Organisation

Internal organisation

The internal organisation of SYBAN issues of its Statutes mentioned in the history of SYBAN.

In short, we can describe it as follows:

  • The most important insurance companies of the Belgian market are members of SYBAN and are accountable, as co-insurers, for the cover provided by SYBAN.
  • The members of SYBAN commit themselves to assume their participation in the risks in own retention, that is to say the not reinsured part in their portfolio.
  • The members of SYBAN are bound by a solidarity clause, which foresees that in case of default of a member, the obligations of the latter are proportionally assumed by the other members.
  • The management of the Pool is entrusted to the Management Committee, composed of five members appointed by the members General Assembly.
    Each Member of the Pool mandates the Management Committee to take any decision about all questions in conformity with the objects of the Pool which are not subject to the competence of the General Assembly.
  • The Management Committee may appoint a Manager and staff necessary to the day to day running of the Pool.
  • The Management Committee makes sure that none of the members enters into an engagement that would be considered to be unreasonable, taken into account its financial strength.
  • The Technical Committee and the Claims Handling Committee are composed of specialists coming from the members companies, and advise the Management Committee of the decisions to be taken.

External organisation

In all countries owning nuclear installations, but also in countries that do not own such installations, nuclear insurance " Pools " have been created. As in Belgium, member insurance companies commit themselves to maintain their share in own retention. In most of the Pools, the members are bound by a solidarity clause.

The nuclear risks cover, provided by SYBAN, is underwritten in co-insurance by SYBAN up to the total own retention. Beyond this retention, SYBAN cede for the common account of the members the requisite excess of cover in reinsurance to other foreign Nuclear Insurance Pools. A great worldwide network of risk's distribution is so created with the big advantage that the numerous insurance companies involved take part in the risk exclusively in own retention.