Insurance Regulatory Watch – December 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
- Regulation extending the transitional arrangement from the requirement to provide retail investors with a PRIIPs KID to 31 December 2022
- Directive setting out that PRIIPs KIDS will be considered as satisfying the key investor requirements for UCITS from 1 January 2023
- Delegated Regulation amending PRIIPs regulatory technical standards in relation to a.o. presentation, content, and calculation methodologies
- EIOPA's annual report on sanctions under the Insurance Distribution Directive in 2020
- EU Commission's communication on supervisory reporting strategy
Sustainability
Focus areas: impact of sustainable finance on insurance
- European Commission's Delegated Regulation on screening criteria for sustainable economic activities
- EIOPA's consultation on the application guidance on climate change risk scenarios in the ORSA
- European Commission's Delegated Regulation on disclosure obligations
- Sustainable Insurance Forum's paper on the implementation of TCFD Recommendations by Insurance Supervisors and Regulators
- Network for Greening the Financial System 's Technical document on Climate-related litigation
- ClimateWise's report on net zero underwriting commitment and the practical actions
- EIOPA's Pilot Exercise on Climate Change Adaptation in Non-Life Underwriting and Pricing
- EIOPA's announcement on its sustainable finance activities for the coming three years
- Sustainable Insurance Forum’s Scoping Study on Nature-related Risks in the Global Insurance Sector
Risk Culture & Governance
Focus areas: Business continuity / operational resilience – COVID – Culture - Governance & risk management - Open insurance – Outsourcing - Solvency II - Information and Communication
- EIOPA's report on Digital Transformation Strategy
- EIOPA's December 2021 Financial Stability Report
- EIOPA's Report on limitations and exemptions from Solvency II reporting during 2020 and Q1 2021
Financial Crime
Focus areas: AML/CFT - Financial Crime - Fraud
- European Council's agreement on its negotiating mandate on transparency of crypto-asset transfers
- Insurance Europe's position paper on the European Commission’s legislative package on anti-money laundering
- EBA's draft Regulatory Technical Standards (RTS) on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in the EU
- EBA's final Guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units
- EBA's consultation on new remote customer onboarding guidelines
- EBA's revised Guidelines on risk-based supervision of credit and financial institutions’ compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) obligations
- FATF Chairman's Summary on the High-Level Conference on 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.
