INSURANCE LAW | New Rules On Time Limits And Penalties

On 14 March 2024, the Belgian Federal Parliament adopted a draft law setting up new rules on time limits and penalties for the payment of insurance covers and benefits (the "Law").

The Law will enter into force on the first day of the 6^th month following its publication in the Official Gazette – which should happen any time soon. It will apply to insurance claims filed on or after its entry into force.

WHERE ARE WE NOW? THE CURRENT TIME LIMITS AND PENALTIES

Under the current regime, time limits for the payment of insurance covers or benefits only exist for certain classes of insurances, namely:

• car insurances;
• fire insurances;
• life insurances; and
• complementary pension insurances.