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Topics

1. Regulatory Change & Compliance
2. Sustainability
3. Risk Culture & Governance
4. Financial Crime
5. Data

Regulatory Change & Compliance

Focus areas : Consumer Protection (IDD – POG – Value for Money) – RIS – Transparency – DORA – Regulatory Outlook

• New rules on non-contractual liability affect directors and employees: law relating to Book 6 "Extra-contractual liability" of the Civil Code
• Insurance Europe has updated its Consumer Hub, which highlights the continuous efforts across Europe’s various insurance markets to innovate and to enhance products and services for consumers
• The European Economic and Social Committee gives its opinion on EU Retail Investor Protection and Key Information Document
• Assuralia published its annual in-depth study on Insurance 'Distribution channels' for 2022 of the Belgian Insurance Market: insurance brokers are champions by a wide margin FR or NL
• MiFIR and MiFID II: The Council has adopted new rules to strengthen market data transparency

Sustainability

Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …

• Opinion of the European Economic and Social Committee on the proposal for a Regulation of the European Parliament and of the Council on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities
• The Council and the European Parliament agree to delay sustainability reporting for certain sectors and third-country companies by two years

Risk Culture & Governance

Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II

• The EIOPA newly launched its IORP Risk Dashboard highlights market and asset return risks as main concerns for occupational pension funds
• The EIOPA published its monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures – end-January 2024
• The EIOPA published its Insurance Risk Dashboard showing that insurers’ exposure to market risk is currently at a high level and the main concern for the sector
• The EIOPA published its first shocked risk-free rates for duration calculation in financial stability reporting

Financial Crime

Focus areas: AML/CFT - Financial Crime – Fraud

• FATF – List of jurisdictions under increased monitoring
• FATF – High risk jurisdictions
• FATF – Outcomes of the fifth Plenary, 21-23 February 2024
• Frankfurt has been chosen by Parliament and Council as the seat of EU Anti-Money Laundering Authority (AMLA), the EU’s new enforcer in the fight against money laundering and terrorism financing
• Entry into force on 4 February 2024 of the new article 505 of the Belgian Criminal Code, introduced by the law of 18 January 2024 "to make justice more humane, swifter and firmer III"

Data

Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance

• The Internal Market and Civil Liberties Committees voted to approve the result of negotiations with the member states on the Artificial Intelligence Act, confirming landmark agreement
• The European Data Protection Board (EDPB) has kicked off its Coordinated Enforcement Framework 2024: Launch of coordinated enforcement on the right of access
• Digital Services Act starts applying to all online platforms in the EU
• The EDPB clarifies notion of main establishment and calls on EU legislators to make sure CSAM Regulation respects rights to privacy and data protection
• Commission Implementing Regulation (EU) 2024/482 of 31 January 2024 laying down rules for the application of Regulation (EU) 2019/881 of the European Parliament and of the Council as regards the adoption of the European Common Criteria-based cybersecurity certification scheme (EUCC)
• The FSMA conducted a survey on the preparation of financial entities for the entry into force of the DORA Regulation FR or NL

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.