurance undertakings, inserted by article 30, 2 °, of the law of 26 April 2010 as it existed before its repeal by section 757 of this Act, must be interpreted as meaning that the mutual insurance associations and cooperative societies who restrict their business of insurance to the commune of their headquarters or to the municipality and to the neighbouring villages are exempted from the application provisions of the law of 9 July 1975 on the control of insurance undertakings subject to the provisions of this law made applicable by the King according to the rules and regulations it determines.
S. 676. without prejudice to the obligations imposed on Belgium by the law of the Union, the King may determine, by Decree deliberated in the Council of Ministers, the special rules applicable to insurance undertakings in relation to the provision of fringe benefits to employed persons covered by the royal decree No 50 of 24 October 1967 on superannuation retirement and survival of employees and persons referred to in article 32 paragraph 1, 1 ° and 2 ° of the Tax Code on the 1992 income, occupied outside of a contract of employment.
S. 677. without prejudice to the provisions of Directive 2009/138/EC and its implementing measures, the King may, by royal decree deliberated in the Council of Ministers and on the advice of the Bank or the FSMA, each in its field of competence, and the Office for supervision of mutual insurance companies, provide mutual insurance from the application of certain provisions of the Act and clarify the rules which are applicable in place.
S. 678. the amounts denominated in euro appearing in this Act subject to a review in accordance with the review published in the Official Journal of the European Union by the European Commission in accordance with article 300 of the Directive. The review provided for in this article released its effects within six months after the said publication.
S. 679. the royal decree of 11 June 2015 on the designation of the competent authority in charge of the approval and monitoring of central securities depositories is confirmed with effect from June 19, 2015.
TITLE III. -Amending provisions chapter I. -Amendment of the retirement and survival of s. employees pension Act of 12 July 1957 680. in article 22, § 2, of the pension retirement and survival of employees act of July 12, 1957, as last amended by the law of 28 April 2003, the words ' from a company or a body of insurance referred to in article 2, § 1 and § 3, 5 °, of the Act of 9 July 1975 on the control of insurance undertakings " ", provided that they have been approved by the King, in the conditions he determines." are replaced by the words "for a firm of insurance referred to in article 5, paragraph 1, 1 °, of the law of XXX on the status and control of insurance or reinsurance undertakings. '.
CHAPTER II. -Amendment of the Act of 10 April 1971 on accidents at work article 681. in article 48ter, paragraph 1, of the

Act of 10 April 1971 on accidents at work, as last amended by the law of August 10, 2001, the words "referred to in article 80 of the law of 9 July 1975 on the control of insurance undertakings," are replaced by the words "referred to in article 24 § 1, 1 °, of the law of the XXX on the status and control of insurance or reinsurance undertakings" ,".
S. 682. in article 49, paragraph 1, 1 °, of the Act, the words "in accordance with the law of 9 July 1975 on the supervision of insurance companies" are replaced by the words "in accordance with the law of XXX. on the status and control of insurance or reinsurance undertakings".
S.
683. in article 52 of the same Act, the words "referred to in article 68, § 1, 5 °, of the Act of 9 July 1975 on the control of insurance undertakings ' shall be replaced by the words"referred to in article 556, § 2, 1 °, of the law of the XXX on the status and control of insurance or reinsurance undertakings".
S. 684. article 54bis of the Act, inserted by the law of August 10, 2008, is replaced by the following: "when, during the assignments referred to in article 102, paragraph 1, 3 °, of the law of XXX on the status and control of insurance or reinsurance, insurance undertaking undertakings exercising legal insurance against labour accidents is concerned the National Bank of Belgium can only grant permission after the opinion of the Management Committee of the occupational accidents Fund.
If such insurance undertaking is concerned by a restructuring of corporations referred to in book XI of the law of 7 May 1999 containing the Code of corporations, the National Bank of Belgium shall notify the Fund for accidents at work without delay. "."
S. 685. in article 88quater, § 1, of the Act, inserted by the law of July 13, 2006, the following changes are made: 1 ° 1 °, is replaced by the following: "1 °, to the National Bank of Belgium;"
2 ° it is inserted a 1A ° as follows: "1a ° to the authority of financial markets and services;"
S.
686. in article 91, paragraph 2, of the Act, as last amended by the Act of 21 December 2013, 2 ° is replaced by the following: "2 °, apply to the National Bank of Belgium and the authority of financial markets and services to apply the measures referred to the National Bank of Belgium to articles 517 or 569 Act of XXX on the status and control of insurance or reinsurance undertakings and" for the authority of the financial services and markets, to articles 36A, § 2, of the Act of 2 August 2002 on the supervision of the financial sector and financial services, 288 of the Insurance Act of April 4, 2014, or 291 of the Act. If necessary, the Minister who has social affairs in charge asked to the National Bank of Belgium or the authority of the financial services and markets to take without delay the measures.
Without prejudice to paragraph 1, the Fund of the occupational accidents shall inform the National Bank of Belgium and the authority of the financial services and markets of the shortcomings noted in an insurance undertaking which is governed by the law of a Member State of the Union European other than Belgium, for the implementation, by the National Bank of Belgium, inter alia, articles 566-574 of the Act, XXX on the status and control of insurance or reinsurance undertakings and by the authority of the financial services and markets, inter alia, articles 286, 291 and 293 of the Insurance Act of April 4, 2014. "."
