Guidance On Cross-Selling In Insurance

In May 2025, the FSMA and FPS Economy jointly issued an extensive practical guide on cross-selling practices which include at least one insurance product (the “  Guide”). The Guide also includes an FAQ.

Multiple fragmented rules apply to cross-selling in the insurance sector, making this guide a useful tool for navigating and understanding those rules.

In this news, we attempt to summarise the essence of the 89-pages long Guide.

INTRODUCTION INTO CROSS­-SELLING & SCOPE

Cross-selling refers to the practice of offering a combination (a “package” or “bundle”) of products or services together. For the purpose of the Guide, at least one of the components offered is an insurance product. This insurance product can either be the main product or an accessory.

Cross-selling (“koppelverkoop” / “vente croisée”) is the umbrella term used in the Guide that encompasses several concepts. Two different practices of cross-selling are possible: ‘tying' or ‘bundling'. Tying means that the customer must buy all components of the combination together, while under bundling, the customer can buy the components separately.

APPLICABLE REGULATION

Relevant pieces of legislation on cross-selling can be found in Book VI (on consumers) and Book VII (on credit) of the Code of Economic Law (the “CEL”), the Law of 2 August 2002 on Financial Services (the “FSL”) and the Law of 4 April 2014 regarding insurance (the “Insurance Law”).

Article VI.81 CEL contains the principle that tying of a financial service (including an insurance product) with another good or service in an offer made to consumers is prohibited. Bundling is allowed under Book VI of the CEL.

Article 286 Insurance Law on the other hand, which applies only to insurance distributors, forms an exception to this prohibition. The Insurance Law provision constitutes a lex specialis  to Article VI.81 CEL, meaning that it takes precedence over the prohibition when an insurance element is involved. However, it clarifies that when this insurance element is accessory to the following products, the Insurance Law must be read together with:

• an investment service → the FSL;
• a credit agreement → the CEL; or
• a payment account → Article VI.81 CEL.

Book VII CEL applies to cross-selling of mortgage loans and insurance policies. Cross-selling consumer credit and insurance policies does fall under the Insurance Law, but specifically for cross-selling consumer credit with accessory insurance, Book VII of the CEL applies as well.

Book VII applies to lenders and credit intermediaries who provide credit to consumers. The scope of application therefore differs from that of the rules of conduct of the Insurance Law, which apply to insurance distributors in their relationship with their customers (whether or not they are consumers).

APPLICABLE RULES TO TYING AND BUNDLING

When an insurance product forms the main product of cross-selling, both tying and bundling are allowed. The insurance distributor must then inform the customer, amongst other, whether or not he/she can purchase the various components separately. When an insurance product forms an accessory, only bundling is allowed.

For an investment service, offered as the main product with an accessory insurance product, tying and bundling are permitted. Again, the investment firm must inform the customer, amongst other, whether or not he/she can purchase the various components separately.

If an insurance is accessory to a mortgage loan, only bundling is allowed. Different rules apply to insurance as an attached contract to a mortgage loan compared to insurance as an added contract to a mortgage loan.

For consumer credit with insurance as an accessory service, only bundling is permitted.

A payment account, offered as the main product with an accessory insurance product, does not allow for tying. Although the legal basis differs depending on whether it concerns a payment account for a consumer or a non-consumer, the FSMA and FPS Economy interpret the regulation as only bundling is allowed in both cases.

Lastly, in general, both tying and bundling of several goods and services, including insurance, must not be unfair, misleading, or aggressive in accordance with the CEL.

DEMAND AND NEEDS ANALYSIS

Before the insurance contract is concluded, the insurance distributor must analyse the demand and needs of the customer, even if it is part of a package. If he proposes different insurance products, the distributor must assess the customer's demand and needs separately for each insurance policy.

The requirement for a demand and needs analysis applies regardless of the sales channel. This analysis must therefore also be carried out for digital offerings (via website, app, platform, …) of, for example, an insurance product as a secondary product to a good or service. In a digital context, this can be done, for example, by allowing the customer to tick boxes with different answer options. Pre-filled boxes where the insurance distributor only asks for the customer's confirmation are not permitted.

SUPERVISION

The supervision powers relating to cross-selling of which one component is insurance, are divided between the FSMA and the FPS Economy.

The FSMA has exclusive authority to supervise compliance with the cross-selling rules of conduct of the Insurance Law. The SPF Economy has exclusive authority to supervise compliance with the rules on cross-selling in Books VI and VII of the CEL.

The FSMA is also authorised to supervise the provisions of Book VI of the CEL and its implementing decrees when the infringements relate to financial services, for companies that are subject to its supervision or whose transactions or products are subject to its supervision. There is therefore a shared competence between the FSMA and the FPS Economy in this regard.

OVERVIEW TABLE

Below is an overview table of various situations involving cross-selling where one component is insurance:

OUR FIVE CENTS

While the FSMA and FPS Economy's Guide is a useful tool, the fact that the sector needs an 89-pages long guide to properly grasp the interaction of multiple fragmented and contradicting pieces of legislation on cross-selling is also telling of the current state of this commercial practice's regulation.

It is probably about time for an overhaul of Belgian national regulation on cross-selling. Such regulation creates a lot of practical difficulties, not only for the insurance sector.

Originally published 22 September 2025

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.