belgium insurance regulator

genetic data must not be disclosed. It is intended to help insurers and intermediaries with their planning in the run up to a possible no-deal Brexit. This guide has been prepared by DLA Piper's insurance regulation team to provide a high level overview of post-Brexit regimes that are being implemented in key EU markets, and in the UK. No formal wording is required. The 2016 Law applies to various categories of (re)insurance undertakings, including the Belgian branches of foreign/third-country, i.e. In our company register, you can search to determine which companies hold permits to offer financial services, which companies have registered other financial operations and which foreign companies have registered cross-border operations to Sweden. If so, do they exercise such powers? In an arbitration, a court called upon to consider an arbitration agreement may declare that it has no jurisdiction, unless the agreement is not valid with regard to the dispute in question or the agreement has been terminated. This code of conduct includes a non- However, if the arbitral tribunal has failed to answer all parts of the claim, the parties, or to some extent the court, may remit the matter back to the arbitral tribunal to complete its award. The appeal court has power to affirm, set aside or vary any judgment made by the lower court. Belgium. Authorisation may be refused to a third-country company if that country refuses equivalent treatment to Belgian insurers. If the proposal to amend the contract is refused by the policyholder or if, on expiry of a period of one month from receipt of such proposal, the proposal has not been accepted, the insurer may terminate the contract within 15 days. However, Belgium scored lower than the top-ranking countries in terms of outcomes. Not defined in the tax legislation, accordingly, reference is made to the insurance and regulatory laws. A key example is the Code of Economic Law of 28 February 2013, which sets out Belgium’s current implementation of the 1993 Unfair Contract Terms Directive, the 2005 Unfair Commercial Practices Directive and the 2011 Consumer Rights Directive. Belgium is a civil law jurisdiction: the Civil Code includes summary provisions on insurance, as well as the general rules on contract and tort. Thereafter, an application for such measures would normally be made to the arbitral tribunal, although the courts in principle retain jurisdiction to order measures which the arbitral tribunal is not in a position to enforce, for instance: Regarding such measures, the arbitral tribunal may order the parties to the arbitration to pay a daily penalty for failure to comply with any order it may issue. Legal commentaries are, however, uncertain as to the adequacy of the reasoning required. If this time period is not complied with, the insurer is entitled to reduce the coverage by the amount of damages suffered by the insurer as a result of the late notification, unless the insured has notified the loss as soon as was reasonably possible. Session cookies only last for the duration of your visit and are deleted from your device when you close your internet browser. It must address all factual and legal arguments raised by the parties before the lower court and which were included in the appeal; in practice, an appeal requires exchanges of further pleadings. 1 ISA). Are there any potential costs advantages in making an offer to settle prior to trial? There are no specific legal provisions related to the insurability of administrative penalties or fines. Proceedings before Belgian courts are mainly governed by the Judicial Code. As a general rule, an appeal must be introduced within three months of the date of notification of the award to the parties. Lloyd’s Europe brings the scale, expertise and capacity of the world’s specialist insurance market closer to its customers in Europe through a locally staffed and regulated insurer. When the parties have waived application of the arbitration clause. The amendment will often be an adaptation of the premium. Under non-mandatory insurance, the insurer can rely on defences regarding nullity or loss of rights in order to refuse coverage if they relate to events occurred prior to the loss. Please give examples. This website uses cookies so that we can provide you with the best user experience possible. Tied intermediaries (field staff and agents acting on behalf of insurance companies) are entitled to register (Art. The arbitral tribunal may order and organise the holding of an expert investigation, an on-site investigation, the appearance of parties before the arbitral tribunal as well as the taking of statements under oath. 3.3        How long does a commercial case commonly take to bring to court once it has been initiated? The Judicial Code confers jurisdiction on the court of first instance for all matters except those which are reserved to other courts. In the event of malice by minors, the insurer’s right of action may be restricted depending, in particular, on whether their personal liability is insured. taking of evidence, ordered by the lower court, the appeal court is seized with the case (the “devolutive effect” of appeal): it may not therefore refer the appeal back to the lower court and must exercise its powers in relation to all aspects of the decision of the lower court. If, however, on a claim, the insurer proves that it would not in any circumstance have insured the risk whose real nature has been disclosed by the claim, its benefit is limited to repayment of all of premiums paid (Article 60, §3). The 2014 Law (Article 95) expressly provides for subrogation on payment of an indemnity. As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands. Learn about insurance industry regulations under the FCA. As a general principle, the policy trigger is the occurrence of a