CHAPTER III. -Amendments to the law of 6 August 1990 on mutual societies and the national unions of mutual societies art. 687. in article 9, § 1ersepties, paragraph 5, of the law of 6 August 1990 on mutual societies and the national unions of mutual societies, inserted by the Act of April 26, 2010, "to the law of 9 July 1975 on the supervision of insurance companies," shall be replaced by the words "Act of XXX on the status and control of insurance or reinsurance undertakings ,".
S. 688. in article 43ter of the Act, inserted by the law of 22 February 1998, the following changes are made: 1 ° to the paragraph 1, the words "a banking product within the meaning of Act of 22 March 1993 on the status and control of credit institutions" are replaced by the words "a banking product as part of an activity referred to in article 4 of the Act of April 25, 2014 to the status and control of" credit institutions";
2 ° to paragraph 2, the words "within the meaning of Act of 22 March 1993 on the status and control of credit institutions' shall be replaced by the words"within the meaning of article 4 of the Act of April 25, 2014 to the status and control of credit institutions".
S. 689. in article 52, 11 °, of the same Act, inserted by the Act of April 26, 2010, "in accordance with the provisions of the laws of the 9 July 1975 on the supervision of insurance companies," shall be replaced by the words "in accordance with the provisions of the laws of the XXX on the status and control of insurance or reinsurance undertakings".
S. 690. in section 62quater of the Act, inserted by the Act of April 26, 2010, "of the law of 9 July 1975 on the control of insurance undertakings" shall be replaced by the words "the law of the XXX on the status and control of insurance or reinsurance undertakings".
S. 691. in article 75, § 1, of the same law, the 3rd is repealed.
CHAPTER IV. -Amendment of the law of 25 June 1992 on terrestrial insurance art. 692. in article 140, paragraph 4, of the law of 25 June 1992 on terrestrial insurance contract, as amended by the Act of July 30, 2013, the words "of article 21octies of the Act of 9 July 1975 on the supervision of insurance companies" are replaced by the words "of article 504 of the Act, the XXX on the status and control of insurance or reinsurance undertakings".
Chapter V. - Amendments of the Act of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism article 693. in article 2, § 1, of Act of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism, as last amended by the Act of April 25, 2014, the following changes are made: 1 ° to 6 °, the words "in application of the Act of 9 July 1975 on the control of insurance undertakings'; are replaced by the words" Act of XXX
relating to the status and control of insurance or reinsurance undertakings; ";
2 ° to 7 °, "set out by the law of 9 July 1975 on the supervision of insurance companies;" shall be replaced by the words "covered by the Act of XXX on the status and control of insurance or reinsurance undertakings;".
CHAPTER VI. -Amendments of Act of 6 April 1995 on the status and control of investment firms article 694. in article 45, § 1, of the law of 6 April 1995 on the status and control of investment firms, as last amended by the Act of April 25, 2014, 2 ° is replaced by the following: "2 ° to the of insurance and reinsurance undertakings referred to in Books II and III of the Act, the XXX on the status and control of insurance or reinsurance undertakings".
S. 695. in article 95bis, § 1, of the Act, as last amended by the Act of April 25, 2014, the following changes are made: 1 ° to 3 °, the words "or an insurance company be such as defined in article 91bis, 1 ° and 2 ° of the Act of 9 July 1975 on the control of insurance undertakings, as defined in article 82 such reinsurance undertaking ", 3 ° and 4 °, of the law of February 16, 2009 on reinsurance" shall be replaced by the words 'or an insurance or reinsurance undertaking with its registered office in a Member State or a third country within the meaning of the Act, XXX on the status and control of insurance or reinsurance undertakings';
2 ° to 4 °, b), the words "insurance holding company within the meaning of article 91bis, 9 °, of the same Act;"
are replaced by the words "insurance holding company within the meaning of section 338, 5 °, of the law of XXX on the status and control of insurance or reinsurance undertakings;";
3 ° to 6 °, the words ' chapter VIIbis of the law of 9 July 1975"or article 82 of the Act of February 16, 2009 to the reinsurance shall be replaced by the words" book II, title V, chapter III, of the law of XXX on the status and control of insurance or reinsurance undertakings.'.
CHAPTER VII. -Amendments to the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium art. 696. in article 35 of the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium, as last amended by the royal decree of March 3, 2011, the following changes are made: 1 ° paragraph 2 is repealed;
2 ° article 35, as amended by the 1 ° of this article and the current text will form the 1st paragraph, is supplemented by paragraphs 2 and 3 worded as follows: "§ § 2 2" Notwithstanding paragraph 1, the Bank may disclose confidential information: 1 ° in cases where the disclosure of such information is provided or authorized by or under the Act;
2 ° to denounce crimes to judicial authorities;
3 ° in action

administrative or judicial acts or decisions of the Bank or in any other proceeding to which the Bank is a party;
4 ° a summary or aggregated in a way that people form physical or legal individual cannot be identified.
The Bank may make public the decision to terminate criminal offences to the judicial authorities.
§
3. Within the limits of the law of the Union European and possible restrictions expressly provided by or under an Act, the Bank may make use of the confidential information it holds within its statutory missions, for the fulfilment of its tasks set out in articles 12, § 1, 12B, 36/2, 36/3 and its missions in the breast of the ESCB. '. "
S.
