Regulatory Alerts2021-01-20
Added · Updated
Royal Decree of 22 December 2020 implementing the Law of 3 April 2019 on the withdrawal of the United Kingdom from the European Union
This Royal Decree establishes a transitional regime for UK and Gibraltar-based insurance companies and intermediaries ceasing operations in Belgium after Brexit. Insurance companies are exempt from establishing a Belgian branch if they limit activities to managing existing contracts, provided they notify the National Bank of Belgium, submit a liquidation plan, and meet solvency and representation requirements. UK intermediaries may continue distribution activities for a maximum of 18 months to wind down existing contracts, subject to notification to the FSMA and submission of a cessation plan.