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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 : Brexit - Consumer protection – PRIIPs – Regulatory Outlook

• The NBB published its annual report including an analysis of global, European and Belgian macroeconomic developments
• The Belgian Chamber published a proposal of law related to Book 6 "Extra-contractual liability" of the Civil Code
  
• Court of Cassation overturns the Market Court’s judgment annulling a decision by the Sanctions Committee on a case of market manipulation
  
• FSMA’s Newsletter: Reporting on continuing professional training FR or NL
• Virtual currencies: the FSMA steps up its action to protect consumers
  
• EIOPA published a supervisory statement on differential pricing practices to eliminate price-setting strategies that lead to unfair treatment of customers
  

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

• IAIS finalises criteria that will be used to assess whether the Aggregation Method provides comparable outcomes to the Insurance Capital Standard
• EIOPA publishes corrected updated representative portfolios to calculate volatility adjustments to the Solvency II risk-free interest rate term structures for 2023
  
• IAIS' Comparability criteria that will be used to assess whether the Aggregation Method provides comparable outcomes to the Insurance Capital Standard
  
• IAIS' Peer Review of Supervisory Review and Measures relative to the standards set out in Insurance Core Principles 9 & 10
  

Financial Crime

Focus areas: AML/CFT - Financial Crime – Fraud

• Updates have been made to the NBB’s website devoted to anti-money laundering and counter-terrorist financing (AML/CFT)
  

Data

Focus areas: Cyber – Data Privacy – Technology / Data / Innovation – Information and Communication Technology – Open insurance

• The European Commission launched a regulatory Sandbox for innovative use cases for Distributed Ledger Technologies (DLT)
• EIOPA launches a survey intended to monitor the development of European insurers’ digital transformation strategies and innovative business models

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.