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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 : Consumer Protection (IDD – POG – Value for Money) – RIS – Transparency – DORA – Regulatory Outlook

• The ESAs updated the Consolidated questions and answers (Q&A) on the PRIIPs Key Information Document (KID)
• Insurance Europe responded to EIOPA: EIOPA Value for Money methodology could lead to less product choice and reduced competition
• Commission Delegated Regulation (EU) 2024/896 Amends Directive (EU) 2016/97 for Adjusting Insurance Base Amounts in Euro
• ESMA provides market participants with guidance on the clearing obligation for trading with 3rd country Pension Schemes
• Assuralia launches its political memorandum FR or NL
• The Insurance Commission issued an opinion on 9 February 2024 on the draft Royal Decree implementing Article 85/1, § 4 of the Law of 4 April 2014 on insurance FR or NL
• EIOPA published its Union-wide Strategic Supervisory Priorities 2024-2026

Sustainability

Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …

• EFRAG releases second set of technical explanations on ESRS
• The NBB published a list of companies subject to CSRD FR or NL
• ​EFRAG is pleased to release its summary report on the conference "European Corporate Reporting: two pillars for success" that took place on 28 November 2023 in Brussels
• EIOPA has published its factsheet showing how occupational pension funds’ investments align with the EU Taxonomy for sustainable activities
• Insurance Europe and the CRO Forum have responded to EIOPA’s consultation on its draft opinion on sustainability claims and greenwashing in the insurance and pensions sector

Risk Culture & Governance

Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II

• The NBB has published its Report for 2023 providing an overview of the main economic and financial developments during the reporting year, both in Belgium and abroad FR or NL
• EIOPA has published the monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures – end-February 2024

Financial Crime

Focus areas: AML/CFT - Financial Crime – Fraud

• The Wolfsberg Group has revised and updated its Statement on the Suppression of the Financing of Terrorism (2002) to reflect changes in Counter-Terrorist Financing (CTF) measures and the evolving nature of public-private cooperation
• The Wolfsberg Group has published its updated Country Risk FAQs
• The FATF has updated its Guidance on Beneficial Ownership and Transparency of Legal Arrangements
• The NBB has published its periodic questionnaires on the prevention of money laundering and terrorist financing (and the related annexes) FR or NL
• Deletion of the registration of 3 insurance intermediaries based on the AML Law FR or NL

Data

Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance

• Publication of the Act amending the Act of December 3, 2017 establishing the Data Protection Authority FR or NL
• Insurance Europe has responded to the ESAs consultations on the Digital Operational Resilience Act (DORA) level 2 second batch of policy measures
• The European Data Protection Board (EDPB) clarifies notion of main establishment and calls on EU legislators to make sure CSAM Regulation respects rights to privacy and data protection

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.