NBB Announces COVID-19 Relief Measures for Banks and Insurers
NBB released a communication that sets out expectations regarding the dividend distribution policy of credit institutions that are under the direct supervision of NBB, in light of the measures adopted to manage the impact of COVID-19. NBB has also put in place a bank guarantee scheme for individual and companies affected by the COVID-19 pandemic. Additionally, NBB published a circular that defines the methods for collecting data used to monitor the impact of COVID-19 pandemic on Belgian insurance companies and groups. NBB also deferred the date of collection of certain quantitative and qualitative reports expected from insurance and reinsurance companies, under the Solvency II Directive, as well as certain reports expected from the authorized auditors; the submission of these reports involves the use of OneGate and eCorporate platforms.
To obtain a quick and precise picture of the impact of COVID-19 pandemic on the insurance sector, NBB needs additional information. The circular on data collection lists the methods of reporting on the impact of COVID-19:
- Weekly quantitative reporting of the company's key financial data (Annex 1)
- Weekly qualitative reporting of changes in key financial data and the company's liquidity position (Annex 2)
- One-time reporting (to be submitted only once) of the company's intentions regarding possible distributions to shareholders and policyholders (appendix 3) as well as the latest versions of all relevant internal policy documents
EIOPA published, on March 20, 2020, the recommendations on flexibility to be granted concerning the maturity of certain quantitative reports due to the COVID-19 crisis. These measures mainly concern the postponement of transmission of the annual Solvency II reporting, certain specifications concerning the quarterly Solvency II reporting, and the Solvency and Financial Condition Report (SFCR). Considering the EIOPA recommendations, this is how NBB is implementing these aspects:
- OneGate Communication Concerning Postponement of Certain Reports—This communication specifies the expectations of NBB regarding annual and quarterly Solvency II reporting. In view of the containment measures taken in the context of the COVID-19 crisis, NBB has decided to grant a deadline for the transmission of certain quantitative prudential reports, specific to Belgium, which are to be transmitted via the OneGate platform by insurance and reinsurance companies. NBB has granted additional eight weeks for reporting of interest rate risk and residential mortgage loan reports, among others.
- eCorporate Communication Concerning Postponement of Certain Qualitative Reports—This communication specifies the expectations of NBB regarding the SFCR. NBB has decided to grant an additional deadline concerning the transmission of certain qualitative prudential reports, specific to Belgium, which are to be transmitted by insurance and reinsurance companies via the eCorporate platform. NBB has also decided to grant an additional deadline extension for transmission of reports expected from approved commissioners. The extended deadlines have been outlined in Annexes 1 and 2 to the communication.
Related Links (in English and French)
- Press Release
- Circular on COVID-19 Reporting
- OneGate Communication
- eCorporate Communication
- Communication on Dividend Distribution Policy
- Guarantee Scheme
Keywords: Europe, Belgium, Insurance, Reinsurance, COVID-19, Reporting, OneGate, eCorporate Platform, Solvency II, SFCR, Interest Rate Risk, NBB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Adam Koursaris
Asset and liability management expert; capable modeler; risk and capital specialist
Related Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
