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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

• FSMA and NBB have published an update on Asset management and non-bank financial intermediation in Belgium
• FSMA has published an update on costs in the second and third pillar pension FR or NL
• The Belgian Chamber of Representatives unanimously adopted Bill 302 amending the Law of 4 April 2014 on insurance to extend the right to be forgotten for any cancer, 5 years after recovery, for both health insurance and disability insurance FR or NL
• EIOPA has published an annual report on sanctions under the Insurance Distribution Directive in 2023

Sustainability

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

Risk Culture & Governance

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

• EIOPA analyses internal models for non-life underwriting risk
• Publication of Directive (EU) 2025/1 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings
• Publication of the Directive (EU) 2025/2: strengthening proportionality, supervision, and sustainability in the EU insurance sector
• Solvency II review: Europe’s insurance industry submits responses to EIOPA’s first batch of technical consultations
• EIOPA recommends new risk factors for flood, windstorm and hail risk in insurers’ standard formula capital calibrations
• EIOPA provides its advice on Solvency II’s new proportionality framework to the European Commission
• EIOPA dashboard shows overall stable risk landscape for European insurers although market risks remain a key concern

Financial Crime

Focus areas: AML/CFT - Financial Crime – Fraud

• Sanctions against terrorism: Council renews the EU Terrorist List and related humanitarian exceptions
• Update of the section of the National Bank of Belgium (NBB) website dedicated to anti-money laundering and countering the financing of terrorism (AML/CFT) FR or NL
• FATF Annual Report 2023-2024
• Up-to-date overview of the ratings on both effectiveness and technical compliance for all countries assessed against the 2012 FATF Recommendations and using the 2013 methodology
• The first vademecum of the latest money laundering trends has just been published by CTIF-CFI FR or NL

Data

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

• Plenary adoption by the Belgian Chamber of Representatives of the bill on digital operational resilience in the financial sector and various provisions FR or NL
• ESAs have published a study on feasibility of further centralisation of major ICT-related incident reporting by financial entities
• EDPB adopts pseudonymisation guidelines and paves the way to improve cooperation with competition authorities
• FSMA has published the results of the second survey on the entry into force of the DORA Regulation FR or NL
• Coordinated Enforcement Action: EDPS findings highlight challenges on right of access to personal data
• FSMA has published the details regarding the submission of registers of ICT third-party service providers and of reports on major ICT-related incidents FR or NL
• Transfer Impact Assessment (TIA): the CNIL publishes the final version of its guide

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.