697. in chapter IV of the Act, it is inserted an article 35/1 as follows: "article
35/1. § 1. By derogation from article 35, within the limits of the law of the European Union, the Bank may disclose confidential information: 1 ° received in the performance of its task referred to in article 39 of the law of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism (, a) to the authorities of the European Union and other States members of the economic area European as well as to the authorities of third States which exercise a competence comparable to that referred to in article 39 of the Act of 11 January 1993;
(b) to the competent authorities of the Union European and other States members of the European economic area and to the competent authorities of third States which have one or more skills comparable to those referred to in articles 36/2 and 36/3, as well as the Central Bank European with respect to the tasks entrusted to him by Regulation (EU) No. 1024/2013 October 15, 2013, confident the Central Bank Council European of specific missions related to the policies for prudential supervision of credit institutions;
2 ° in the performance of its task referred to in article 12B, § 1, and for the purposes of the fulfilment of this mission) to the authorities of resolution of the European Union and other States members of the European economic area, as well as to the authorities of third States responsible for tasks equivalent to those referred to in article 12B, § 1;
(b) to persons or authorities referred to in article 36/14, § 1, 1 °, 2 °, 3 °, 4 °, 5 °, 8 °, 11 °, 18 ° and 19 °;
(c) to the Minister of finance;
(d) to any person, whether governed by Belgian law or that it falls under a foreign law, it turns out to be necessary for planning or implementing a resolution action, and in particular, - special administrators appointed under article 281, § 2, of the Act of April 25, 2014 the status and control of credit institutions;
-to the body responsible for funding for resolution devices;
-Auditors, accountants, consultants, legal and professional, appraisers and other experts committed directly or indirectly by the Bank, a resolution authority, a Ministry or a potential buyer;
-to a bridge institution referred to in article 260 of the Act of April 25, 2014 to the status and control of credit institutions or management structure of assets referred to in article 265 of the Act;
-to the persons or authorities referred to in article 36/14, § 1, 6 °, 7 °, 9 °, 10 °, 12 °, 15 ° and 20 °;
-potential buyers of securities or assets respectively issued or held by the institution subject to a procedure of resolution.
(e) without prejudice to points a) to (d)), to any person or appointing authority of a function or a mission under the 2014/59/EU Directive of the European Parliament and of the Council of May 15, 2014 establishing a framework for the rehabilitation and the resolution of investment firms and credit institutions, when the disclosure of confidential information about a person referred to in article 1 ((((, paragraph 1, point a), b), c) or d) of the said Directive has been previously approved by that person or by the authority exercising a mission similar to those referred to in articles 12, § 1 and 12B towards this person, when the information comes from that person or authority.
§
2. The Bank shall not disclose confidential information under paragraph 1 on the condition that they are intended for the performance of the tasks of the authorities, agencies or persons who are the recipients and that the information is in their head covered by a duty of professional secrecy equivalent to that provided for in article 35. In addition, information from an authority of another Member State may be disclosed to an authority of a third State with the express agreement of this authority and, where appropriate, solely for the purposes for which that authority has given its agreement. Similarly, information from an authority of a third State may be disclosed only with the explicit agreement of this authority and, where appropriate, solely for the purposes for which that authority has given its agreement.
The Bank shall not disclose confidential information pursuant to paragraph 1 that only State authorities third with which it has entered into a cooperation agreement providing for an exchange of information.
§
3. Without prejudice to more stringent provisions of specific laws that govern them, the persons, authorities and Belgian agencies are required privilege provided in article 35 with respect to confidential information that they receive from the Bank pursuant to paragraph 1."
S.
698. in article 36/1 of the Act, as last amended by the Act of April 25, 2014, the following changes are made: 1 ° 6 ° is replaced by the following: "6 °"undertaking insurance or reinsurance": any undertaking referred to in article 5, paragraph 1, 1 ° and 2 °, of the law of XXX." relating to the status and control of insurance or reinsurance undertakings; ";
2 ° 7 ° is repealed.
S. 699. in article 36/2, of the Act, as last amended by the Act of April 25, 2014, the following changes are made: 1 ° there shall be inserted a paragraph 2 as follows: "regarding the control of insurance undertakings, the Bank means the Committee Executive or members of staff a representative who sits in an Advisory Management Committee and some technical committees of the funds the workplace accidents.";
2 ° to paragraph 2, the current text form section 3 pursuant to 1 ° of this article, "in the preceding paragraph," shall be replaced by the words ' paragraph 1 ';
(3 ° paragraph 4, a), which the current text will form article 5 a) in application of 1 °, this section is supplemented by the words "and the European insurance and occupational pensions authority";
4 ° to paragraph 4, b), which the current text form paragraph 5, b), in accordance with 1, of this article, the words "and by the European insurance and occupational pensions authority" shall be inserted between the words "by the European banking authority" and the words "and, if it does not,".
S.
700. in article 36/3, paragraph 2, of the Act, as last amended by the Act of April 25, 2014, words "and insurance and reinsurance undertakings"shall be inserted between the words "with the exception of credit institutions" and the words", those who must be considered to be systemic".
S.
