Who is impacted?
- Belgian insurance undertakings
- Belgian insurance intermediaries
- Belgian branch of EU Insurance undertakings & intermediaries
What type of contracts are involved?
- Life insurance contracts savings and investment based
- Life insurance contracts (other tan savings and investments)
- Non-life insurance contracts
"Insurance undertakings offering insurance mediation services to clients have a duty to act honestly, fairly and professionally in accordance with the best interests of the clients"
How AssurMiFID impacts your organisation
- Strategic decisions
- Product offering
- Clients communication
- IT development
- FSMA requirements
- Relation with intermediaries
- Training
- Documentation
- Monitoring
- Reporting
Strategic decisions
- Business model (open/closed architecture), inducement
- Compensation policy and incentives
- Distribution channels
Product offering
- Adapt product offering to clients’ profile
- Review products documentation
- New product committee & related arrangements
Clients communication
- Provide clients with additional information
- Analyse communication through MiFID lenses
IT development
- Reconciliation of products and clients profile
- Update of transactions processes
- Embedded controls
FSMA requirements
- Documents - Set of documents you should make available to the FSMA
- Cartography - Provide data with respect to investment services
- Required product knowledge
- Enhanced powers > Mystery shopping, access client websites, access to complaints logs (data from external parties)
Relation with intermediaries
- Definition of intermediaries’ liability
- Communication through network
Training
- Training of 1st, 2nd and 3rd lines of defence
- Ensure that a sufficient knowledge & awareness is maintained + controls mindset
- Required product knowledge (KYP)
Documentation
- Review documentation processes and controls
- Collect and store additional data
Monitoring
- Monitoring of processes and controls
- Follow-up of issues (remediation)
Reporting
- Additional data must be available for reporting
- Yearly reporting to FSMA
How PwC can help you
We can assist you in the coordination of an AssurMiFID work/remediation plan. Based on the action plan, we’ll help you identify imminent actions to undertake, taking into account the upcoming Belgian and EU legal initiatives.
We can help you ensure product knowledge by organising training sessions and workshops for your people.
We’ll keep you up to speed with upcoming regulatory requirements by way of a regulatory monitoring service.
We coordinate reporting and correspondence vis-à-vis the regulators and we assist you in terms of transparency and business conduct to make sure you’re compliant with the information requirements related to AssurMiFID.
We help you with the organisation of documentation and with record keeping requirements.
We draft and/or optimise AssurMiFID procedures and policies to be in line with regulatory requirements.
We help you ensure appropriate information distribution vis-à-vis clients.
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