
Insurance Regulatory Watch – June 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 of the Royal Decree of 29/02/2024 confirming the Regulation of NBB 13/12/2023 concerning the competences of the Compliance function (abolishing the Regulation of 06/02/2018)
- Insurance Commission opinion on a draft royal decree on the information obligations of insurers with regard to costs charged on insurance products eligible for tax reductions FR or NL
- The FSMA has adopted a Regulation setting out the modalities for taking the banker’s oath and the applicable rules on the handling of ethical complaints FR or NL

Sustainability
Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …
- ESAs call for enhanced supervision and improved market practice on sustainability-related claims
- Publication of Directive (EU) 2024/1619 amending Directive 2013/36/EU on Supervisory Powers, Sanctions, Third-Country Branches, and ESG Risks
Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- The Commission Implementing Regulation (EU) 2024/1618, Amending Implementing Regulation (EU) 2021/763 on Supervisory Reporting and Public Disclosure of MREL, has been published
- The Commission Delegated Regulation (EU) 2024/1765 Supplementing Regulation (EU) 2020/741 on Risk Management Technical Specifications has been published
- Communication NBB_2024_10 to persons intending to acquire, increase, reduce or transfer a qualifying holding in the capital of a financial institution and to persons owning a qualifying holding FR or NL
- Circular to financial institutions on acquisitions, increases, reductions and transfers of qualifying holdings FR or NL

Financial Crime
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- Publication of Regulation (EU) 2024/1624 on Prevention of Financial System Use for Money Laundering or Terrorist Financing
- Publication of Directive (EU) 2024/1640 on Mechanisms for Prevention of Financial System Use for Money Laundering or Terrorist Financing
- Publication of Regulation (EU) 2024/1620 on Anti-Money Laundering and Terrorism Financing Authority
- Adoption by the EU of the 14th package of sanctions against Russia for its continued illegal war against Ukraine, strengthening enforcement and anti-circumvention measures

Data
Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance
- CNIL publishes its first recommendations on the development of artificial intelligence systems
- Data Protection Authority Report – year 2023
- Publication of EU Delegated Regulation 2024/1772 on ICT-Related Incidents and Cyber Threats
- Publication of EU Delegated Regulation 2024/1773 on ICT Services Contractual Arrangements
- Publication of EU Delegated Regulation 2024/1774 on ICT Risk Management Tools and Framework
- Publication of EU Delegated Regulation 2024/1780 on KIRB Calculation for Securitisation Transactions
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.