34. May a Belgian insurance company rely on its status as regulated undertaking in order to pursue financial planning advice?

No, a Belgian insurance company is not permitted to provide financial planning advice. Indeed, pursuant to Article 9 of the Law of 9 July 1975 on the supervision of insurance companies, the company object of an insurance company is restricted to insurance and capitalization operations or to the management of group pension funds, as well as to operations directly arising therefrom.