Conduct of business rules in the Belgian insurance sector
This roll-out of MiFID to the insurance sector, commonly known as AssurMiFID, was one of the objectives of the Twin Peaks II Law of 30
July 2013, by which the Belgian legislator wanted to create a level playing field for the selling practices of all investment products and for consumer protection rules. As such, the Law of 2013 and its implementing Royal Decrees (see text box), expand the scope of the MiFID I conduct of business requirements to insurance companies (including their tied agents) and insurance intermediaries acting in Belgium.
It was clear from the start that the impact of this legislation on the strategy, products and operations of insurance companies and intermediaries would be very high (see further). The impact in practice was increased by the very challenging timeline through which the new regulatory framework was imposed on the insurance sector (i.e. implementation of the new framework by 30 April 2014, merely a couple of months following the publication of the Royal Decrees). This also led to a decision2 of the Constitutional Court delaying the entry into force with one year (to 1 May 2015).
Performance magazine issue 21, September 2016
Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients.