A witness who is absent or refuses to give evidence without legitimate reason may be liable to a fine. 3.1 Which courts are appropriate for commercial insurance disputes? The claimed monies must be paid directly to the third party with no possibility for any creditors of the insured to claim any part of such payment. FINMA supervises companies offering supplementary health insurance. Covered Agreement. Tied intermediaries (field staff and agents acting on be… If the risk was unintentionally misrepresented or not disclosed, the contract will either be amended or terminated. Coverage is not dependent on the legal basis for proceedings for liability of the corporate officer, nor does it depend on the legal categorisation of the fault imputed to the insured officers, subject to the exclusions of the policy itself, for example intentional fault of the insured. Licencing & Notification; Art. Furthermore, a party should not, in principle, meet separately with the court-appointed expert, as this could give rise to a suspicion of bias. The insurance regulator directed J.K. Life to rectify its embezzlement misconduct within a certain period, but the company’s efforts to dispose of assets in order to gather funds failed to work as well as expected because of fallout from the Covid-19 pandemic among other factors, the sources said. Pursuant to the Law of 2 July 2010 amending the Law of 2 August 2002 relating to supervision of the financial sector and financial services (the “2002 Law”), the National Bank of Belgium (the “NBB”) assumed responsibility for prudential supervision of the financial sector. The FSMA promotes proper financial services and transparent financial markets For claims related to workplace accidents, mandatory sickness and disability insurance and occupational pensions, the labour court is competent. Log in Generally, minutes are drawn up after hearing a witness. Lists. These guidelines set out a two-phase procedure for the application (preparatory and approval in principle, and formal filing) and comment on the scope of information required in support of the application, for example, a business plan, insurance classes, organisation and management of the company, internal supervision, audit and compliance, technical and financial questions, asset liability management, etc. 5G Rollout: Investing and Monetising in the Next Phase... We have identified a more suitable language of this document. Parties can always settle the dispute on their own initiative. In commercial and criminal proceedings, rules of evidence are more flexible and witness evidence is accepted at all times (e.g. In such cases, the above period may be reduced to one to two months. If so, what is the current rate? A company, its subsidiaries or the entities controlled by it may not exclude in advance liability of directors or officers towards the company or third parties. BELGIUM International Comparison of Insurance Taxation January 2005 Belgium – General Insurance Definition Definition of property and casualty insurance company Accounting A company that performs non-life and casualty insurance operations. If not, can the parties agree (in the arbitration clause or subsequently) that a reasoned award is required? In 2017, the NBB released a guidance memorandum for applicants seeking authorisation as insurers. As for intentional omission or misstatement, where these induce the insurer into error as to the factors for determining the risk, the contract is null and void. 4.8 Is interest generally recoverable in respect of claims? Certain obligations arising from the AssurMiFID legislation continue to apply, in particular those relating to the intermediary’s conflict of interest policy, information on costs and charges, the customer file, registration of all insurance distribution activities and the presumption of a causal link applicable in the event of a breach of various rules of conduct. seizure, can be ordered to ensure documents remain available. An insured can also enter into a separate legal expenses insurance policy for coverage of his legal expenses (which do not result from a claim covered under a liability policy). 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. Parties can also refer, in their pleadings, to documents written or produced by third parties and file these in the court file. 5.1 What approach do the courts take in relation to arbitration and how far is the principle of party autonomy adopted by the courts? For example, a declaration form signed by both parties involved in a traffic accident will not prevail over a witness declaration in relation to that accident. In the wake of the financial crisis, Belgium moved to a “twin-peaks” supervisory model. To do this, we have a range of regulatory powers in the areas of authorisation, supervision and enforcement. 1 ISA). The following sections are drawn from the relevant articles of that Code. Links provided throughout to relevant sites 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. See question 4.6 above. The Judicial Code allocates jurisdiction according to the value of the claim, the basis for the claim, the capacity (e.g. Austrian Financial Market Authority. The Act amends the Belgian Insurance Act of 4 April 2014, which since December 2018 is compliant with the Insurance Distribution Direction (IDD). In the absence of any specific (mandatory) insurance law, general contract law is applicable which allows condition precedents in a contract. 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. Hungary changes rules for drone operations, Life after Brexit: an update on social security coordination. The 2014 Law (Article 90, §1) provides that a clause in which the parties to the contract undertake in advance to submit disputes arising out of the contract to arbitrators is deemed null and void. the applicable substantive law, failing which the arbitral tribunal will decide. Such measures may be ordered by the court until such time as the arbitral tribunal is fully constituted. As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates. 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? 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. By way of example, the 2016 Law prescribes: the form of a Belgian insurance company (essentially, joint stock or mutual) and the scope of the objects of the company; that the constitutive documents must avoid any provision detrimental to insureds, contracting parties and beneficiaries; and that restrictions apply in relation to loans in any form whatsoever to directors or management. Other disclosures regarding the insured’s privacy/personal data may be requested, but may be open to challenge on grounds of breach of fundamental rights. The insurance pay-out is a monetary debt payable by the insurer to which the general principles regarding late payment shall apply. To the video. Belgium’s laws on the use of an official language; the 1991 Decree provisions on pre-contractual disclosures for life and non-life contracts and on the use of plain language; the 2002 Law provisions on fair, clear and non-misleading information; various Royal Decrees on pre-contractual disclosures and mandatory terms: Royal Decree of 14 November 2003 regarding the activity of life insurance (the “2003 Decree”); Royal Decree of 2 May 2017 regarding approval of the FSMA regulation on costs and charges that service providers must communicate to their clients in the context of the provision of insurance mediation services in Belgium; the 2014 Law provisions on insurance contract conditions; restrictions on choice of law and pre-contractual disclosures; and. If you want to individually select which cookies we can set, please click "Select preferences" below. And promotes ) arbitration proceedings ( Articles 961/1–961/3, Judicial Code allocates jurisdiction according the. 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