Our integrity as an insurer is an essential part of the sound and prudent policy we conduct, aimed at safeguarding our reputation and public confidence.

Compliance means acting in accordance with the applicable rules. Respect for the requirements of the law, as well as those of audit authorities, professional rules, ethical standards and standards of fair competition are vital elements of our commercial success and good reputation. These external and internal rules form an important part of our company policy.

Our activities are in line with a compliance charter, integrity policy and a set of internal rules.

Our Compliance Cell monitors the application of these internal guidelines and ensures an ethical culture within our company.


This charter sets out the main principles of the compliance function at Protect. The main objectives are to formalise the objectives and tasks associated with the function, as well as the organisation of that activity within our company.

With reference to international ‘best practices’, Protect undertakes, through this charter, to apply its integrity policy, which is based in particular on compliance with legal and regulatory provisions, an area in which the compliance function plays a crucial role.

This charter provides a clear description of the tasks of the compliance function. It highlights the importance of organising the compliance function and its role in the supervision and management support of Protect.


Compliance is an independent function that ensures that the internal procedures comply with the applicable provisions and cooperates with them in the context of the integrity policy that covers the following areas:

  • professional ethics
  • corporate governance
  • the handling and distribution of information
  • the prevention of insider trading
  • the prevention of money laundering and fraud
  • transactions for account of staff members
  • preventing price manipulation
  • respecting the privacy of employees and customers
  • incompatibility of mandates


The compliance function assesses whether codes of conduct, instructions, procedures and the organisation comply with the rules of integrity applicable to the activities carried out by Protect.

These include provisions arising from its own integrity policy and those directly linked to its status, as well as other legal and regulatory provisions applicable to insurance activity.

The compliance officer formulates proposals regarding the integrity policy to be implemented in Protect and submits these to the executive committee for approval.

She advises the management on the measures to be taken in the context of the integrity policy, and takes care of the elaboration of the entity’s code of ethics.

The compliance function is, for instance, responsible for:

  • defining compliance guidelines for employees;
  • defining effective procedures for the implementation of the Protect integrity policy in compliance with the applicable legal and regulatory provisions, as well as implementing adequate internal control measures;
  • assessing the adequacy of the internal guidelines and procedures and, if necessary, formulating proposals for adjustments;
  • awareness-raising and ongoing training of employees, including external employees such as experts and brokers;
  • compliance with or the performance of various communication obligations towards third parties, such as supervisory authorities and judicial authorities;
  • investigation and follow-up of violations of laws and regulations and of internal ethics, such as conflicts of interest, transactions on behalf of staff, accepting and giving gifts, giving commissions, etc;
  • supervising the existing rules on contact with certain customers, taking into account the problems of discrimination, compliance with the law on privacy and money laundering;
  • advice on aspects relating to compliance when launching new products or services and entering new markets;
  • supervising the various legislations and regulations applicable to the activities carried out by Protect and to its interpretation;
  • examination of relevant internal and external documents relating to the compliance function, in particular internal audit and external audit reports, minutes of the management committee, information and comments from the supervisory authorities.


The compliance function is fulfilled by the compliance officer.
Depending on his workload, he can appoint one or more employees for specific tasks that are carefully documented (decentralised management).
These persons will remain under the responsibility of the compliance officer.

The compliance officer reports to the managing director.

The compliance officer or his compliance cell, if necessary, has the right to take initiatives for all the tasks with regard to the areas described by this charter.
This right of initiative can be extended in the different domains defined by the executive committee and/or the Board of Directors in accordance with this charter.

The compliance cell is authorised to speak to all employees and to take note of any document, activity, file or other information relating to Protect, including internal and external audits and the reports of the executive committee and the board of directors.
This authority is exercised in the areas of activity described in this charter.

The Compliance Officer participates in Executive Committee meetings dealing with the matters for which he or she is responsible and receives the minutes on the subjects directly or indirectly related to compliance.

The compliance officer has direct access to the chairman of the board of directors, to the internal auditor and to the company auditor.

For compliance issues, he is the preferred spokesperson with the regulatory authorities.

Findings and assessments in the context of the compliance function are freely expressed. This is particularly the case when the compliance officer decides to inform the competent authorities.

The compliance function is part of the internal control system.

It is independent of the audit function, but is also part of the audit's field of investigation and control.

The employees of the compliance function

When the compliance officer decides to take on employees in this position, they form the compliance cell.

The personal competence, integrity and discretion of each employee involved in the compliance cell are essential to its proper functioning.
Competencies, motivation and ongoing training are also crucial for the efficient operation of the compliance cell. The competencies of each employee are assessed taking into account the increasing technicality and diversity of the activities.

Reporting from the compliance officer

The compliance officer regularly informs the Chairman of the Executive Committee of the main compliance risks that were identified, the measures taken to improve the management of those risks, and the progress of the work in the context of the duties of the position. At least once a year, the compliance officer shall provide the Executive Committee with an overview of the organisation and operation of the compliance system.

Provision of information to the Executive Board

Within the framework of its supervisory duties, the Board of Directors regularly checks whether Protect has an appropriate, independent and adequately equipped compliance function. It shall be informed of compliance activities at least once a year.