
Insurance Regulatory Watch – May 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 law on various economic provisions (I) introducing various changes, including the “amicable debt mediation” applying to all financial products and several minor changes to the Insurance Law (e.g. privacy and duration, role of experts, subagents, etc.) FR or NL
- Publication of the Royal Decree amending the Royal Decree of February 1, 2010 determining the specific indices referred to in Article 204, § 3, of the Insurance Act of April 4, 2014 FR or NL
- Publication of the law amending insurance policies to address suicide attempt exclusions in non-mandatory health insurance FR or NL
- Communication about external functions adapting the platform to register the external functions to the NBB, starting in November 2024 FR or NL
- Insurance Europe has published its 2023-2024 Annual Report

Sustainability
Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …
- The IFRS foundation and EFRAG publish guidance illustrating alignment between IFRS sustainability disclosure standards and European sustainability reporting standard
- ESMA Guidelines establish harmonized criteria for use of ESG and sustainability terms in fund names
Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- Publication of the circular 24/03/D1 on the “Premarital savings service - Actuarial method for calculating technical provisions” has been added to the website FR or NL
- Technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2024 until 29 June 2024 of the business of Insurance and Reinsurance
- Publication of the Financial Stability Report 2024 by the NBB
- EIOPA’s IORP Risk Dashboard highlights market risks as key concern for occupational pension funds
- EIOPA recommends improvements in the supervision of the ‘Prudent Person Principle’ following peer review

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

Data
Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance
- EDPB has published its statement on financial data access and payments package
- ESAs has published templates and tools for voluntary dry run exercise to support the DORA implementation
- Modification of Belgian Data Protection Authority law and new internal regulations taking effect June 1 2024 bringing organizational changes 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.