Brexit: feedback statement for insurance intermediaries

News article
Brexit: a puzzle of the flag of the European Union with a missing piece in the middle, instead of which we see the British flag with the word Brexit and a question mark written on it

In response to Brexit, some companies under Belgian law that are associated with or linked to a British insurance intermediary have applied for registration with the FSMA as insurance intermediaries. Among these, the FSMA has selected six intermediaries, on the basis of a risk model, and sent them a questionnaire to ensure that they are compliant with the relevant European and Belgian regulations.

From the responses of the intermediaries surveyed, the FSMA noted that these intermediaries make use of secondment contracts. This type of contract, originating under British law, provides for a Belgian intermediary to take on internally staff from the British intermediary. The feedback statement reminds readers, on the one hand, of the consequences of Brexit for insurance intermediaries, and, on the other hand, of the regulatory framework in force. The FSMA draws the attention of insurance distributors in particular to the prohibition against using the services of unregistered intermediaries and the consequences if this prohibition is not respected.