Insurance Regulatory Watch – May & June 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
- European Commission Consultation on “A retail investment strategy for Europe”
- NBB Financial Stability Board Report 2021
- EIOPA Annual Report 2020
- FSMA report on the quality of the key information documents provided to retail investors
- FSMA 2020 Annual report (FR-NL)
- European Commission Consultation on the review of the Directive on Distance marketing of consumer financial services
- FSMA Newsletter on compliance with the obligation of continuing professional education and long-term medical leave
Sustainability
Focus areas: impact of sustainable finance on insurance
- Keynote speech by the Chairman of the FSMA at a high-level conference on sustainability reporting organized by the European Commission
- IAIS’s Application paper on the supervision of climate-related risks in the insurance sector
- Summary of responses to the European Commission targeted consultation on the establishment of a European single access point (ESAP) for financial and non-financial information publicly disclosed by companies
- FSMA study report on non-financial reporting
- FSMA findings following a study on the occasion of the introduction of the Sustainable Finance Disclosure Regulation (SFDR)
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
- EIOPA’s report on Artificial intelligence governance principles
- IAIS public consultation on draft Issues Paper on Insurer Culture
- ESAs’ Amended technical standards on the mapping of External Credit Assessment Institutions (ECAIs)
- European Commission Implementing Regulation down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2021 until 29 June 2021
Financial Crime
Focus areas: AML/CFT - Financial Crime - Fraud
- IAIS’s Draft revised application paper on combating money laundering and terrorist financing
- EBA Consultation on new Guidelines on cooperation and information exchange in the area of anti-money laundering and countering the financing of terrorism
- NBB circular on the due diligence regarding the repatriation of funds from abroad and the consideration of tax regularization procedures for the application of the anti-money laundering law (FR-NL)
- EBA’s Call for input on ‘de-risking’ and its impact on access to financial services
- 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.