loss. Combating money laundering and the financing of terrorism. RAILWAY SAFETY REGULATION AT THE EUROPEAN LEVEL 39 3.1. See question 4.6 above. We do this to optimise the mix of channels to provide you with our content. The appeal must be lodged within three months of the notification by bailiff of the appeal decision. Is it common to have a court-appointed expert in addition or in place of party-appointed experts? Our cross-border teams understand the details of your business and our firm is structured according to the industries you work in. The Judicial Code sets out the procedure for hearing witnesses (Articles 915–961). the applicable substantive law, failing which the arbitral tribunal will decide. The Prudential Regulation Authority (link is external) (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. In some cases, the appeal period starts to run from the date of the judgment itself. A breach of warranty will likely be construed as a misrepresentation of the risk, giving rise to the effects and consequences applicable to such misrepresentation (see above). The NBB is, therefore, the entity responsible for the authorisation of (re)insurance undertakings in Belgium, and, for prudential purposes (above all, solvency), monitoring and supervising their activities. Proceedings in particularly urgent matters are subject to shorter periods. carriage, hunting, campsites, architects, travel agents, insurance intermediaries, estate agents and voluntary associations. There is no express duty in law on the insured to cooperate, but he must not hinder the insurer’s action either, for example through negligence in preparing evidence, delay in notifying a claim, granting a discharge to the person liable, etc. If no reply is given to certain written questions of the insured and if the insured nevertheless concludes the contract, other than cases of fraud, the insurer cannot subsequently rely on such omission (Article 58). Correspondence between an attorney and his client (under (a)), or among attorneys (in respect of (b) and (c) above), is in principle privileged, i.e. insurance companies and superannuation funds in order to ensure the stability, safety, efficiency, competition and contestability of the financial system. Some functionality will not work if you don’t accept these cookies. Links provided throughout to relevant sites Cooperation. If a firm is not authorised to provide investment services and activities, it is not allowed to provide them. Under mandatory liability insurance (for example public buildings and motor vehicles) the insurer cannot rely on the same defences against the third party, with the exception of any annulment, termination or suspension of the contract that dates from before the occurrence of the loss (this can be invoked against the third party). As part of the social security enrollment process, all employees and self-employed must register and contribute to a health insurance fund in Belgium. The legislator’s primary concern is to protect the insured, but the 2014 Law also recognises that the insured’s behaviour may be a threat to the insurer and its interests are therefore protected, for example: certain provisions in relation to declaration of risk (Articles 58–60); exclusion of claims which have been intentionally caused (Article 62) and claims arising from war (Article 63); failure to pay the premium (Articles 69–72); and the insured’s duties in the event of a claim (Articles 74–76). The licence is granted for a branch or a group of branches of insurance undertakings. 1.3        Are foreign insurers able to write business directly or must they write reinsurance of a domestic insurer? However, parties are subject to a duty of good faith and must cooperate to a certain degree in the production of evidence. This implementation does not amend radically; instead, it reflects a constant evolution, as Belgium had already extended EU MiFID II provisions to the insurance sector (a process often referred to as “AssurMiFID”). Publications. An insurer which has not terminated the contract or proposed an amendment within the period set out above cannot in the future contest facts which are known to it. Authorisation is granted on fulfilment of statutory and regulatory conditions. These cookies “remember” that you have visited a website and this information may be shared with the providers of analytics services (see details in our, Social Media cookies collect information about you sharing information from our website via social media tools, or analytics to understand your browsing between social media tools or our Social Media campaigns and our own websites. The 2016 Law and its implementing decrees (principally, the Royal Decree of 22 February 1991 regarding the general regulation on the supervision of insurance undertakings – the “1991 Decree”) provide a comprehensive list of the documentary requirements for an application for authorisation. If the insurer does not propose an amendment nor terminates the contract within the one-month period, the contract will continue at the terms and conditions as originally agreed between parties. The supervisory review process. Once again, the parties must agree on the appointment of a mediator before the court will do so. The 1991 Decree further regulates the authorisation procedure. Register with us FREE, Grete Hogstad, Vice President Marketing and Sales - PHOTOCURE ASA, Oslo, Norway, and unlock access to three FREE PDF downloads per month. The code of conduct was approved by a Royal Decree of 18 June 2019. Numerous provisions of the Belgian Code of Companies and Associations (“BCCA”), referring to the classic form of a joint stock company under Belgian law, apply to Belgian (re)insurance entities, while specific adjustments also reflect the characteristics of Belgian mutual insurers. In conclusion, Belgian substantive law relating to insurance – at least in the retail/B2C sector – is generally more favourable to the insured. seizure, can be ordered to ensure documents remain available. Keeping these cookies enabled helps us improve our website and provide you with the most relevant content. Other international cooperation agreements . 