
Insurance Regulatory Watch – July and August 2023
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 : Brexit - Consumer protection – PRIIPs – Regulatory Outlook
- Advies van de Raad van State van 23 mei 2023 over het wetsvoorstel 3213 houdende boek 6 “Buitencontractuele aansprakelijkheid” van het Burgerlijk Wetboek / Avis du Conseil d’Etat du 23 mai 2023 sur la proposition de loi 3213 portant le livre 6 “La responsabilité extracontractuelle” du Code civil
- Advies van de Raad van State van 15 mei 2023 over het wetsontwerp 2929 betreffende de schadeloosstelling van slachtoffers van een daad van terrorisme en betreffende de verzekering tegen schade veroorzaakt door terrorisme / Avis du Conseil d’Etat du 15 mai 2023 sur le projet de loi 2929 relatif à l’indemnisation des victimes d’un acte de terrorisme et relatif à l’assurance contre les dommages causés par le terrorisme
- EIOPA publishes changes to the minimum amount of professional indemnity insurance cover and financial capacity intermediaries need under IDD
- EIOPA publishes its Insurance Risk Dashboard displaying the top macro risks that concerns insurers
- EIOPA conducts a peer review on requirements on product oversight and governance (POG)
- FSMA publishes its vade-mecum on Product Oversight and Governance (POG) regarding insurance FR or NL
- IAIS Comment Letter to the IASB´s Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments
- Insurance Europe responds to the European Commission consultation “Retail investment – new package of measures to increase consumer participation in capital markets”
- EIOPA consults on supervisory expectations regarding the supervision of reinsurance concluded with third-country reinsurers

Sustainability
Sustainability | |
Sustainable |
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Climate risks |

Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- EIOPA publishes its Report on Colleges Activities 2022 outlining key developments and themes in cross-border group supervision
- Insurance Europe provides its position on the renewal of provisional equivalence under Solvency II
- IAIS publishes preview of 2023 Global Monitoring Exercise results - Global Insurance Market Report

Financial Crime
Focus areas: AML/CFT - Financial Crime – Fraud
- NFSMA publishes a newsletter for the AML compliance officers FR or NL
- FSMA publishes its half-yearly dashboard on investment fraud: Identity thefts on the increase FR or NL

Data
Focus areas: Cyber – Data Privacy – Technology / Data / Innovation – Information and Communication Technology – Open insurance
- EU Digital Markets Act and Digital Services Act explained following the adoption of the landmark digital rules
- European Data Protection Board publishes information note on data transfers under the GDPR to the United States after the adoption of the adequacy decision on 10 July 2023
- EIOPA publishes its paper on methodological principles of insurance stress testing of cyber risks
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.