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Legal tech in Belgium

Legal tech in Belgium

Law firms are expensive, vague and elitist, can legal tech offer a solution?

A recent study showed that customers see lawyers and law firms as expensive, vague and elitist with a lack of empathy. In the article below we will see if legal tech could mean the solution for these perceptions and look what’s ahead for legal tech firms in Belgium.

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Insurance Distribution Directive (IDD) in a nutshell.

Insurance Distribution Directive (IDD) in a nutshell.

The European Insurance Distribution Directive (IDD) is a next step in the harmonization of the European Insurance market. This directive (Directive 2016/97/EU) was published in the Official Journal of the European Union on the 2nd of February 2016 and replaces the current Insurance Mediation Directive of 2002.

The directive provides an updated and harmonised legal framework containing rules applicable for the distribution of insurance and reinsurance products, including insurance-based investment product (PRIIP’s). It includes important requirements

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IFRS 17 and the level of aggregation: A key challenge for insurers

IFRS 17 and the level of aggregation:  A key challenge for insurers

13 years after releasing IFRS 4 Standard, “insurance contracts” the International Accounting Standard Board (IASB) has just launched the new Standard IFRS 17 which should be effective from the 1st January 2021. This effective date will be combined with a transition date that will start 1 year before. It will allow insurers to test their new processes. The objective of this new Standard is the measurement of insurance contracts issued by insurers and other authorized companies.

Even if the objective of IFRS 4 was to specify some aspects of the financial reporting for insurance contracts, it did not specify which regulation companies, that issue insurance contracts, have to comply with. This resulted in different accounting practices for similar insurance contracts. Some insurers accounted their insurance contracts under local GAAP, some under IFRS, causing a lack of comparability of information between insurers.

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