{"id":9559,"date":"2026-04-16T19:21:34","date_gmt":"2026-04-16T17:21:34","guid":{"rendered":"https:\/\/becobra.be\/?p=9559"},"modified":"2026-04-17T00:54:37","modified_gmt":"2026-04-16T22:54:37","slug":"the-fsmas-vision-on-the-evolution-of-the-supervisory-framework-for-the-insurance-sector","status":"publish","type":"post","link":"https:\/\/becobra.be\/en\/the-fsmas-vision-on-the-evolution-of-the-supervisory-framework-for-the-insurance-sector\/","title":{"rendered":"The FSMA\u2019s vision on the evolution of the supervisory framework for the insurance sector"},"content":{"rendered":"\n

During its presentation on 15 April 2026 at a DECAVI event, the FSMA provided an overview of the Belgian insurance sector and outlined the key pillars of its supervisory policy for the coming years.<\/strong><\/p>\n\n\n\n

Intermediaries: market evolution<\/strong><\/h2>\n\n\n\n

As of 1 January 2026, the FSMA recorded 17,054 registrations, corresponding to around 8,500 natural and legal persons, including 8,362 insurance intermediaries. Among them, 4,637 brokers (27.2%), down from 4,898 the previous year and 5,184 two years earlier, confirming the trend towards market concentration. While the total number of registrations is gradually decreasing, the market structure is evolving: 10% of entities now have more than 10 FTEs. In this context, the FSMA emphasises that despite digitalisation, the human factor remains central, with brokers playing a key role as interpreters of complexity between sophisticated products and client needs.<\/p>\n\n\n\n

Status: key points of attention<\/strong><\/h2>\n\n\n\n

Sub\u2011agents: zero tolerance<\/strong><\/strong><\/h4>\n\n\n\n

The use of non\u2011registered sub\u2011agents is strictly prohibited. Non\u2011compliant situations persist and represent a major legal and regulatory risk.<\/p>\n\n\n\n

Reference<\/em>: Note Insurance sub-agents: insurance distribution, liability and governance<\/a><\/p>\n\n\n\n

Continuous training: a legal obligation<\/strong><\/strong><\/h4>\n\n\n\n

Professional retraining is not a formality but a legal obligation under supervision. The FSMA stresses the importance of transparent and reliable data, essential for proper monitoring of obligations.<\/p>\n\n\n\n

CABRIO: a central supervisory tool<\/strong><\/h4>\n\n\n\n

The platform enables the monitoring of continuous training and the management of registration files. It is at the heart of the FSMA\u2019s supervisory framework, which insists on the need for permanently updated, accurate and reliable data. Recent improvements include Itsme authentication, simplified training monitoring and an overall enhancement of the user experience.<\/p>\n\n\n\n

Value for Money: a supervisory priority<\/strong><\/h2>\n\n\n\n

Value for Money (VfM) remains a central pillar of supervision, in line with EIOPA\u2019s work. In the Life segment, supervision focuses on identifying outliers, particularly in cases of high cost levels (RIY), product structures whose value only materialises under exceptionally favourable market conditions, or features that do not demonstrate real added value for the client. Particular attention is also given to product suitability for the target market. Available data show an overall deterioration, with some products delivering net returns among the lowest in Europe. They also confirm the absence of a direct correlation between costs and performance, and in some cases, a significant absorption of returns by fees.<\/p>\n\n\n\n

In the Non\u2011Life segment, the claims ratio remains generally satisfactory and results appear stable. Supervision remains targeted at atypical situations, taking into account prudential requirements, the analysis of low ratios and the need to independently assess the VfM of linked products. In the longer term, a shift towards a European cluster\u2011based analysis is envisaged, implying future alignment by Belgium. The FSMA stresses that returns are not a controllable indicator and that VfM analysis must remain multidimensional.<\/p>\n\n\n\n

POG: the key role of the intermediary<\/strong><\/h2>\n\n\n\n

The POG Vademecum is currently being updated. In this context, intermediaries play a central role, both in understanding products and in assessing their suitability for the target market. They also act as a signalling mechanism towards product manufacturers, contributing to the quality of products placed on the market.<\/p>\n\n\n\n

AML\/CFT: strengthening of AMLA<\/strong><\/h2>\n\n\n\n

The role of AMLA is gradually expanding within the future European supervisory framework for anti\u2011money laundering. Current work focuses on regulatory convergence, the publication of technical standards (RTS\/ITS) and the organisation of public consultations, to which sector stakeholders are invited to contribute. From 2027 onwards, the system will enter an operational phase, with the progressive rollout of AMLA supervision and harmonised reporting across Europe. Intermediaries are encouraged to actively participate in ongoing consultations.<\/p>\n\n\n\n

Conclusion<\/strong><\/h2>\n\n\n\n

Beyond the figures, the message is clear: A more targeted, more European and more demanding supervisory approach, based on the responsibility and professionalism of intermediaries. Becobra will continue to support its members in this evolving context.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

During its presentation on 15 April 2026 at a DECAVI event, the FSMA provided an overview of the Belgian insurance sector and outlined the key pillars of its supervisory policy for the coming years. Intermediaries: market evolution As of 1 January 2026, the FSMA recorded 17,054 registrations, corresponding to around 8,500 natural and legal persons, […]<\/p>\n","protected":false},"author":3,"featured_media":8188,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44],"tags":[83,91],"rol":[81],"class_list":["post-9559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-affairs-and-compliance","tag-private","tag-slotje","rol-standaard-lid"],"acf":[],"_links":{"self":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/9559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/comments?post=9559"}],"version-history":[{"count":5,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/9559\/revisions"}],"predecessor-version":[{"id":9582,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/9559\/revisions\/9582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/media\/8188"}],"wp:attachment":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/media?parent=9559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/categories?post=9559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/tags?post=9559"},{"taxonomy":"rol","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/rol?post=9559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}