Insurance Regulatory Watch – July & August 2021
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.
Topics
- Regulatory Change & Compliance
- Sustainability
- Risk Culture & Governance
- Financial Crime
Regulatory Change & Compliance
Focus areas : Brexit - Consumer protection – PRIIPs – Regulatory Outlook
- EIOPA Financial Stability Board Report July 2021
- EIOPA's conduct of business supervision strategy 2021
- EIOPA Consultation on the supervisory statement regarding the supervision of run-off undertakings
- EIOPA Consultation on the amendments of supervisory reporting and public disclosure documents
- EIOPA’s Call for advice to the Joint Committee of the European Supervisory Authorities regarding the PRIIPs Regulation
- EIOPA’s Call for advice to EIOPA regarding certain aspects relating to retail investor protection
- FSB Summary of discussion from a workshop on compensation practices 2021
Sustainability
Focus areas: impact of sustainable finance on insurance
- European Commission Strategy for financing the transition to a sustainable economy
- European Commission’s Proposal for a Regulation on European green bonds
- Regulation of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment
- EIOPA’s Report on non-life underwriting and pricing in light of climate change
- European Commission’s Call for feedback on the draft reports by the Platform on Sustainable Finance on a social taxonomy and on an extended taxonomy to support economic transition
- European Commission’s Call for feedback by the Platform on Sustainable Finance on preliminary recommendations for technical screening criteria for the EU taxonomy
- EIOPA Methodological paper on potential inclusion of climate change in the Nat Cat standard formula
Risk Culture & Governance
Focus areas: Business continuity / operational resilience – COVID – Culture - Governance & risk management - Open insurance – Outsourcing - Solvency II - Information and Communication Technology - Technology / Data / Innovation
- NBB Circular on Guidelines on information and communication technology security and governance
- EIOPA Supervisory statement on the ORSA in the context of COVID-19
- EIOPA Consultation on the revision of the Solvency II Guidelines on Contract Boundaries and Valuation of Technical Provisions
Financial Crime
Focus areas: AML/CFT - Financial Crime - Fraud
- FATF’s report on Opportunities and Challenges of New Technologies for AML/CFT
- NBB Circular on the prevention of fiscal fraud (FR-NL)
- NBB Circular on specific schemes (FR-NL)
- European Commission AMLD 6 package:
- Proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing
- Proposal for a directive on the mechanisms to be put in place by the Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849
- Proposal for a regulation on information accompanying transfers of funds and certain crypto-assets (recast)
- Proposal for a regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism
- EBA’s Consultation paper on draft Guidelines on the role, tasks and responsibilities of AML/CFT compliance officers
- FATF report on Money Laundering from Environmental Crime
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.
