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.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
EC Publishes Regulatory Technical Standards on Settlement DisciplineRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
