MiFID (Markets in Financial Instruments Directive) is a set of European legal rules which help harmonise the rules on transactions in financial products and the integration of financial markets. The main objectives of MiFID are, first, to strengthen competition and transparency in the financial markets and, second, to improve consumer protection.
The Belgian parliament transposed the Directive into the legislation applicable to insurance by means of the so-called Twin Peaks II Law of 30 July 2013. This legislation resulted in the AssurMIFID rules.
We list the most important rules below.
1. General information about LeasePlan
A general description of LeasePlan can be found here.
The following LeasePlan companies are approved by the FSMA:
LeasePlan Fleet Management nv/sa: FSMA 107571A
LeasePlan Truck nv/sa: FSMA 39611A
LeasePlan Partnerships & Alliances nv/sa: FSMA 39612A
To best protect its customers' interests, LeasePlan has opted to act as an ancillary insurance intermediary.
In insurance distribution, an ancillary insurance intermediary is a natural or legal person other than a credit institution or investment firm who can access or engage in the insurance distribution business as an ancillary activity for a fee.
As an insurance intermediary, LeasePlan is therefore authorised to provide insurance products in accordance with the delegations received from one or more insurance companies in the insurance classes mentioned under item 4.
2. General duty of care
The duty of care means that the insurance intermediary must endeavour honestly, fairly and professionally to represent the interests of its clients optimally.
The purpose of the AssurMiFID requirements is to ensure a better understanding of the nature of the proposed contract or service, as well as of the associated risks. As a result, clients can make an informed decision.
Within LeasePlan we ensure that personnel in contact with the public are given the necessary training so that they can give advice and personalised recommendations with sufficient technical expertise. In general, the insurance intermediary must ensure that the insurance contract that it proposes meets all the requirements and needs of its clients.
3. Information provision
The information duty means that LeasePlan is required to provide information to its clients that is clear, accurate, complete, timely and not misleading.
These obligations concern the service provider itself, the services that it proposes and the insurance contracts to which the services relate.
You may communicate with LeasePlan on these subjects by email, by letter, by telephone or through the contact form on our website. By indicating your email address as a means of communication, you accept that LeasePlan may deliver any letters, information or documents to you by electronic mail or make them available on its website.
Information provision and communication with you will be conducted in the language of your choice or in the language that you use in your communication with LeasePlan (Dutch, French or English).
4. Products offered
LeasePlan acts as an intermediary for insurance products belonging to the following insurance branches:
Branch 10 Third-party motor vehicle liability: Any liability arising from the use of motor vehicles.
Branch 17 Legal assistance insurance
Branch 1 Driver's accident insurance: Accidents other than work accidents: fixed payments; compensation; combinations thereof; passengers
Branch 3. Comprehensive vehicle insurance excluding railway rolling stock
5. Policy on conflicts of interest
Conflicts of interest can arise internally at LeasePlan, or between LeasePlan and its external stakeholders (clients, suppliers, other LeasePlan entities, etc.) if, for example:
LeasePlan receives payments or benefits from insurance companies;
LeasePlan gives its personnel variable remuneration, incentives or compensation based on commercial targets;
LeasePlan has therefore drawn up a conflict of interest policy and implemented the appropriate procedures to safeguard your interests.
We may receive a fee for our insurance intermediation services from an insurance company.
7. IPID documents