Regulatory Alerts2020-12-31
Added · Updated
Royal Decree of 22 December 2020 implementing Article 20(1) of the Law of 3 April 2019 on the withdrawal of the United Kingdom from the European Union for insurance undertakings and intermediaries
This Royal Decree establishes a temporary regulatory regime for insurance undertakings and intermediaries established in the United Kingdom or Gibraltar that cease new business in Belgium after Brexit. It allows these entities to manage existing contracts until their maturity or transfer without requiring a new Belgian branch license or FSMA registration, provided they do not conclude new contracts. The decree ensures continuity of service and protects policyholders by subjecting these entities to Belgian information and conduct rules while they wind down their Belgian operations.