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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

• Insurance Europe delivers key messages on the Insurance Distribution Directive (IDD) and Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation
• The Law of 9 October 2023 simplifying the cancellation rules for insurance contracts came into force in 1 October 2024
• FSMA has updated its IDD rules of conduct handbook NL or FR
• EIOPA presents its value for money benchmark methodology for unit-linked and hybrid insurance products
• NBB issued a new circular to clarify the procedural rules for the receiving and handling of reports of breaches of the legislation and the protection measures
• The FSMA clarifies a number of rules governing the banker’s oath NL or FR
• NBB issued a new circular regarding adjustments to the 'fit and proper' requirements, in line with the new banker’s oath and disciplinary regime

Sustainability

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

• FSMA has updated its sustainable finance information provided on its website NL or FR
• ESAs publish 2024 Joint Report on principal adverse impacts disclosures under the Sustainable Finance Disclosure Regulation

Risk Culture & Governance

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

• EIOPA opens first batch of consultations on technical standards after Solvency II Review
• EIOPA publishes monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures – end-September 2024
• EIOPA publishes the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of September 2024.

Financial Crime

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

• ISIL/Da’esh and Al-Qaeda: EU sanctions regime renewed until 31 October 2025
• European Council adopts restrictive measures against seven individuals and seven entities following Iran’s missile and drone transfers to Russia.
• FATF changes its grey listing criteria to further focus on risk
• FSMA has partially suspended the registration of 6 insurance intermediaries pursuant to the Anti-Money Laundering Law NL or FR
• NBB has updated its AML/CFT section on its website

Data

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

• EDPB issued its opinion 22/2024 on certain obligations following from the reliance on processor(s) and sub-processor(s)
• EDPB issued Guidelines 1/2024 on processing of personal data based on Article 6(1)(f) GDPR
• European Council adopts new law on security requirements for digital products
• EDPB issued Guidelines 2/2023 on Technical Scope of Art. 5(3) of ePrivacy Directive
• European Commission has adopted the Implementing Regulation (EU) 2024/2690 of 17 October 2024 laying down rules for the application of Directive (EU) 2022/2555 as regards technical and methodological requirements of cybersecurity risk-management measures
• FSMA launches a second DORA Awareness Survey NL or FR
• Insurance Europe has published an online publication entitled “Insurers’ Role in EU Cyber Resilience’’.

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.