Insurance Regulatory Watch – June 2025
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 – Regulatory Outlook
- Annual Report 2024 of the Insurance Ombudsman (FR or NL) and its summary in 10 key points FR or NL
- FSMA publishes first comprehensive mapping of Belgium’s investment and insurance sectors FR or NL
- Assuralia and GEBCAI introduce code of conduct for non-life insurance experts FR or NL
- FSMA publishes evaluation report on outstanding balance insurance regulation (phase II) FR or NL
- Insurance Europe - Annual report 2024–2025
- EIOPA publishes results of first coordinated mystery shopping exercise in the EU insurance sector
- FSMA publishes annual report, highlights focus on value for money in financial products FR or NL
- EU agreement to modernise out-of-court dispute resolution for consumers, including third-country traders
- NBB Circular 2025_08: update and reinforcement of the unified governance system framework (governance umbrella circular) FR or NL
Sustainability
Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …
- EFRAG has published its Progress Report (as of 20 June) providing an update of the work performed so far and of the activated levers to simplify the European Sustainability Reporting Standards (ESRS).
- ESAs launch consultation on how to integrate ESG risks in the financial stress tests for banks and insurers
Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- Publication of guidance on transitioning to a risk-based solvency (RBS) regime
- NBB Circular 2025_09: Internal evaluation of risks and solvency (ORSA) FR or NL
Financial Crime
Focus areas: AML/CFT - Financial Crime – Fraud
- EU aligns third countries with restrictive measures related to Russia, Ukraine, chemical weapons, and territorial integrity (Council Decisions CFSP 2025/936, 2025/931, 2025/963, 2025/966, 2025/957, 2025/960)
- Insurance Europe’s response to EBA’s consultation paper on proposed Regulatory Technical Standards in the context of the EBA’s response to the European Commission’s Call for advice on new AMLA mandates
- Anti-money laundering consultation: Insurance Europe calls for a proportionate risk-based approach to EU regulatory standards
Data
Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance
- EDPB publishes final guidelines on data transfers to third countries and SPE training on AI and data protection
- New Belgian Data Protection Authority portal launched for streamlined management of data breach notifications and DPO case handling, including user manuals and temporary grace periods due to technical issues FR or NL
- Data protection: Council and European Parliament reach deal to make cross-border GDPR enforcement work better for citizens
- Belgian Data Protection Authority 2024 Annual Report FR or NL
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.
