24 juni 2022

As mentioned in our previous notice 2022 / 02 dated 2 February 2022, protocols have been entered into by Assuralia, the insurance companies and the different Regions to formally agree on the financial compensations in favor of the insured victims of the floods of 14 to 16 July 2021. 

In addition to these protocols, addendum documents have been prepared by Assuralia to further clarify the formal procedure with respect to the annual recovery of the prefinancing by the insurance companies from the respective regions.

The following addenda are attached to this communication: 

  • Appendix 1 “Région wallonne - Addendum 02.06.2022”: addendum between the Walloon Region, Assuralia and the insurance companies; 
  • Appendix 2 “Bruxelles - Addendum 17.03.2022” and “Brussel - Addendum 17.03.2022”: addendum between the Brussels-Capital Region, Assuralia and the insurance companies; and
  • Appendix 3 “Vlaams Gewest - Addendum 22.02.2022”: addendum between the Flemish Region, Assuralia and the insurance companies.

The documents referred to above also detail the agreed-upon procedures that need to be performed by the statutory auditor on the reimbursement schedule prepared by the insurance company.

Based on our recent discussions with Assuralia, we understand that the attached documents have been formally approved by the respective Regions and the signature by all parties concerned is expected to take place in the coming weeks. 

Although the documents have not yet been signed by the Regions, the insurance sector collectively agreed to follow the prescribed procedure for the reimbursement requests that are currently being submitted. In absence of a signed framework to perform the agreed-upon procedures, we advise our members to draft an engagement letter to the attention of the insurance company, including a waiver of responsibilities. Examples of such a waiver in both French and Dutch are attached to this communication in appendix 4.

For your information, we also include the agreed-upon procedures as reviewed and (slightly) adjusted by the working group Insurance, to ensure proper and consistent audit wording (refer to appendix 5). 

Should you have further questions with respect to this communication, do not hesitate to contact me, a Board member or Veerle Sablon (v.sablon@irefi-iraif.be).

Gerelateerd

IREFI Notice 2022/11: Floods of July 2021: Agreed Upon Procedures - update

IREFI Notice 2022/10: Update model reports prudential reporting 30 June 2022

IREFI Notice 2022/09: Attention points on 30 June 2022