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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 – Regulatory Outlook

• EIOPA has published an updated technical documentation for calculating the risk-free interest rate term structures (RFR) applicable as of 1 January 2025
• New rules effective from 1 October 2024 – changes to cancellation terms and standardization of payment deadlines FR or NL

Sustainability

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

• Leveraging Insurance to Tackle Europe’s Climate Protection Gap: EIOPA's Strategy and Public-Private Solutions
• UPCA/BVVM paper on Climate Risk Protection Gap FR or NL

Risk Culture & Governance

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

• EIOPA's Role in the Retail Investment Strategy: Ensuring Value for Money in Insurance Products
• ESAs issued the Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system
• FSMA has published an update to its handbook for IORPs on the implementation of the IORP II Directive and EIOPA’s opinions on governance and risk management.

Financial Crime

Focus areas: AML/CFT - Financial Crime – Fraud

• Council Decision (CFSP) 2024/2056 of 26 July 2024: Updating the List of Persons, Groups, and Entities Covered by Common Position 2001/931/CFSP on Combatting Terrorism and Repealing Decision (CFSP) 2024/332
• Update on Consolidated Assessment Ratings by FATF: Effectiveness and Technical Compliance Ratings for Countries (September 2024)
• Russia's war of aggression against Ukraine: EU individual sanctions over territorial integrity prolonged for a further six months

Data

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

• EDPB’s Data Protection guide for SMEs now available FR or NL
• Insurance Europe Response to the European Commission's targeted consultation on Artificial Intelligence in the financial sector
• The Belgian Data Protection Authority publishes an informative brochure and a thematic file dedicated to AI FR or NL
• Report on the Conference: “5 Years of the Contentious Chamber” by the Belgian Data Protection Authority FR or NL
• FSMA has published educational documentation concerning the Digital Operational Resilience Act (DORA) for financial entities FR or NL
• The EU Commission published a new practical guide to the Data Governance Act (DGA) to help stakeholders implementing the DGA

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.