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Upcoming entry into force of new legislation applicable to the insurance sector

By way of reminder, insurance professionals are advised to keep in mind the upcoming entry into force of several new legislative measures:

On October 1st, the law of 9 October 2023 simplifying the termination rules for insurance contracts entered into force. This law introduces some new rules for the cancellation modalities of ‘non-life’ insurance contracts, e.g. home, car and family insurance (with the exception of health insurance, which is subject to separate regulations). Specifically, the possibility for the insured to cancel the contract at any time from the second year onward is introduced (with a two-month notice period), as well as the option of cancelling a contract via electronic signature, or requesting an intermediary or other insurer to take care of the formalities.

See http://www.ejustice.just.fgov.be/eli/wet/2023/10/09/2023046177/staatsblad (NL) / http://www.ejustice.just.fgov.be/eli/loi/2023/10/09/2023046177/moniteur (FR).

Also on October 1st, the law of 17 March 2024 on terms and sanctions regarding the payment of insurance benefits entered into force, introducing a general framework for insurance branches for which payment deadlines were not yet regulated (specific payment terms already exist for e.g. life insurance, MTPL and simple risks fire insurance). From here on, insurers will have to respect a three-month deadline to follow up on claims or, if coverage is disputed, for providing a motivated response. Failure to meet this deadline will incur a EUR 300 flat-rate penalty (rising to EUR 300 per day of delay for failing to respond in spite of a reminder). Compensation must be paid within a 30-day period as soon as the amount has been established; high default interest rates apply in case of delay. These rules are applicable to all compensation claims filed from October 1st, 2024.

See http://www.ejustice.just.fgov.be/eli/wet/2024/03/17/2024002961/staatsblad (NL) / http://www.ejustice.just.fgov.be/eli/loi/2024/03/17/2024002961/moniteur (FR).

Next, on November 1st, the law of 21 April 2024 amending the law of 4 April 2014 on insurance as regards the grounds for exclusion in non-compulsory health insurance related to attempted suicide comes into effect. As a result, damages resulting from a suicide attempt may no longer be excluded in a health insurance policy and attempted suicide cannot form an exclusion ground in supplementary health insurance. A suicide attempt is still to be notified when concluding a health insurance policy, but at the end of (max.) a one-year term after the attempt, the insurer is prohibited from taking it into account when determining the individual’s current state of health.

See http://www.ejustice.just.fgov.be/eli/wet/2024/04/21/2024004452/staatsblad (NL) / http://www.ejustice.just.fgov.be/eli/loi/2024/04/21/2024004452/moniteur (FR).

Questions? Contact our Insurance expert Sandra Lodewijckx.

 

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