701. in article 36/6 of the Act, as last amended by the Act of April 25, 2014, paragraph 2 is replaced by the following: "§ § 2 2" The Bank provides on its website the following information: 1 ° in addition to legislation concerning the status and control of stockbroking companies and credit institutions and legislation concerning the status and control of the business of insurance and reinsurance, as well as the orders, regulations and circulars taken in execution or application of these laws or the law of the European Union regulations on these materials an array of transposition of the provisions of the directives European relating to the prudential supervision of credit institutions and companies trading and the supervision of insurance and reinsurance undertakings, indicating the options selected;
2 ° the objectives of the control it exercises in application of the laws referred to in 1 °, and the functions and activities in this regard, in particular, the audit criteria and the methods that it uses to carry out the assessment referred to in article 142 of the Act of April 25, 2014, on the status and control of the credit institutions and in articles 318 to 321 of the Act of XXX on the status and control of insurance companies and reinsurance;
3 ° of statistical data aggregated on the main aspects relating to the application of the laws referred to in 1 °;
4 ° any other information prescribed by the orders and regulations made pursuant to this Act.
The information referred to in paragraph 1 are published according to established guidelines, where appropriate, by the European Commission, the banking authority European or European authority of insurance and occupational pensions. The Bank shall regularly update the information provided on its website.
The Bank publishes also all other information required pursuant to the applicable law of the European Union acts in the field of control of institutions of

credit and stock exchange and companies in the field of control of insurance and reinsurance undertakings.
The Bank may publish, in the manner it determines and in respect for the law of the European Union, the results of stress tests carried out in accordance with the law of the European Union. "."
S.
702. in chapter IV/1, Section 1, of the Act, it is inserted an article 36/7/1 as follows: "article 7-36-1. The employee of a financial institution referred to in article 36/2, which has informed the Bank, in good faith, of an offence alleged or proved to the laws and regulations that govern the status and control such financial institutions, cannot be the subject of any civil, criminal or disciplinary action or imposing any professional sanction, which would be brought or imposed because of that he proceeded to said information.
Any negative or discriminatory treatment with respect to that person and any disruption of the employment relationship because of reporting to which this person has carried out, is prohibited.
Failure to subparagraphs 1 and 2, the Bank may issue an administrative penalty in accordance with the provisions relating to administrative penalties contained in the laws governing the status and control of establishments referred to in article 36/2. "."
S. 703. article 36/13 of the Act is repealed.
S. 704. in article 36/14 of the Act, as last amended by the Act of April 25, 2014, the following changes are made: 1 ° to the paragraph 1, 5 °, the words 'system for protection of deposits or investors'; are replaced by the words "protection of deposits, investors or the life insurance system";
2 paragraph 1 °, 12 °, is replaced by the following: "12 ° within the limits of the law of the European Union, to the Belgian competition authority;";
3 ° in paragraph 1, there shall be inserted a 21 °, as follows: "21 ° to the Office of control of mutual societies and national unions of mutual societies, for the exercise of its statutory tasks referred to in article 303, § 3, of the Act of XXX on the status and control of insurance or reinsurance undertakings with regard to mutual societies referred to in article 43bis § 5, or article 70, §§ 6, 7 and 8, of the law of 6 August 1990 on mutual societies and the national unions of mutual societies and their operations; ";
4 ° to paragraph 1, there shall be inserted a 22 ° as follows: '22 ° within the limits of the law of the European Union, the resolution authorities referred to in article 3 of Directive 2014/59/EU of the European Parliament and of the Council of May 15, 2014 establishing a framework for recovery and resolution of credit institutions and investment firms , to the authorities of third States missions equivalent to those referred to in article 12B, § 1 with which the Bank has concluded a cooperation agreement providing for an exchange of information, as well as to the relevant ministries of the Member States of the European economic area when it is necessary in the planning or the achievement of a resolution action. ";
5 ° to paragraph 3, the word "persons", is inserted between the words "that govern them, the" and the words "authorities and Belgian agencies".
S. 705. in article 36/16 of the Act, as last amended by the royal decree of 12 November 2013, the following changes are made: 1 ° paragraph 1 is supplemented by a paragraph worded as follows: "Similarly, in accordance with the law of the European Union, the bank cooperates with the European banking authority, the European insurance and occupational pensions, the European authority of financial markets authority as well as the Central Bank in what concerns the missions that are entrusted by the Regulation (EU) No. 1024/2013 Council October 15, 2013, entrusting the European Central Bank specific tasks relating to the prudential supervision of credit institutions policies. ";
2 ° to paragraph 2, the words ", paragraph 1," shall be inserted between the words "referred to the § 1" and the words "agreements";
3 ° paragraph 3 is repealed.
S. 706. in article 36/24, § 1, 1 °, of the Act, as last amended by the Act of April 25, 2014, "to the law of 9 July 1975 on the supervision of insurance companies," shall be replaced by the words "in the law of the XXX on the status and control of insurance or reinsurance undertakings".
CHAPTER VIII. -Amendments of Act of 2 August 2002 on the supervision of the financial sector and financial services s. 707. in article 45, § 1, 3 °, (f), of the Act of 2 August 2002 on the supervision of the financial sector and financial services, as last amended by the Act of April 25, 2014, the words "article 14 bis of the Act of 9 July 1975 on the supervision of insurance companies" are replaced by the words "article 42 of the Act of XXX on the status and control of insurance or reinsurance undertakings ,".
