As a consequence of Brexit, (re)insurance and ancillary insurance intermediaries governed by UK or Gibraltar law no longer benefit from the European passport: this means they are no longer authorised to pursue their activities in Belgium.
These intermediaries can, however, benefit from a transitional permissions regime that will temporarily enable them to continue their activities in Belgium. The Royal Decree of 22 December 2020 (published in the Belgian Official Gazette on 31 December 2020) introduces a transitional regime which allows (re)insurance and ancillary insurance intermediaries established in the UK or in Gibraltar, and who were already authorised to pursue their activities in Belgium before Brexit, to temporarily pursue their activities relating to the insurance contracts concluded before that date, without being enrolled in the register held by the FSMA.
The FSMA underlines the following points requiring attention for the intermediaries that envisage making use of this transitional regime:
- The transitional regime is subject to the conditions listed in the Royal Decree. Only those intermediaries that have confirmed they will comply with these conditions will be authorised to pursue their activities. The FSMA can request all information relating to the (re)insurance distribution activities carried out in Belgium, including all information concerning the (re)insurance contracts that they manage and execute;
- Intermediaries wishing to benefit from this transitional regime are required to notify the FSMA thereof at the latest two months following 1 January 2021;
- The maximum duration of the transitional permissions regime is 18 months, starting on 1 January 2021.
This news item was originally published by the Financial Services and Markets Authority (FSMA BE). For more information, please see the Source Link.