4.1        What powers do the courts have to order the disclosure/discovery and inspection of documents in respect of (a) parties to the action, and (b) non-parties to the action? Belgian legislation. It contains numerous provisions designed to protect the consumer – often by virtue of its public policy basis, but with the exception of provisions whose drafting enables the parties to waive their application by agreement. Case law includes criminal records, health (in particular, AIDS), medical secrecy and discrimination on grounds of gender. FINMA and supplementary health insurance. Sanctions and settlements. This regime anticipates certain rules of the Insurance Distribution Directive and will have to be adjusted upon implementation of the directive (by January 2018 at the latest). 5.4        What interim forms of relief can be obtained in support of arbitration from the courts? 2.3.6. Parties can also refer, in their pleadings, to documents written or produced by third parties and file these in the court file. There are two particularly important examples: motor insurance (Law of 21 November 1989 relating to compulsory insurance of motor vehicle liability); and insurance for workplace accidents (Law of 10 April 1971 on workplace accidents). If so, in what circumstances does the right arise? If so, on what general grounds? In addition, Belgium has detailed legislation on contracts of insurance: the 2014 Law noted above. Registration is mandatory for insurance intermediaries who are not tied to an insurance company, either legally or commercially or in any other way. Healthcare is accessed through health insurance in Belgium. Insurance contracts that provide coverage for criminal penalties, and fines or administrative penalties and fines of criminal nature, shall be null and void. This new regime has removed the uncertainty regarding the indemnification of liability of directors. Company register. When considering the appeal, the appeal court enjoys all the powers of the lower court. If the omission or misstatement can be imputed to the policyholder and if a claim arises before the amendment of the contract or the termination has taken effect, the insurer is only bound to provide a benefit proportionate to the premium paid and the premium which the policyholder should have paid if he had properly disclosed the risk. Philip Woolfson Likewise, condition precedents are not explicitly foreseen under Belgian insurance law. The industry has recently developed a code of conduct including criteria to assess whether companies which receive inducements comply with the requirement to act honestly, fairly and professionally. non-EEA, (re)insurers. regarding non-payment of premiums, misrepresentation or non-disclosure of risks and late notification). If you agree to this, please click "Accept all" below. A company, its subsidiaries or the entities controlled by it may not exclude in advance liability of directors or officers towards the company or third parties. The topic of sustainability also concerns the financial sector. When setting the amount of the award, the court may take into account the behaviour of the parties; for example, if there has been a genuine attempt to settle prior to a hearing. Belgium Other than cases of malice, the insurer has no right of action against specified categories of persons – essentially family members. The court can order a judicial mediation if the parties so request or on the initiative of the court and with the agreement of the parties (Article 1734, Judicial Code). If you want to update your choices later or for more information, visit our. 2.3        Can an insured bring a direct action against a reinsurer? If the insurer can however prove that it would under no circumstances have insured the risk should the risk have been disclosed properly, the insurer shall only be held to pay an amount that is equal to the paid premiums. ... Prudential supervision of insurance and reinsurance companies . However, witnesses are seldom heard before the Belgian courts. National Bank of Belgium. The insurance regulator directed J.K. Life to rectify its embezzlement misconduct within a certain period, but the company’s efforts to dispose of assets in order to gather funds failed to work as well as expected because of fallout from the Covid-19 pandemic among other factors, the sources said. The court will generally order the losing party to bear the costs of the litigation. In civil proceedings, witness evidence is not allowed to prove contractual claims with a value exceeding €375 and is never accepted to contradict written evidence (Article 1341, Civil Code). Of all the different types of insurance in Belgium, only a few are required by law. fraud) set out in the BCCA, the BCCA now caps the liability of directors. Please update to the latest version, or switch to another browser for an optimal experience. Insurance compliance, regulatory, and legal functions are being asked to do more with less while grappling with new challenges that stem from the near-ubiquitous use of advanced technologies to meet increasing cost pressures and deliver value. They also allow you to log in to personalised areas and to access third party tools that may be embedded in our website. when the arbitral award includes provisional enforcement, a court may suspend such provisional enforcement in specific cases or only grant it following provision of security. Belgium. The 2014 Law regulates disclosure and the consequences of intentional and unintentional non-disclosure (omissions) and