The law of July 30, 2013, aimed at strengthening the protection of consumers of financial products and services as well as the powers of the Financial Services and Markets Authority, introduced the AssurMiFID conduct rules in the insurance market. These rules have been applicable on Belgian territory since May 1, 2015. The law of December 6, 2018, which transposes Directive (EU) 2016/97 of the European Parliament and Council of January 20, 2016, concerning insurance distribution, has incorporated these conduct rules into the law of April 4, 2014, regarding insurance. Therefore, we now refer to the IDD conduct rules, where IDD stands for Insurance Distribution Directive. To comply with this legislation, our office is required to provide you with the following information.
BV All Specialty Underwriting
Duivelshoekstraat 13
8800 Roeselare
Phone: +32(0)51 49 12 81
Fax: +32(0)51 25 43 10
Email: info@allspecialtyunderwriting.eu
Website: www.allspecialtyunderwriting.eu
Company number/FSMA recognition number: 0743.918.536
We are registered as insurance distributors under number 0743.918.536 in the register of insurance intermediaries maintained by the FSMA, Congresstraat 12-14, 1000 Brussels. Our details can also be found on the FSMA website at www.fsma.be
We are always at your service in Dutch, French, and English.
You can communicate with our office via phone, fax, email, your client zone, and our website. For all your questions and problems, you can initially contact us. Complaints can also be submitted to the Ombudsman for Insurance VZW in 1000 Brussels, Meeûssquare 35, phone 02 547 58 71, fax 02 547 59 75, email info@ombudsman.as, website www.ombudsman.as
Legislative Framework The conflict of interest policy in the insurance world originates from the Royal Decree of February 21, 2014, concerning the conduct rules established by law and rules on the management of conflicts of interest.
This legislation provides, among other things, the obligation for insurance distributors to prepare such a policy note and to do everything possible to keep it operational.
This policy must be written.
Furthermore, all employees of our office have been informed of this policy through an instruction note.
The legal arrangement regarding conflicts of interest is a supplement to the fundamental conduct rules. These rules are respected by the employees of our office by loyally, fairly, and professionally committing to the interests of the client when providing insurance mediation services.
Based on the above, our office has developed a policy regarding the management of conflicts of interest, a summary of which is provided below.
A copy of our full policy can be obtained at our office.
With a view to our conflict of interest policy, our office has identified the potential conflicts of interest in our office in the first phase.
Conflicts of interest can arise between:
• Our office and its affiliated persons, including its directors, managers, persons exercising control, contractors of ASU connected via an independent contract, employees involved in providing insurance mediation services, and our sub-agents, and a client, or
• Between multiple clients.
The conflict of interest policy takes into account the specific characteristics of our offices.
In assessing potential conflicts of interest, our office has mapped out situations where there is a significant risk that the interests of the client may be harmed.
This includes:
• Situations where profit is made or loss is incurred at the expense of the client;
• Situations where our office has a different interest in the outcome of the service or transaction;
• Situations with a financial incentive to prioritize other clients;
• Situations where the same business as the client is conducted;
• Situations where our office receives compensation from another person than the client for the insurance mediation services provided;
• Situations where our office holds at least 10% participation in the voting rights or capital of the insurance company(ies);
• Situations where the insurance company(ies) hold at least 10% participation in the voting rights or capital of our office.
Our office takes several measures to ensure that the interest of the client prevails.
These include:
• An internal instruction note;
• An adjusted remuneration policy;
• A policy ensuring that affiliated persons only mediate insurance contracts of which they know the essential characteristics and are able to explain to clients.
• A policy reserving the right of our office to refuse the requested service in the absence of a concrete solution for a specific conflict of interest solely to protect the client's interests;
• An arrangement regarding the receipt of benefits;
• A policy ensuring that all information provided by our affiliated persons is correct, clear, and not misleading.
If necessary, the conflict of interest policy of our office will be adjusted and/or updated.
When in a specific situation our organizational or administrative measures do not sufficiently guarantee the avoidance of a conflict of interest, you will be informed by our office in writing or on another durable medium about the general nature and/or sources of the conflict of interest.
The ultimate consequence to be given regarding the conflict of interest will be communicated to you.
When a specific conflict of interest cannot be avoided, our office may refuse the client's request to safeguard their interests.
You can always contact us for more information.