S.
708. in article 121, § 1, 4 °, of the Act, as last amended by the law of April 19, 2014, the words "of article 82, § 1, paragraph 1, of Act of 9 July 1975 on the control of insurance undertakings," shall be replaced by the words "articles 294, § 1, 1 °, 295, § 1, 1 °, 299, § 1 and 300, § 1 of the Insurance Act of April 4, 2014" ,".
CHAPTER IX. -Amendments to the law program (I) of 24 December 2002: law on supplementary pensions for independent arts. 709. in article 42 of the Act program (I) of 24 December 2002, as last amended by the Act of 15 may 2014, the following changes are made: 1 ° to 2 °, the words "referred to in article 2 § 1 or § 3, 5 °, of the Act of 9 July 1975 on the supervision of insurance companies," shall be replaced by the words "referred to in Books II and III of the Act, the XXX on the status and control of insurance undertakings and reinsurance, ";
2 ° to 12 °, the words "the law of 9 July 1975 on the supervision of insurance companies" are replaced by the words "the law of XXX on the status and control of insurance or reinsurance undertakings".
S. 710. article 81 of the Act is repealed.
Chapter x. - Amendments of Act of 28 April 2003 on supplementary pensions and the tax system and of certain additional benefits in social security art. 711. in article 3, § 1, of the law of 28 April 2003 on supplementary pensions and the tax system and to certain additional social security benefits, as last amended by the Act of 18 December 2015, the following changes are made: 1 ° to 16 °, the words "a body referred to in article 2 § 1 or § 3" , 5 °, of the law of 9 July 1975 "shall be replaced by the words"a body referred to in Books II and III of the Act XXX. on the status and control of insurance or reinsurance undertakings";
2 ° to 20 °, the words "the law of 9 July 1975 on the supervision of insurance companies" are replaced by the words "the law of XXX on the status and control of insurance or reinsurance undertakings".
CHAPTER XI. -Amendments to the law of 27 October 2006 on the supervision of institutions for retirement provision professional art. 712. in article 3, § 1, of the Act of October 27, 2006 control of institutions for occupational retirement provision, the 3rd is replaced by the following: "3 ° an insurance undertaking referred to in Books II and III of the Act, the XXX on the status and control of insurance or reinsurance undertakings."
S. 713. in article 5, paragraph 2, of the Act, the 6th is replaced by the following: "6 ° of the Insurance Commission established by section 301 of the Insurance Act of April 4, 2014. ''.
S.
714. in article 139, paragraph 1, 2nd indent, of the Act, the words "referred to in article 2, § 1, of the Act of 9 July 1975 on the supervision of insurance companies;"
are replaced by the words "referred to in Books II and III of the Act, the XXX on the status and control of insurance or reinsurance undertakings";.
S. 715. article 227 of the Act is repealed.
S. 716. in article 228, paragraph 3, of the Act, the words "established by article 41 of the law of 9 July 1975 on the supervision of insurance companies" are replaced by the words "established by section 301 of the Insurance Act of April 4, 2014,".
CHAPTER XII. -Amendments to the law of August 3, 2012 relating to collective investment undertakings which meet the conditions of Directive 2009/65/EC and investment in debt instruments art. 717. in article 3 of the law of August 3, 2012, relating to collective investment undertakings which meet the requirements of the Directive 2009/65/EC and to the investment in debt claims, as last amended by the Act of April 25, 2014, the following changes are made: 1 ° 45 ° is replaced by the following: "45 ° by" law of... "" : the Act of XXX on the status and control of insurance or reinsurance undertakings; ";
2 ° 55 ° is repealed.
S. 718. in section 241 of the Act, as last amended by the Act of April 25, 2014, the following changes are made: 1 paragraph 1 °, 2 °, the words "article 91octies decies of the law of 9 July 1975 or article 98 of the Act of February 16, 2009;" shall be replaced by the words "article 338 , 7 °, of the law of the XXX; ";
2 ° to paragraph 1,

3 °, paragraph 2, the words "chapter VIIbis of the law of 9 July 1975 or title VIII of the Act of February 16, 2009." are replaced by the words "of title V, chapter II of the Act XXX.";
3 ° to operative paragraph 5, the words "of article 98 of the Act of February 16, 2009 or article 91octiesdecies of the law of 9 July 1975" shall be replaced by the words "of the title V, chapter III of the Act of XXX".
CHAPTER XIII. -Amendment of the law of 26 December 2013 containing various provisions regarding loans-citizens thematic arts. 719. in article 2, 6 °, of the law of 26 December 2013 laying down various provisions thematic loans-citizens, the words "approved on the basis of article 2A of the Act of 9 July 1975 on the supervision of insurance companies" and the words "on the basis of chapter Vter of the aforementioned law of 9 July 1975;" are respectively replaced by the words "approved on the basis of article 28 of the Act, relating to the status XXX and" control of insurance or reinsurance undertakings"and by the words" on the basis of Book III, title I, Duke of the supra XXX Act; ".
