Insurance Regulatory Watch – November 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
- FSMA has published a sectoral report on duty of care in the distribution of insurance-based savings and investment products FR or NL
- The ESAs announce timeline to collect information for the designation of critical ICT third-party service providers under the Digital Operational Resilience Act
- Opinions of the Insurance Commission on the freedom to choose legal counsel in legal expenses insurance and amendments to motor vehicle liability insurance legislation FR or NL
- EIOPA has released its Opinion on the scope of DORA in light of the review of the Solvency II framework
- IAIS has published its Newsletter - November 2024
Sustainability
Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …
- EIOPA has published its final Report on the prudential treatment of sustainability risks within Solvency II, recommending a dedicated prudential treatment for insurers’ fossil fuel assets to cushion against transition risks
- Commission Notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of the EU Taxonomy Regulation on the reporting of Taxonomy-eligible and Taxonomy-aligned economic activities and assets
- NGFS has published its Conceptual Note on Adaptation
- Closing the Gap: the global guide to transition plans for insurance companies – Inaugural Report from the UNEP forum for insurance transition to net-zero
- UNDP’s Sustainable Insurance Forum (SIF) released a pivotal report titled Supervisory Thinking on Insurance-related Climate Transition Plans
Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- Solvency II and IRRD: Council signs off new rules for the insurance sector
- EIOPA has published its monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures – end-October 2024
- EIOPA has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of October 2024
- IAIS Executive Committee approves Insurance Capital Standard for adoption by IAIS members and concludes Aggregation Method comparability assessment
- The ESAs have published Joint Guidelines on the system for the exchange of information relevant to fit and proper assessments
Data
Focus areas: DORA – GDPR – Technology / Data / Innovation (AI) – Information and Communication Technology – Open insurance
- EDPB published its Statement 5/2024 on the Recommendations of the High-Level Group on Access to Data for Effective Law Enforcement
- EDPB adopts its first report under the EU-U.S. Data Privacy Framework and a statement on the recommendations on access to data for law enforcement
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.
