Am I subject to the examination obligation in insurance distribution ?

Category: Insurances

Access to the profession

The financial world is evolving every day. Today, the emphasis is more than ever on high value-added financial advice for the customer. Know-how lies at the heart of the trust that is central to your customer relationships. This trust has its origins in the regulated exercise of the profession, the monitoring and supervision of which is carried out by the FSMA. This means that you must be registered as an intermediary vis-à-vis the FSMA.

FSMA recognition

A legal status was introduced for the compliance officer by the Law of 2 August 2002. This legislation was laid down by the FSMA and can be found below.

To obtain your registration as an ‘intermediary’, you must satisfy a number of legal conditions which, among other things, guarantee the required professional knowledge. The professional knowledge is acquired by passing an exam. With the banking intermediation exam, Febelfin Academy, as an examination provider recognised by the FSMA, offers you the opportunity to obtain the required professional knowledge.

Required theoretical knowledge:

Certificate of Higher Secondary Education + passing a specialised examination in banking and investment (Banking Intermediation/Willems Law), recognised by the FSMA.

You are required to have passed the exam in banking intermediation if you are active as:

an intermediary in banking and investment services
a person from a regulated company who has contact with the public, such as counter clerks and contact persons
effective management

You must achieve a minimum of 60% for each individual exam. Upon successful completion of your exam, you receive a certificate recognised by the FSMA. You can then add the certificate when submitting your FSMA registration file.

You have an exemption for the exam in bank intermediation in the following cases:

you have a Master’s degree (or equivalent degree from before 2005);
you have a Bachelor’s degree (or equivalent degree from before 2005) that includes at least 11 study points (or an equivalent percentage) relating to technical banking aspects. Please note: there is no list of approved bachelor’s degrees; the FSMA approves on an individual basis.
you have a foreign degree equivalent to 1 or 2.

With a minimum diploma of higher secondary education, you are not exempt. You have to prove your professional knowledge by passing the exam recognised by the FSMA, such as the exam in insurance distribution organised by Febelfin Academy.

A person in contact with the public does not have to have a minimum diploma of higher secondary education. They must take the examination in insurance distribution but are exempted from the practical experience.

Persons in contact with the public and sub-agents must be able to provide proof of their:

basic knowledge of insurance contract legislation and of the regulatory, technical and tax aspects of the insurance products they offer or sell for sale;
their knowledge of the MiFID rules of conduct.

Am I subject to the examination obligation in insurance distribution ?

Access to the profession

FSMA recognition

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