
Insurance Regulatory Watch – January 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
- Sustainability
- Risk Culture & Governance
- Financial Crime
- Data

Regulatory Change & Compliance
Focus areas : Consumer Protection (IDD – POG – Value for Money) – RIS – Transparency – DORA – Regulatory Outlook
- The EIOPA has published its second annual report on sanctions under the Insurance Distribution Directive in 2022
- EIOPA publishes second Report on the application of the Insurance Distribution Directive
- The law amending the law of 4 April 2014 on insurance regarding legal coverage in the event of natural disasters entered into force on 1st January 2024 FR or NL
- The law regulating time limits and penalties payment of insurance benefits has been adopted

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

Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- The EIOPA has published its comparative study on non-life underwriting risk in internal models
- The EIOPA has published its comparative study on diversification in internal models
- The EFRAG has updated the EU Endorsement Status Report

Financial Crime
Focus areas: AML/CFT - Financial Crime – Fraud
- Provisional agreement reached between EU Parliament and the Council on the 6th AML Directive and the EU “single rulebook”
- Partial suspension of the registration of 6 insurance intermediaries pursuant to the Anti-Money Laundering Law FR or NL

Data
Focus areas: Cyber – Data Privacy – Technology / Data / Innovation – Information and Communication Technology – Open insurance
- The EU’s Data Act improving access to data in the EU market for individuals and businesses entered into force
- Judgment of Court of Justice in Case C-231/22 of CJUE: the Court recalls that there is no need to have legal personality to be classified as a controller within the meaning of the GDPR
- The European Commission successfully reviewed adequacy decisions and reconfirmed that EU personal data flows can continue with 11 third countries and territories
- The EDPB published a report identifying areas of improvement to promote the role and recognition of DPOs (and its Appendix 1.1 and 1.2)
- The Belgian Data Protection Authority comments on the EDPB on the role of the DPO FR or NL
- The ESAs have published the first set of rules under DORA for ICT and third-party risk management and incident classification
- The EDPB has launched a website auditing tool that can be used to help analyze whether websites are compliant with the law
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.