On 31 December 2020, the United Kingdom (UK plus Gibraltar) will withdraw from the European Union. Brexit has important consequences for the insurance companies and intermediaries that are active in Belgium on the basis of an authorization in the UK.
As from 1 January:
- Insurance companies based in the UK may not launch new activities or extend existing contracts. They may continue, however, to ensure the regular performance of their existing insurance contracts, in the course of which they must guarantee compliance with the contractual obligations.
- Insurance intermediaries from the UK may no longer carry out distribution activities in respect of insurance.
This of course applies only to companies or intermediaries that do not have an authorization to continue to carry out their activities in Belgium after Brexit.
The FSMA asks insurance companies and intermediaries from the UK to take measures before 31 December 2020 in order to limit the effects of Brexit on the contracts in their portfolio and to inform their Belgian policyholders as soon as possible of the consequences of Brexit for their existing contracts.
Are you a client of a British insurance company? In that case, we advise you to check before 31 December that you have adequate and complete information about the consequences of Brexit. If necessary, you can contact your insurance company or intermediary.
For more information, please see also the Brexit Consumer Guide published by EIOPA.