Insurance Regulatory Watch – July 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
- Publication in the Belgian Official Gazette of the Law of 7 February 2024 Law on Book 6 "Non-Contractual Liability" of the Civil Code replacing as of 01/01/2025 the old code civil for all faults, caused after that date FR or NL
- EIOPA issues opinion on the supervision of captive insurers
- Communication concerning SMAs engaged in direct insurance distribution activities FR or NL
- Amendment of the FSMA Regulation on the recognition of compliance officers FR or NL
- ESAs report on the use of behavioural insights in supervisory and policy work
- Broker Survey 2024: the Belgian insurance broker vetted NL
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
Financial Crime
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- FSMA has published its new Guidelines amending the ML/FT Risk Factors FR or NL
- Sanctions against terrorism: Council renews the EU Terrorist List and designates a new entity
Data
Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance
- Artificial intelligence: the CNIL opens a new public consultation on the development of AI systems
- Entry into force of the European AI Regulation: the first questions and answers from the CNIL
- ESAs establish framework to strengthen coordination in case of systemic cyber incidents
- ESAs publish second batch of policy products under DORA
- ESAs publish joint final Report on the draft technical standards on subcontracting under DORA
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.