CHAPTER XIV. -Amendments to the law of April 4, 2014, on insurance art. 720. in article 5 of the law of April 4, 2014, on insurance, the following changes are made: 1 ° 40 ° is replaced by the following: "40 °"reinsurance undertaking": an undertaking as defined in article 5, paragraph 1, 2 °, of the law of XXX on the status and control of insurance or reinsurance undertakings;";
2 ° 42 ° is replaced by the following: "42 °"the Act of XXX": the law of XXX on the status and control of insurance or reinsurance undertakings;".
S. 721. in section 7 of the Act, the words ", of the law of 9 July 1975,"are replaced by the words"Act of XXX".
S.
722. in article 17 of the Act, the words "referred to in article 78 of the law of 9 July 1975" are replaced by the words "referred to in articles 106 or 567, § 2, of the Act of XXX".
S. 723. in article 18, § 1, of the Act, "referred to in article 78 of the law of 9 July 1975" shall be replaced by the words "referred to in articles 106 or 567, § 2, of the Act of XXX".
S. 724. in section 22 of the Act, the following amendments are made: 1 ° to paragraph 1, the words "or to the provisions of the law of 9 July 1975" and the words "or with the provisions of the law of 9 July 1975" are respectively replaced by the words "or the provisions of the Act of XXX" and the words "or with the provisions of the Act of XXX";
2 ° paragraph 2 is repealed.
S. 725. in article 33, paragraph 2, of the Act, the words "as referred to in article 68 of the law of 9 July 1975" shall be replaced by the words "as referred to in article 557 of the Act of XXX".
S. (726. in article 34, paragraph 1, b) of the Act, "as referred to in article 68 of the law of 9 July 1975" shall be replaced by the words "as referred to in article 557 of the Act of XXX".
S. 727. in article 41 of the same Act, "in accordance with article 21octies, § 2, paragraphs 1 and 2, of the law of 9 July 1975" shall be replaced by the words "in accordance with section 504 of the Act of XXX".
S.
728 A section 204 of the Act of April 4, 2014, insurance, amended by the Act of October 26, 2015, the following changes are made: 1 °, paragraph 2 is replaced by the following: "§ § 2 2" The premium, the deductible and/or delivery can be customized from the annual date of the premium on the basis of the consumer price index. ';
2 ° paragraph 3, paragraph 1, is replaced by the following: 'the premium, the deductible and/or delivery can be customized by the of the maturity date annual premium and on the basis of one or more specific indices to costs services covered by contracts private health insurance if and insofar as the development of this or these indices exceeds that of the consumer price index.';
3 ° paragraph 3 is supplemented by the following paragraphs: "every insurance undertaking automatically adjusts to indexation clauses and terms in contracts, in accordance with this paragraph and the orders of execution, including subsequent amendments. It fit within a period of 2 years from the entry into force of these orders and any subsequent amendments thereto. The insurance undertaking shall inform the policyholder of the method of modified indexation and its terms through a mention on the notice of expiry.
Changes resulting from the adaptation of existing contracts in this law and its implementing orders may not justify the termination of the contract by the policyholder. "."
4 ° in paragraph 4 the words "and article 21octies of the law of 9 July 1975." are replaced by the words "or article 504 of the Act, XXX 2015".
S. 729. in article 267 § 1, paragraph 4, of the Act, the words "an insurance undertaking subject to supplementary supervision of insurance undertakings within the meaning of article 91ter of the law of 9 July 1975 on" are replaced by the words "an insurance undertaking subject to control group within the meaning of book II, title V, chapter III of the law of XXX".
S. 730. in article 297, § 2, of the Act, the words "within the meaning given to them in the law of 9 July 1975." is replaced by the words "within the meaning given to them in the Act XXX.".
S. 731. in article 302, § 2, 1 °, of the Act, the words "or of the law of 9 July 1975" shall be replaced by the words "or the Act of XXX".
CHAPTER XV. -Changes of status and control of Art. credit institutions act of April 25, 2014 732. in article 2, 2 °, of the law of April 25, 2014 on the status and control of credit institutions "be governed by the law of 9 July 1975 on the control of the business of insurance." shall be replaced by the words "governed by the law of the XXX on the status and control of insurance or reinsurance undertakings.".
S. 733. in section 3 of the Act, the following amendments are made: 1 26 ° ° is replaced by the following: "26 ° the notions of control, participation, link equity, parent company, subsidiary, consortium and related undertakings, the meaning conferred on them by the orders for the implementation of article 106 § 1 of this Act;";
2 ° 31 °, is replaced by the following: "31 ° company insurance, a company referred to in article 5, paragraph 1, 1 °, of the law of the XXX on the status and control of insurance or reinsurance undertakings;";
3 ° the 32 is replaced by the following: "32 ° company reinsurance, a company referred to in article 5, paragraph 1, 2 °, of the law of XXX on the status and control of insurance or reinsurance undertakings;";
4 ° the 43 is replaced by the following: "43 ° insurance holding company, an insurance holding company within the meaning of section 338, 5 °, of the law of XXX on the status and control of insurance or reinsurance undertakings;";
5 ° 44 ° is replaced by the following: "44 ° mixed activity insurance holding company, a mixed activity insurance holding company within the meaning of section 338, 6 °, of the law of the XXX on the status and control of insurance or reinsurance undertakings;".
