The law of 30 July 2013 strengthening the protection of the buyers of financial products and services as well as the authority of the Financial Services and Markets Authority and containing various provisions introduced the AssurMiFID rules of conduct in the insurance market.
These are applicable to the Belgian territory since 1 May 2015.
The law of 6 December 2018 transposing Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution incorporated these rules of conduct into the law of 4 April 2014 on insurance.
As a result, we are now talking about the IDD rules of conduct where IDD stands for Insurance Distribution Directive.
To comply with this legislation, our firm is required to provide you with the following information:
Who Are We?
BV All Specialty Underwriting
Duivelshoekstraat 13
8800 Roeselare
Phone: +32(0)51 49 12 81
Fax: +32(0)51 25 43 10
Email: info@allspecialtyunderwriting.eu
Website: www.allspecialtyunderwriting.eu
Company number/FSMA recognition number: 0743.918.536
We are registered as an insurance distributor under number 0743.918.536 in the register of insurance intermediaries maintained by the FSMA, Congresstraat 12-14, 1000 Brussels. Our details can also be found on the FSMA website at www.fsma.be
We are always at your service in Dutch, French, and English.
You can communicate with our office via phone, fax, email, your client zone, and our website.
For all your questions and problems, please contact us in the first instance.
Complaints can also be submitted to the Ombudsman for Insurance VZW in 1000 Brussels, Meeûssquare 35, phone 02 547 58 71, fax 02 547 59 75, email info@ombudsman.as, website www.ombudsman.as
Legislative Framework
The conflict of interest policy in the insurance sector finds its origine from the Royal Decree of 21 February 2014 on the rules of conduct and rules on the management of conflicts of interest adopted under the law.
Among other things, this legislation provides for an obligation for insurance distributors to prepare such a policy document and to do everything possible to keep it operational.
This policy must be written out.
Furthermore, all employees of our office have been informed of this policy through an instruction note.
The legal regulations relating to conflicts of interest are in addition to the fundamental rules of conduct. These rules are respected by our firm's employees by making loyal, fair and professional efforts to serve the client's interests when providing services in insurance mediation.
Based on the above, our firm has drafted a policy related to the management of conflicts of interest, of which the following text is a summary.
A copy of our full policy can be obtained at our office.
Which Conflicts of Interest?
For the purpose of our conflict of interest policy, our firm first identified the potential conflicts of interest in our firm.
Conflicts of interest may arise between :
The conflict of interest policy takes into account our firms' own characteristics.
In assessing potential conflicts of interest, our firm has identified situations where there is a significant risk of harming the client’s interests.
These include:
• Situations where profits are made or losses incurred at the expense of the client;
• Situations where our firm has another interest in the outcome of the service or transaction;
• Situations with a financial incentive to put other clients ahead;
• Situations involving the same business as the client;
• Situations where our firm receives compensation from a person other than the client for insurance mediation services provided;
• Situations where our firm holds a participation of at least 10% in voting rights or in the capital of the insurance company or companies;
• Situations where the insurance company(ies) holds at least 10% of the voting rights or capital of our firm.
What Measures Does Our Firm Take?
Our firm takes several measures to ensure that the interest of the client prevails.
These include:
• An internal instruction note;
• An appropriate remuneration policy;
• A policy ensuring that associated persons only mediate on insurance contracts whose essential characteristics they have knowledge of and are able to explain to customers.
• A policy reserving the right of our firm, in the absence of a concrete solution to a specific conflict of interest, to refuse the requested service for the sole purpose of protecting the client's interests;
• An arrangement on receiving benefits;
• A policy to ensure that all information provided by our associated persons is accurate, clear and not misleading.
If necessary, our firm's conflict of interest policy will be amended and/or updated.
What Is the Procedure?
Specific Transparency
If, in a concrete situation, our organisational or administrative measures might not provide sufficient guarantees to avoid a conflict of interest, you will be informed in writing or in another durable medium by our office about the general nature and/or sources of the conflict of interest.
The final action to be taken regarding the conflict of interest will be disclosed to you.
When a specific conflict of interest cannot be avoided, our firm may refuse a client's request to safeguard their interests.
You can always contact us for more information.