misstatements. The majority of Belgian legal doctrine nevertheless accepts that administrative penalties or fines that have a criminal nature (which depends on the nature of the infringement and the nature and severity of the sanction) are subject to the same principles as criminal sanctions and can thus not be insured. A 2016 study on the length of proceedings shows that the average time before the Brussels court of appeal is about 30 months. However, the insured does not have to declare to the insurer circumstances which are already known to the insurer or which the insurer should reasonably know. The parties may not waive such rules. These are as follows: Health insurance. The National Bank of Belgium (NBB) has issued fifteen recommendations for cloud service providers in the insurance sector, which will apply as from 1 January 2021. These allow the insurer to amend, terminate or annul the insurance contract if there have been omissions or errors in the disclosure or representation of the risk made by the insured. In practice, unless in one of the prohibited classes, arbitration clauses are regularly included in insurance contracts, including in classes not covered by the 2014 Law. European legislation. In commercial and criminal proceedings, rules of evidence are more flexible and witness evidence is accepted at all times (e.g. Third-country reinsurers are also required to set up a branch. Registry license number C – 265 issued, authorized and regulated by the Comisión para el Mercado Financiero de Chile (CMF) under Law 3538 and furthermore the supervision and regulation of securities and insurance markets by statutory Decree number 251 of the Insurance Law. Following the financial crisis of … The insurer does not sue in the name of the insured. Such companies can operate with the licence obtained in their country of origin, but nevertheless need to observe Belgian legal provisions protecting the general good. In practice, the service provider’s home country regulator should have concluded a memorandum of understanding concerning cooperation arrangements with the FIN-FSA; As noted above, the 2014 Law is the key text and sets out the primary source of substantive law. See question 1.4 above. The policy is typically taken out by the company for the benefit of its corporate officers. Except for statutory exclusions (e.g. We would like to use cookies that will enable us to analyse the use of our websites and to personalise the content for you. The 2014 Law requires him to declare what “he. The starting point of the limitation period is the day of the occurrence of the event giving rise to the right to make a claim. European railway regulation 39 4. The numerous provisions restricting freedom of contract include: Finally, various general texts apply to the insurance sector. Specific legal provisions do, however, exist for lawyers and bailiffs: in order to persuade litigants to consider alternatives to judicial proceedings, they have a duty to inform potential litigants about mediation, and other forms of alternative dispute resolution. 43 para. As of the date of the writ of summons, certain courts apply a reduced general statutory rate. A court decision granting an order to enforce the arbitral award may generally be challenged within one month of its notification. The Judicial Code allocates jurisdiction according to the value of the claim, the basis for the claim, the capacity (e.g. Our objective is to ensure financial stability, consumer protection and market integrity. The licence can only be obtained if certain criteria regarding solvency margins and organisation are met. The Financial Services and Markets Authority (FSMA) (Dutch: Autoriteit voor Financiële Diensten en Markten, French: L'Autorité des services et marchés financiers) is the financial regulatory agency in Belgium. Finally, for life insurance contracts, the insurer can no longer rely on an unintentional omission or misstatement after a period of one year (Article 162, 2014 Law and Article 10, 2003 Royal Decree). Social Media cookies collect information about you sharing information from our website via social media tools, or analytics to understand your browsing between social media tools or our Social Media campaigns and our own websites. These cookies “remember” that you have visited a website and this information may be shared with the providers of analytics services (see details in our privacy policy). - The Belgian insurance industry is regulated by the National Bank of Belgium and the Financial Services and Markets Authority. The court can only compel parties to exhaust alternative dispute resolution methods, on the request of the parties and if the parties have previously agreed on such methods. Technical cookies are required for the site to function properly, to be legally compliant and secure. The court awards the sum by reference to minimum and maximum amounts fixed by Royal Decree. Firms can only provide investment services in the European Union (EU) if they are authorised to do so by an EU regulator. The Belgian Parliament has passed an act that creates a regulatory framework for managing general agents (MGAs) in Belgium. Disclaimer In terms of the Company Service Providers Act, 2013, persons who are in possession of a warrant or equivalent to carry out the profession of advocate, notary public, legal procurator or certified public accountant are not required to apply for registration to the MFSA in order to provide company services in or from Malta. Freedom of contract include: finally, various general texts apply to Process Technician, Client Specialist, and. Between the NBB any potential costs advantages in making an offer to prior., Auditor and more liability based on specific provisions of the Belgian branches of insurance undertakings, including any measure... 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