S. 734. in section 9 of the Act, the following amendments are made: 1 ° the sentence otherwise qualified participation, "the communication focuses on the identity of the twenty principal shareholders and their percentage in the capital."
is repealed;
2 ° article 9, as amended by 1 °, of this article and the current text will form the 1st paragraph, is supplemented by a paragraph 2 as follows: "the absence of qualifying, the communication referred to in paragraph 1 door on the identity of the twenty principal shareholders and their percentage in the capital.".
S. (735. in article 20, § 1, of the Act, the following changes are made: 1 ° to 2 ° n) is replaced by the following: ' n) in articles 83 and 87 of the Act of 9 July 1975 on the supervision of insurance companies; ";
2 ° 2 ° is supplemented by a z/5) as follows: "(z/5) in article 605 of the Act, the XXX on the control of insurance or reinsurance undertakings;";
3 ° to 3 °, a d) as follows shall be inserted: "d) articles referred to in article 605 of the Act, the XXX on the control of insurance or reinsurance undertakings;".
S. 736. in article 72, § 1, 2 °, of the Act, as amended by the Act of XXX, words ", paragraph 1" are inserted between the words "to persons referred to in article 9" and the words "as well as to members of their bodies".
S.
737. in article 164, § 3, 7 ° of the Act, the following amendments are made: 1 ° the words ", Act of 9 July 1975 on the control of insurance undertakings,"are replaced by the words", the Act of XXX on the status and control of insurance or reinsurance undertakings,";
2 ° the words "Act of February 16, 2009 on reinsurance", are hereby repealed.
S. 738 A section 170 of the Act, the following amendments are made: 1 ° to paragraph 1, paragraph 3 is repealed;
2 ° to the 1st paragraph, paragraph 4 former, becoming paragraph 3, is replaced by the following: "For the purposes of this paragraph, the supervisory authority, in its capacity as authority of supervision on consolidated basis, gets the agreement of the concerned competent authorities responsible for the control of subsidiaries and the Group supervisor in the insurance industry.";
3 ° to paragraph 1, paragraph 5 old is repealed;

4 ° a 1/1 paragraph worded as follows is added: "§ 1/1. Without prejudice to the application of paragraph 2, where a credit institution at the head of a financial conglomerate or a composite of Belgian financial company are subject to equivalent provisions of this chapter which are on the one hand on the control on consolidated basis and on the supplementary supervision of conglomerates, and more particularly when these provisions concern the control based on risk , the control authority may decide not to apply that credit institution or this joint financial company than the relevant provisions relating to the supplementary supervision conglomerates. ";
5 ° to paragraph 2, 1 °, the words "and which constitutes the financial conglomerate," shall be inserted between the words "group, as defined in article 164, paragraph 3," and the words "will be, by way of derogation, taken into consideration";
6 ° to paragraph 3, 2nd sentence, the words "the supervisory authority confers to this end" are repealed;
7 ° there shall be inserted a paragraph 4 as follows: "§ § 4 4" The supervisory authority, in its capacity as authority of supervision on consolidated basis, inform the EBA and the European authority of insurance and occupational pensions to agreement obtained under subsection 1, paragraph 3, of the decision taken under paragraph 1/1 and the coordination regulations under § 3. "."
S. 739 article 171, § 2, of the Act, between article 3 and article 4, there shall be inserted a paragraph worded as follows: "without prejudice to article 212, where the supervisory authority has been or is designated, under rule 111, paragraph 5 of Directive 2013/36/EU, as supervisory authority on consolidated basis for the exercise of control consolidated with respect to a credit institution which belongs to another Member State and the parent undertaking of which is a" financial holding company or a mixed financial holding company under Belgian law, unless a Belgian credit institution appears in all consolidated, the provisions applicable to credit institutions referred to in article 165 (2), shall apply mutatis mutandis to the abovementioned company. "."
S. 740. in book II, title III, chapter IV, Section II, subsection III, of the same Act, it is inserted an article 183/1 as follows: "article 183/1. A Belgian law credit institution which is a consortium with one or more other companies record a control on consolidated basis which applies to all companies of the consortium as well as their subsidiaries. The provisions applicable to credit institutions referred to in article 165 (2) are to be applied in this case. "."
S.
741. in the Dutch text of article 194, § 2, of the Act, the 4th is replaced by the following provision: "4 ° regelmatig geactualiseerde regelingen om bij te dragen verwezenlijking tot en, in voorkomend geval, of ontwikkeling van passende herstel - afwikkelingsmechanismen-plannen.".
S.
742. in article 196, paragraph 2, of the Act, the following amendments are made: 1 ° to 3 °, "Belgian competent authority responsible for the control" shall be replaced by the words "competent authority responsible for the control";
2 ° to 5 °, the words "and that that Member State has" are replaced by the words "and in that Member State".
