Following the implementation of the Insurance Distribution Directive in Belgium, a new Royal Decree dated 18 June 2019, implementing new rules on knowledge requirements in the insurance sector, has been adopted. This Royal Decree introduces some interesting changes:
- Insurance distribution exams will now be organized in four modules: (1) general; (2) non-life insurance; (3) life insurance without an investment component; and (4) life insurance with an investment component. These exams will be the same for all types of insurance intermediary.
- PCPs in training: persons in contact with the public (“PCPs”) will now have a 12-month period to obtain the required professional knowledge. During this period, the PCP will be able to start working under appropriate supervision.
- PCPs now need experience: PCPs must now demonstrate professional experience of six months, whereas before they did not have to demonstrate any experience. This experience can be obtained during the 12-month training period.
Existing exemptions, such as those based on degrees, still apply. In addition, there are transition provisions for those in charge of distribution and PCPs registered before 28 December 2018.
We are of course happy to assist if you need detailed advice on these new requirements.