Insurance Law in Belgium
Insurance Law in BelgiumUpdated on Monday 09th May 2016
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The insurance law in Belgium oversees both the activity of any insurance companies in the country and the conclusion of various insurance contracts. The two important legislative documents are the Insurance Contract Act and the Insurance Supervision Act.
The latest changes to the insurance law were introduced and entered into force in 2014 and they include a simplification of the existing framework, an improvement in the consumer protection area and the introduction of a new supervision model. Our law firm in Belgium can provide you with detailed information for a better understanding of the implications of the insurance law.
Insurance companies in Belgium
Most companies that activate in the insurance industry in Belgium are incorporated in the form of limited liability companies. Overseas insurance companies have also opened branch offices in the most important Belgian cities.
According to the Insurance Supervision Act, the following types of insurance legal entities can be incorporated in Belgium
- mutual insurance associations;
- societies of mutual assistance;
- co-operative companies;
- European company: common for reinsurance companies.
Belgian insurance and reinsurance companies must receive a special license before commencing any specific activities. Foreign European insurance companies that are already licensed (and are based in a country from the EEA) are allowed to perform insurance activities in Belgium through a branch.
Insurance companies can perform insurance operations, capitalization operations and manage pension funds. Their scope is limited to these corporate activities.
Insurance contracts in Belgium
Insurance contracts concluded in the country are subject to the provisions of the Belgian insurance law and they are defined as the agreement between two parties in which the insurer agrees to provide benefits in case of uncertain events to the policyholder who paid a certain agreed amount. The Belgian Insurance Contract Act and the Contract Act regulate most insurance contracts.
Insurance companies in Belgium can provide a wide range of services for policyholders, including health insurance policies, car and home insurance and others.
If you want to know more about the regulatory framework for insurance and reinsurance companies in Belgium you can contact our law firm in Belgium. Our representatives are able to help you open a company in any Belgian city.