On Dec. 18, BEL GVT issued Decree on board's reporting obligation.
BEL GVT published Royal Decree of Nov. 21, 2023, implementing provisions of the Law of Aug. 6, 1990 relating to mutual companies, national unions of mutual companies.
Purpose
Modernization of rules re specific reporting obligation for the board of directors of mutual entities to the general meeting re collaboration of the entity with third parties.
Definition of what may be a collaboration of mutual companies with a related entity.
Specification of the minimum data and specific information that the report on collaboration with third parties must contain despite them being a related entity or not.
General meetings must only decide in the context of collaborations with third parties whose purpose is a transaction re a building or the provision of goods or services.
Mutuality's/national union's board of directors' report concerning the collaboration with third parties for the year 2022 is sent to the general assembly until Dec. 31, 2024.
Regulators
BEL GVT
Entity Types
CU; Ins
Reference
OG 2023047913, 12/18/2023; Decree 11/21/2023; Law 8/6/1990; Rpl Decree 8/2/2002; Rpl Decree 11/5/2002; ESG
