5.4        What interim forms of relief can be obtained in support of arbitration from the courts? Links provided throughout to relevant sites The role of safety in European railway regulation 39 3.2. Intermediaries may not only be registered in their home country but may also be entitled to operate cross-border from another EU Member State where they were originally registered. If, because of the insured or beneficiary, the effects of subrogation are denied to the insurer, the insurer may claim repayment of the indemnity paid up to the amount of the harm suffered. After moving to Belgium, you will need to join an insurance fund to benefit from the country’s state health insurance (mutuelle), which forms an integral part of the social security system. If so, what is the current rate? carriage, hunting, campsites, architects, travel agents, insurance intermediaries, estate agents and voluntary associations. To change language to, This website uses cookies so that we can provide you with the best user experience possible. Explore Deloitte’s 2020 Insurance Outlook for insight on why insurers’ success depends on the ability to integrate technology, talent, and business-model innovation into legacy environments. The liability cap is linked to the average yearly turnover and average balance sheet of the same year. 4.1        What powers do the courts have to order the disclosure/discovery and inspection of documents in respect of (a) parties to the action, and (b) non-parties to the action? 43 para. Legal commentaries do, however, note with approval the option to include a “cut through” clause, enabling the insured to bring an action against the reinsurer in the event of insolvency of the insurer. It checks that the products offered are financially sound and that policyholders are protected. If so, on what grounds and does this happen in many cases? However, exceptions related to work disability and marine insurance contracts apply. Aggregate statistical data. 2 … To take full advantage of our website, we recommend that you click on “Accept All”. There is no express duty in law on the insured to cooperate, but he must not hinder the insurer’s action either, for example through negligence in preparing evidence, delay in notifying a claim, granting a discharge to the person liable, etc. It is not a mediator. 1. tort) and contractual liability based on specific provisions of the Civil Code and the BCCA. Insurance activities in Belgium can be undertaken by a Belgian company as well as by a foreign company either through a branch office or directly without any establishment in Belgium, provided that a licence has been obtained from the National Bank of Belgium (NBB). It was replaced by a new agency, the Financial Services and Markets Authority (FSMA) on 1 April 2011 as part of a restructuring of the financial regulatory system in Belgium. There are at least 30 examples of compulsory insurance, the full list of which is published annually by the FSMA, e.g. If the party making the claim can prove that it was not aware of the occurrence of that event up to a certain date, then that date will be the starting point of the limitation period. If so, what form of words is required? If the parties agree on the choice of mediator, that mediator will be appointed. The annulment is full or partial if the award is divisible. The court will generally take such documents into account. The majority of Belgian legal doctrine nevertheless accepts that administrative penalties or fines that have a criminal nature (which depends on the nature of the infringement and the nature and severity of the sanction) are subject to the same principles as criminal sanctions and can thus not be insured. Belgium. As for unintentional non-disclosure or misstatement, the contract is not null and void (Article 60, §1). 2.4        What remedies does an insurer have in cases of either misrepresentation or non-disclosure by the insured? Regulation 1286/2014 on key information documents for packaged retail and insurance-based investment products, applies in Belgium (effective since 1 January 2018) and, in particular, requires provision to the prospective insured of a “key information document” setting out harmonised pre-contractual disclosures. 1.2        What are the requirements/procedures for setting up a new insurance (or reinsurance) company? Press release 20/31 As at 30 November 2020, the total net assets of undertakings for collective investment, comprising UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 4,882.411 billion compared to EUR 4,674.665 billion as at 31 October 2020, i.e.… The code of conduct was approved by a Royal Decree of 18 June 2019. This code of conduct includes a non- This average varies for the other courts of appeal between 20 and 30 months. Although the supervision of these companies is based on the ‘home country control’ principle, the NBB retains the power of supervision over these companies and must inform the European Commission if certain measures are taken against such companies. 1.5        Are companies permitted to indemnify directors and officers under local company law? The court can order a judicial mediation if the parties so request or on the initiative of the court and with the agreement of the parties (Article 1734, Judicial Code). This penalty can, however, only be enforced and recovered in the context of a final award issued by the arbitral tribunal. Unless the parties have agreed otherwise, the award is final and binding and not subject to appeal. Before the insurer commences activities in Belgium, its home country regulator must submit a file to the NBB. In commercial and criminal proceedings, rules of evidence are more flexible and witness evidence is accepted at all times (e.g. In monetary claims, interest will normally be awarded as from the date a formal notice of claim has been served or, if the contract provides for interest, on the date determined by the contract. If not, can the parties agree (in the arbitration clause or subsequently) that a reasoned award is required? The award must be reasoned and the reasons must be set out in the award, failing which the award can be annulled by the court, upon application by one of the parties. To the video. With regard to the insurance sector, the NBB will focus its supervision and regulation on critical and essential tasks related to the impact of the Coronavirus. If the witness cannot attend the hearing, for example because he is sick or resident abroad, the magistrate may travel to hear the witness or issue letters rogatory. www.cmfchile.cl Av. taking of evidence, ordered by the lower court, the appeal court is seized with the case (the “devolutive effect” of appeal): it may not therefore refer the appeal back to the lower court and must exercise its powers in relation to all aspects of the decision of the lower court. However, witnesses are seldom heard before the Belgian courts. It is intended to help insurers and intermediaries with their planning in the run up to a possible no-deal Brexit. This regulation is undertaken through risk-based supervision, underpinned by a credible threat of enforcement. A witness who is absent or refuses to give evidence without legitimate reason may be liable to a fine. the applicable substantive law, failing which the arbitral tribunal will decide. If the insurer proves that it would not in any event have insured the risk, the insurer may terminate the contract within the same period. 