This insurance product is not subject to the regulations of the United States of America (USA) on the trading of securities, nor does it fall under the authority of the US supervisory authority, the Securities and Exchange Commission (SEC). For this reason, potential hedges, options or transactions related to investment funds (the so-called branch 23 products and hedges) are not suitable or intended for or in favour of persons who can be qualified as a US Person in the broad sense.
The following natural persons are considered as a US Person:
- persons who are US nationals;
- holders of a so-called Green Card;
- persons having their main or secondary place of residence in the USA or one of the so-called US Territories;
- persons who make themselves known as a US Person;
- persons who have themselves represented, assisted or advised in a transaction or part thereof (such as payments or information exchange) by a natural person or entity resident or located in the USA or one of the so-called US Territories.
The following legal entities are considered to be a US Person:
- a legal entity incorporated or organised in the USA or under the laws of the USA, except:
- a branch or agency of such a legal entity located outside the USA or one of the so-called US Territories and with which all contacts regarding securities activities take place outside the USA and the so-called US Territories;
- a US bank or a US broker-dealer;
- a legal entity that has its address (place of business, postal address, post office box or correspondence address) in the USA or one of the so-called US Territories, regardless of whether it was established or organised under the laws of the USA;
- a legal entity that identifies itself or makes itself known as a US person;
- a legal entity which has itself represented, assisted or advised in a transaction or part thereof (such as payments or information exchange) by a natural person or entity resident or located in the USA or one of the so-called US Territories.
The policyholder is obliged to immediately inform NN Insurance Belgium SA/NV (NN IB) of any change in data relating to itself, the entitled party for the insurance, a proxy or joint account holder where a relationship (whether tax-related or not) arises with the USA and as a result of which the person concerned qualifies as a US Person according to the above-mentioned definition.
If the policyholder or one of the above-mentioned persons or bodies qualifies as a US Person during the course of the agreement’s validity, NN IB will limit itself to merely carrying out transactions that cannot be refused under Belgian law and only provide the information which NN IB is obliged to provide under Belgian law, without any form of advice provision. This means, among other things, that an increase in the current premium, an additional deposit, the reinstatement of a reduced or surrendered contract, or the extension or renewal of a contract, are not possible. Information provision is limited to answering insurance-technical questions and the annual information concerning the status of the contract.