Brussels, 21 January 2021
The Belgian FSMA published a press release on 21st January 2021 on the consequences of Brexit for (re)insurance and ancillary insurance intermediaries governed by UK or Gibraltar law. Due to the Brexit, these intermediaries do not benefit from the European passport anymore. A Belgian temporary permissions regime (Belgian TPR) has been implemented by the Royal Decree of 22 December 2020 published on 31 December 2020.
The regime allows (re)insurance and ancillary insurance intermediaries governed by UK or Gibraltar law to temporarily pursue their activities relating to the insurance contracts concluded before that date, without being enrolled in the register held by the FSMA.
In this context, FSMA would like to highlight some aspects:
- The Belgian TPR transitional regime conditions listed in the Royal Decree must be complied with
- FSMA must be notified by the intermediaries who wish to benefit the Belgian TPR at the latest two months following 1 January 2021
- The maximum duration of the Belgian TPR is 18 months, from the 1st of January 2021.
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