IDD in Belgium: new professional knowledge requirements in the insurance sector

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:

  1. 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.
  2. 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.
  3. 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.

Related : CMS Belgium ( Mr. BenoƮt Vandervelde )


Mr. BenoƮt Vandervelde Mr. BenoƮt Vandervelde
Associate Partner

Click here to see the ad(s)

Lastest articles by Mr. BenoƮt Vandervelde

Distribution of certain derivative financial instruments to retail clients: a prospective ban?

On 8 January 2016, the Financial Services and Markets Authority (“FSMA”) initiated a consultation on a draft r...

Read more

TVA et fonds dā€™investissement : le "statu quo" confirmĆ©

Par sa décision publiée le 30 mars 2015 (décision TVA n° E.T. 127.885 dd 30.03.2015), l'administr...

Read more

New developments on precise information in insider trading

The Court of Justice of the European Union (Court) rendered on 11 March 2015 a judgment on the definition of precise infor...

Read more

Reform of the securities interests over moveable assets

A new regime governing securities interests over moveable assets, based on a registration system (and payment of tax dutie...

Read more

LexGO Network