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MiFID rules of conduct relating to insurance intermediaries
The Belgian legislation on insurance intermediation and insurance, known as
Twin Peaks II, entered into effect on 1 May 2015. Specifically, this means that a certain number of principles in the European Directive MiFID, currently in force for banks, are also applied to the insurance sector.
This legislation focuses on three main objectives:
- to improve information to and protection of the customer
- to extend the authority of the Financial Services and Markets Authority (FSMA).
General information about Arval
Arval Belgium sa, with its registered office at Ikaroslaan 99, 1930 Zaventem, is registered under company number 0436.781.102 and is authorised by the FSMA under number 047238 A. Arval has broker status. This means that as an insurance intermediary, Arval is authorised to offer insurance products in accordance with the delegations received from one or more insurance companies in the insurance branches stated below.
Authorised insurance activities
Arval offers intermediation services on insurance products belonging to the following branches of insurance:
- branch 10: Civil Liability Terrestrial motor vehicles: Any liability resulting from use of motor vehicles
- branch 17: Legal expenses
- branch 1a: Accidents, except industrial injuries
- branch 3: Fleets of land vehicles other than railway stock.
Due Diligence - Analysis of requirements
Due diligence means that the insurance intermediary undertakes to act honestly, fairly and professionally, in the best interests of their customers. The purpose of these rules is to improve understanding of the nature of the contract or service offered and of the associated risks. Customers must be informed beforehand so that they are able to take a decision in full knowledge of the facts. At Arval, individuals in contact with customers receive the necessary training, so that they have sufficient technical knowledge to be able to provide customised advice and recommendations.
As a general rule, the insurance intermediary must make sure that the insurance contract they are proposing meets the needs and requirements of their customers.
Duty to inform
Duty to inform means that Arval is required to provide their customers with information which is correct, clear and not misleading. These obligations concern the service provider themselves, the services that they offer and the insurance contracts concerned by these services.
You can reach Arval by e-mail, post or telephone. For any queries relating to your insurance cover (request for general terms and conditions, claim management, etc.), you can contact us at the following e-mail address: firstname.lastname@example.org.
Use of languages
Any communication with our customers is in Dutch, French or English, as the customer chooses.
Non-judicial system for settlement of complaints
Arval does its utmost to satisfy you. Please do not hesitate to contact us if you have any problems or queries. If you have a complaint about a service which we have not been able to resolve together, please contact us at email@example.com.
Ultimately, and if required, you can contact the Insurance Ombudsman Service, which has its registered office at:
Square de Meeûs 35
Managing conflicts of interests
Service providers must develop procedures to prevent and manage conflicts of interests which may have detrimental consequences for customers. Arval considers the protection of its customers' interests as an essential priority, which is why our company has developed a policy aimed at preventing these conflicts. This policy describes the various types of conflicts, the procedures to be followed and the measures to be taken to manage these conflicts, should they occur.
We may levy an insurance company's return commission in exchange for our insurance intermediation services.