The European Court of Justice (CJEU) was recently asked to rule on the EU's Solvency II Directive (and all earlier legislations regulating life insurance) regarding the cancellation rights of insurance policyholders.
With year-end approaching, Lydian's insurance team looks back on some interesting judgments that the Belgian Supreme Court (“Cour de Cassation”) has rendered last year concerning the Insurance Act of 2014. The Court examined various insurance issues, including subrogation, increased risk, right of recourse, intention, exclusion or loss of rights clauses and the insurer's information obligation.
A warranty & indemnity (W&I) insurance covers damage resulting from breaches of warranties given in the SPA by the seller. W&I insurance has been around for many years, but it has become increasingly popular in the last few years. According to Lockton, “recent statistics suggest that over 50% of corporate real estate transactions in Europe now use W&I insurance, a large driver for this has been the adoption of a EUR 1 cap on sellers’ liability under the SPA.”
En date du 1er juillet 2018, la loi du 31 mai 2017 imposant aux entrepreneurs, architectes et autres prestataires du secteur de la construction des travaux immobilier de souscrire une assurance obligatoire pour couvrir leur responsabilité décennale est entrée en vigueur. Pour rappel, cette loi impose aux acteurs du secteur de la construction de s’assurer en responsabilité décennale pour la construction/rénovation de bâtiments destinés au logement (lisez notre news à ce sujet ici)
Following the implementation of the Insurance Distribution Directive in Belgium, a new Royal Decree dated 18 June 2019, implementing new rules
In theory, insurance services are harmonised at the EU level. Insurance companies and intermediaries alike may easily ‘passport’ their domestic licences across the entire EEA
On 21 November 2018 and 7 March 2019, we issued newsletters (respectively available here and here) regarding the Belgian proposal to create a new regulatory framework for managing general agents (“MGAs”) in Belgium (“Proposal”).
On 21 November 2018, we issued a newsletter (accessible here) regarding a draft law amending the law of 4 April 2014 on insurance, which will create a new regulatory framework for managing general agents (“MGAs”) in Belgium (“Proposal”). However, the proposed definition of “insurance underwriter” provoked reaction from the industry and further clarification was required.
On 20 January 2016, the European Council adopted the Insurance Distribution Directive (IDD). The purpose of this directive was to create a level playing field among the distributors of insurance products, to strengthen the confidence of customers
On 14 November 2018, the Belgian parliament finally adopted the draft law (“Draft Law”) implementing Directive 2016/97/EU on insurance distribution (“IDD”) in Belgium. IDD repeals and replaces Directive 2002/92/EC on insurance mediation (“IMD”)