S. 743a article 196, § 3, of the Act, the following amendments are made: 1 ° "paragraph 1" shall be replaced by the words "paragraph 2";
2 ° it is inserted a paragraph (2) as follows: "where the supervisory authority is designated, under article 11, paragraph 3 of Directive 2002/87/EC, as Coordinator for the exercise of supplementary supervision of conglomerates with respect to a credit institution which belongs to another Member State and the parent undertaking of which is a joint Belgian financial company , although a Belgian credit institution or another company regulated under Belgian law submitted on an individual basis to the control of the supervisory authority is in the group constituting the conglomerate, the provisions applicable to the credit institutions referred to in article 185, paragraph 1, 2 °, shall apply mutatis mutandis to the abovementioned company, unless derogating provisions in the agreement between competent authorities referred to in article 11 , paragraph 3 of Directive 2002/87/EC. '. "
S. 744. in article 210, § 1, 2 °, of the Act, the words ", in article 40 of the law of 9 July 1975 on the control of insurance undertakings, article 42 of the Act of February 16, 2009 on reinsurance"are replaced by the words", in article 327 of the Act of XXX on the status and control of insurance or reinsurance undertakings".
S. 745. in article 213, § 1, paragraph 3, of the Act, the words "and these subsidiaries" located between the words "If these companies" and them words "not fall" are repealed.
S. 746. in article 217, § 1, paragraph 1, of the Act, the words "as well as the mixed financial companies and their subsidiaries" are replaced by the words "as well as the mixed companies and their subsidiaries".
S.
747. in article 219, § 4, paragraph 5, of the Act, "with the competent authorities concerned" shall be replaced by the words "with the authorities competent relevant".
S. 748. in article 3, § 1, paragraph 2 of annex VI of the Act, "the solvency margin imposed by articles 15 and 91nonies of the Act of 9 July 1975 on the control of the business of insurance." shall be replaced by the words "the requirements of solvency in accordance with sections 151 and 358 of the Act, the XXX on the status and control of insurance or reinsurance undertakings".
CHAPTER XVI. -Changes of the Economic Law Code art.
749. in article I.9, 72 °, economic law code, the words "referred to in article 2, § 1, of Act of 9 July 1975 on the control of insurance undertakings;" shall be replaced by the words "referred to in article 5, paragraph 1, 1 °, of the law of the XXX on the status and control of insurance or reinsurance undertakings;".
S. 750. in article VII.119, § 1, 2 °, of the same Code, inserted by the law of April 19, 2014, the following changes are made: 1 ° the words "by the King" are repealed;
2 ° the words "implementation of Act of 9 July 1975 on the control of insurance undertakings'; are replaced by the words" enforcement of XXX on the status and control of insurance or reinsurance undertakings";.
S. 751. in article VII.173 of the same Code, inserted by the law of April 19, 2014, "either as business insurance on the list provided for in article 4 of the Act of 9 July 1975 on the supervision of insurance companies" are replaced by the words 'or as insurance undertakings on the list provided for in article 31 of the Act of XXX on the status and control of insurance or reinsurance undertakings'.
S. 752. in article VII.176, § 3, of the same Code, inserted by the law of April 19, 2014, the words "articles 4 and 66 of the Act of 9 July 1975 on the supervision of insurance companies" are replaced by the words "in articles 31 and 555 of the Act, the XXX on the status and control of insurance or reinsurance undertakings".
S. (753. in article XI.250, paragraph 2, of the same Code, inserted by the law of April 19, 2014, the following changes are made: 1 ° to 2 ° o) is replaced by the following: ' o) in articles 83 to 87 of the Act of 9 July 1975 on the supervision of insurance companies; ";
2 ° 2 ° is supplemented by a s) as follows: "s) to article 605 of the Act of XXX on the status and control of insurance or reinsurance undertakings;".
S. 754. in article XII.4, paragraph 1, of the same Code, inserted by the law of December 15, 2013, 'chapter IIIbis, IIIter, Vbis and Vter of the law of 9 July 1975 on the control of insurance undertakings remain of application.' shall be replaced by the words "the book II, title II, chapter V, Section 2-4, and book III Title I, count of Act of XXX on the status and control of insurance undertakings or reinsurance shall apply. "."
CHAPTER XVII. -Other provisions art. "755. in laws including references to annex I of the royal decree of 22 February 1991 on the general regulation on the control of insurance undertakings, these references shall be read as references to annex I to the Act of XXX on the status and control of the business of insurance or reinsurance, as regards the activity group"non-life"and as references to annex II of the Act with respect to the activity group" life".
S. 756. without prejudice to the amendments made by sections 680 to 684, 686, 687 tot 696, 698, 699, 704 to 733, 735, 737, 744 and 748 to 754 in the laws comprising references to the law of 9 July 1975 or the royal decree of 22 February 1991 on the general regulation on the control of insurance undertakings, these references should be read If appropriate, as references to the provisions, of which the object is the same, the law of relative XXX the status and control of insurance or reinsurance undertakings.
TITLE IV. -Provisions repealing art.
757. the Act of 9 July 1975 on the control of insurance undertakings is repealed.
S.
758. the Act of 16 February 2009 on reinsurance is repealed.
BOOK IX. -ENTRY into force art. 759. this Act comes into force the day of its publication in the Moniteur belge.
Promulgate

This Act, order that it self under the seal of the State and published by le Moniteur.
Given to Brussels, 13 March 2016.
PHILIPPE by the King: the Minister for the economy and consumers, K. PEETERS the Minister of the Interior, J. ham the Minister of finance, J. VAN OVERTVELDT. the Minister of Justice, K. GARG sealed with the seal of the State: the Minister of Justice, K. GARG _ Note (1) House of representatives: (www.lachambre.be) Documents: 54-1584-2015/2016 full report: February 18, 2016.

For the consultation of the table, see image