Insurance Regulatory Watch – April 2024
Our Insurance Regulatory Watch provides you a clear and simple overview of the latest regulatory developments and publications in the insurance sector, in the domains of Regulatory Change & Compliance, Sustainability, Risk Culture & Governance and Financial Crime at the international, European and Belgian level.
Any questions or comments, or interested in a discussion on any of these topics, just get in touch!
Topics
- Regulatory Change & Compliance
- Risk Culture & Governance
- Financial Crime
- Data
Regulatory Change & Compliance
Focus areas : Consumer Protection (IDD – POG – Value for Money) – RIS – Transparency – DORA – Regulatory Outlook
Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- The FSMA has published an update to its Handbook on the fit & proper questionnaires for regulated functions at an institution for occupational retirement provision (‘IORP’) FR or NL
- EIOPA has published today its supervisory statement on the supervision of reinsurance concluded with third-country reinsurers
- EIOPA study explores impact of new accounting standard in insurance after first year of IFRS 17’s implementation
Financial Crime
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- FATF and FSRBs conduct peer reviews on an ongoing basis to assess how effectively their respective members' AML/CFT measures work in practice, and how well they have implemented the technical requirements of the FATF Recommendations
- FSMA has published its newsletter for AML compliance officers: Anti-money laundering and combating the financing of terrorism (AML/CFT) FR or NL
- The NBB has updated its website section dedicated to AML FR or NL
- FSMA has published its circular informing the obliged entities on the information collected in the periodic questionnaire on the prevention of money laundering and terrorist financing FR or NL
Data
Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance
- ESAs announced the launch in May of the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities
- EDPB sets out priorities for 2024-2027 and clarifies implementation EU-US Data Privacy Framework (DPF) redress mechanisms
- ESAs consult on technical standards for joint examination teams under DORA
- EDPB Annual Report 2023: Safeguarding individuals’ digital rights
- EIOPA has published today a report in which it analyses the level of digitalisation in the European insurance sector.
The Ensur Insurance Regulatory Watch is not intended to serve as legal advice and is provided for informational purposes only. It is not intended to form the basis of any decisions and you should not rely on its content for any purposes whatsoever.
