Twin Peaks II has been saved
Twin Peaks II
Enhancing consumer protection in insurance
Publication of the “Twin Peaks II Royal Decrees”
Today the Twin Peaks II Royal Decrees (RD’s) have been published in the Belgian Official Gazette. These RD’s implement several provisions of the law of 30 July 2013 on the enhancement of the protection of the customers of financial products and services as well as of the competencies of the FSMA and containing diverse clauses (“Twin Peaks II law”).
Three RD’s, implementing this part of the Twin Peaks II law, have been published:
1. RD amending the law of 27 March 1995 on the (re-)insurance mediation and insurance distribution (“Wet Cauwenberghs”);
2. RD regarding the rules for the application of articles 27 to 28bis of the law of 2 august 2002 on the insurance sector;
3. RD on the conduct of business rules and the rules regarding to the management of conflicts of interests relating to the insurance sector.
The RD’s tailor the MiFID scope extension by taking into account mainly the differences that exist between the types of insurance contracts.