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Brexit – transitional permissions regime for intermediaries established in the UK or in Gibraltar

As a consequence of Brexit, (re)insurance and ancillary insurance intermediaries governed by UK or Gibraltar law no longer benefit from the European passport: this means they are no longer authorised to pursue their activities in Belgium.

These intermediaries could, however, benefit from a transitional permissions regime that will temporarily enable them to continue their activities in Belgium. The Royal Decree of 22 December 2020 (published in the Belgian Official Gazette on 31 December 2020) introduced a transitional regime which allows (re)insurance and ancillary insurance intermediaries established in the UK or in Gibraltar, and who were already authorised to pursue their activities in Belgium before Brexit, to temporarily pursue their activities relating to the insurance contracts concluded before that date, without being enrolled in the register held by the FSMA.

Intermediaries who wished to benefit from the transitional regime had to notify the FSMA within two months of 1 January 2021 at the latest. It is therefore no longer possible to invoke this regime.

The FSMA underlines the following points requiring attention for the intermediaries that have made use of this transitional regime:

  • The transitional regime is subject to the conditions listed in the Royal Decree. The FSMA can request all information relating to the (re)insurance distribution activities carried out in Belgium, including all information concerning the (re)insurance contracts that they manage and execute;
  • The maximum duration of the transitional permissions regime  is 18 months, starting on 1 January 2021.

The list of intermediaries that have successfully invoked the transitional regime is available here.

Any questions about this regime can also be sent to run-off.intermediaries@fsma.be