Insurance Regulatory Watch – September, October, November 2022
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
- Data
Regulatory Change & Compliance
Focus areas : Brexit - Consumer protection – PRIIPs – Regulatory Outlook
- Consultation Paper on the Supervisory Statement on exclusions in insurance products related to risks arising from systemic events
- EIOPA calls for better value for money in bancassurance in warning to banks and insurers
- Thematic Review on Credit Protection Insurance (CPI) sold via banks
- FCA publishes review of business interruption insurance claims handling
- FSMA Regulation that imposes restrictive measures to the commercialisation of various multimedia insurance contracts
Sustainability
Focus areas: Taxonomy – SFDR – CSRD – CSDDD – Sustainability preferences – Climate Risks – Greenwashing – Stress testing – ORSA – Protection Gap - …
- Additional SFDR queries requiring the interpretation of Union law
- Final Report on draft RTS on disclosures to be provided about the exposure to fossil gas and nuclear energy investments under SFDR
- Delay in delivery of mandate to review the principal adverse impact indicators and financial product disclosures in the SFDR Delegated Regulation
- The European Commission has updated the technical standards under the SFDR
- Q&A on the SFDR Delegated Regulation
- Platform on Sustainable Finance’s report with supplementary advice on methodology and technical screening criteria for the climate and environmental objectives of the EU Taxonomy
- FSB's Final report on Supervisory and Regulatory Approaches to Climate-related Risks
- FCA proposes new rules to tackle greenwashing
- ESAs Call for evidence on better understanding greenwashing
- ESMA is seeking stakeholders' feedback on guidelines for the use of ESG and sustainability-related terms in funds’ names in order to tackle greenwashing
- EIOPA underlines its commitment to supporting the insurance and pensions sectors in tackling climate change
- EBA statement in the context of COP27
Risk Culture & Governance
Focus areas: Business Continuity / Operational Resilience – COVID – Culture - Governance & Risk Management - Outsourcing – Recovery & Resolution - Solvency II
- EIOPA's Report on data quality in Solvency II reporting
- Public Consultation on Issues Paper on Insurance Sector Operational Resilience
- EIOPA staff paper related to "A comparison of recovery and resolution frameworks in banking and insurance"
- EIOPA welcomes comments on the "Discussion Paper on Methodological principles of Insurance Stress Testing - Cyber Component"
Financial Crime
Focus areas: AML/CFT - Financial Crime - Fraud
Data
Focus areas: Cyber – Data Privacy – Technology / Data / Innovation – Information and Communication Technology – Open insurance
- How to make the EU Data Act work from the perspective of insurers
- The Belgian Insurance Law has been adjusted to include the extended right to be forgotten
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.
