05 / Conflict of interest policy

Why does Protect need a conflict of interest policy?

The 'Act to strengthen the protection of clients for financial products and services as well as the powers of the Financial Services and Markets Authority of 30 July 2013', called Twin Peaks II, imposes certain obligations on insurance companies and insurance intermediaries aimed at protecting clients and creating more competition and greater market transparency. The 'Royal Decree of 21 February 2014 on the rules of conduct and the rules on the management of conflicts of interest' imposed measures more specifically in the area of conflicts of interest.

The implementing decree requires insurance companies to draw up a written policy for the management of their conflicts of interest. Below you will find more information about how PROTECT implemented this policy. It is in addition to PROTECT's general obligation to act with integrity and honesty in line with your interests.

Objective of Protect’s conflicts of interest policy?

PROTECT aims to prevent conflicts of interest in all its activities, especially in priority areas where client interests are paramount: insurance mediation, needs analysis, advice, pricing, risk acceptance, claims management.

The following is a description of the measures and provisions of PROTECT's Conflict of Interest Policy aimed at protecting your interests as a client in the event of a conflict of interest.

What is a conflict of interest?

We define a conflict of interest as:

  • a situation in which the interests of PROTECT may be incompatible with those of you as a client or may be contrary to those of you as a client;
  • a situation in which the interests of you as a client or group of clients are incompatible with those of another client or group of clients.

You will be informed in detail of any conflict of interest that may arise.

What conflicts of interest are possible?

Within the activities of PROTECT, a number of potential conflicts of interest have been identified with a view to taking the necessary measures to prevent and manage them effectively.

Conflicts of interest may arise between PROTECT and other parties such as insured persons (or among insured persons themselves), insurance intermediaries, affiliated companies, employees, shareholders or directors.

What measures does Protect take to prevent conflicts of interest?

PROTECT employees must continuously ensure that they are independent in their dealings with you as a client and that they are constantly alert to potential conflicts of interest. In order to adequately manage possible conflict situations and to minimise the impact for you, PROTECT has taken measures and provided its employees with written guidelines on how to prevent and manage conflicts of interest.

These written guidelines can be found in numerous policy documents, procedures and instructions.

PROTECT provides appropriate training for its employees to ensure that they are aware of their responsibilities and obligations and are able to adequately manage conflicts of interest.

In addition, the Compliance Unit monitors compliance with procedures and any complaints regarding conflicts of interest are followed up by two members of the Executive Committee in cooperation with a member of the Compliance Unit.

PROTECT regularly checks whether the content of its conflicts of interest policy is still up-to-date.


If, despite the organisational measures taken by PROTECT, you still end up in a situation in which we cannot offer you sufficient guarantees that your best interests will be safeguarded, PROTECT will inform you of the situation. PROTECT will then inform you of the measures taken and/or to be taken, in a way that will enable you to make an informed decision about the further course of the claim or the transaction.

Do you want more information about our conflicts of interest policy? Please contact: kov@protect.be.