4.2        Can a party withhold from disclosure documents (a) relating to advice given by lawyers, or (b) prepared in contemplation of litigation, or (c) produced in the course of settlement negotiations/attempts? and unlock access to three FREE PDF downloads per month Specific rules apply to insurance companies that undertake insurance activities in Belgium but are based in another Member State of the EEA. Correspondence between an attorney and his client (under (a)), or among attorneys (in respect of (b) and (c) above), is in principle privileged, i.e. The 2014 Law expressly provides that liability insurance grants a third party, the victim, an independent right to claim from the insurer (Article 150), as a result of which indemnification due by the insurer vests in the victim to the exclusion of other creditors of the insured (Article 150, §2). Details concerning the tools in use are in our privacy policy. The expert must be independent, and the relevant requirements in the Judicial Code for magistrates also apply for experts. In the savings insurance sector, the PRIIPs Regulation, i.e. It is forbidden for a Belgian insurance company to undertake both life insurance and non-life insurance activities, except if both activities were already carried out before 15 March 1979 and provided that the management and accounting of the life and non-life business are split. The reference must take place during proceedings (and not after the judgment has been rendered). Green finance. The appeal must be lodged within three months of the notification by bailiff of the appeal decision. An insurer which has not terminated the contract or proposed an amendment within the period set out above cannot in the future contest facts which are known to it. Cooperation agreements in Belgium. 2 October 2020 Press release Financial Conduct Authority… Finally, a decision rendered on appeal may generally be challenged before the supreme court in Belgium (the Court of Cassation), but only on the basis of a mistake in law. The NBB issues the authorisation. The AFM is committed to promoting fair and transparent financial markets. ... Prudential supervision of insurance and reinsurance companies . Basis of Belgian IPT Calculation. After the proceedings, the losing party or, in case there is no losing party, the claimant, has to pay the court registry fees, which are set at €165 for the courts of first instance and enterprise courts. The court can also appoint an expert on its own initiative. Legal commentaries are, however, uncertain as to the adequacy of the reasoning required. 183 ISO). Our, Analytics cookies collect anonymised information such as the number of site visitors or most popular pages. Taxation Not defined by tax legislation, reference is consequently made to insurance and regulatory laws. The court can only compel parties to exhaust alternative dispute resolution methods, on the request of the parties and if the parties have previously agreed on such methods. Our objective is to ensure financial stability, consumer protection and market integrity. The Financial Services and Markets Authority (FSMA) (Dutch: Autoriteit voor Financiële Diensten en Markten, French: L'Autorité des services et marchés financiers) is the financial regulatory agency in Belgium. Disclaimer In terms of the Company Service Providers Act, 2013, persons who are in possession of a warrant or equivalent to carry out the profession of advocate, notary public, legal procurator or certified public accountant are not required to apply for registration to the MFSA in order to provide company services in or from Malta. Register with us FREE, Grete Hogstad, Vice President Marketing and Sales - PHOTOCURE ASA, Oslo, Norway, and unlock access to three FREE PDF downloads per month. These are called mutuelle in French and ziekenfonds in Dutch. The starting point of the limitation period is the day of the occurrence of the event giving rise to the right to make a claim. fraud) set out in the BCCA, the BCCA now caps the liability of directors. ; classes can be combined or “supplementary”). A parent company or other shareholders of the company may, however, still indemnify the directors of the company. The FSMA monitors and supervises these entities’ compliance with conduct of business rules. The Judicial Code sets out the procedure for hearing witnesses (Articles 915–961). The 1991 Decree does, however, allow limited direct business in certain cases laid down in international agreements. Generally, the costs of the expert must be pre-paid by the party applying for appointment of the expert, but the court enjoys discretion to decide otherwise. The supervisory review process. The 2014 Law (Article 95) expressly provides for subrogation on payment of an indemnity. When the arbitration clause or agreement has expired or is invalid; for example, when the arbitration clause confers an advantage on one of the parties or with regard to the appointment of the arbitrator(s). During the proceedings, parties are obliged to pay costs arising out of the proceedings, for example investigative measures, travel costs, etc. In specified cases, proceedings can also be initiated by ex parte application, which is more cost effective. If the insured refuses the proposed amendment (or does not respond within one month after having received the proposed amendment), the insurer can terminate the contract within 15 days after the refusal by the insured (or in case of non-response of the insured, within 15 days after expiry of the one-month response period). By including your personal data on this form you agree to it being used in accordance with our Privacy Policy. The award can, however, be annulled by the court, upon application by one of the parties in any of the circumstances listed in the Judicial Code (Article 1717). 2. The FSMA is responsible for the registration and regulation of (re)insurance intermediaries. Authorisation is granted on fulfilment of statutory and regulatory conditions. In particular, it has decided to: This has been a controversial question under Belgian law. Retain jurisdiction to order interim or provisional measures, which include conservatory measures for the supervision of,! Have identified a more suitable language of this document other forms of Alternative dispute Resolution procedure for hearing witnesses Articles... Click on “ Accept all '' below the court will always order negotiation in What circumstances does the arise... For example, if there are no significant consequences following such a clause became effective from January 1 2016! 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