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INSURANCE & REINSURANCE


Reminder for upcoming legal reporting to the CSSF

Reminder for upcoming legal reporting to the CSSF
17/05/2019

The CSSF amends CSSF circular 14/593 to reflect the fact that credit institutions now have the possibility to send TEST reporting files

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Third-country (re)insurance operations in Luxembourg post-Brexit

Third-country (re)insurance operations in Luxembourg post-Brexit
29/04/2019

The United Kingdom's planned exit from the European Union would result in it losing the fundamental freedoms guaranteed by the Treaty on the Functioning of the European Union and its status as an EEA third country. 

As

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Transposition into Luxembourg Law of the European Directive on insurance distribution: what are the changes?

Transposition into Luxembourg Law of the European Directive on insurance distribution: what are the changes?
16/11/2018

The law of 10 August 2018[1] has transposed the Directive (EU) 2016/97 of the European Parliament and of the Council of the European Union of 20 January 2016 on insurance distribution (the “IDD Directive”) into Luxembourg law.

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Law of 17 April 2018 and PRIIPs Regulation

Law of 17 April 2018 and PRIIPs Regulation
12/07/2018

The law of 17 April 2018 on key investor documents for packaged retail and insurance-based investment products (the “2018 Law”) was published in the Mémorial A on 19 April 2018 and entered into force on 23 April 2018. 

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PRIIPs

PRIIPs
29/12/2017

As a reminder, on 1 January 2018, persons and entities advising on or selling a PRIIP(not benefiting from the grandfathering period like UCITS funds or AIFs issuing a UCITS KIID) to retail investors in the EU will be required to deliver a PRIIP KID to their retail investors before they invest in a PRIIP.

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PRIIPS KID

PRIIPS KID
03/11/2017

Level 3 and 4 measures relating to the Commission Delegated Regulation on Key Information Documents (“KIDs”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”) were published at the beginning of July.

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New PRIIPs RTS published

New PRIIPs RTS published
17/05/2017

On 12 April 2017, the level 2 measures with regard to the PRIIPS1 Regulation (Regulation (EU) 2014/1286 ) were published in the Official Journal of the European Union.

These level 2 measures are Regulatory Technical Standards ("RTS") and, as a reminder, the first draft was rejected by the European Parliament in September 2016.

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Life insurance court decision

Life insurance court decision
05/05/2017

On 18 January 2017, the Court of Appeal of Luxembourg dealing with commercial matters reversed the decision of the 15th chamber of the District Court of Luxembourg dated 1 April 2015, in relation to the permitted distribution of dividends to certain policyholders of Excell Life International S.A., a Luxembourg life-insurance company put in judicial liquidation on 12 July 2012 (“Excell Life”).

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RIIPs KID: Amended Delegated Regulation adopted by the European Commission

RIIPs KID: Amended Delegated Regulation adopted by the European Commission
10/04/2017

On 8 March 2017, the European Commission adopted a Commission Delegated Regulation, including Annexes (PRIIPs RTS), supplementing the Regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs RTS provide for regulatory technical standards regarding the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide KIDs.

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 PRIIPs KID: the European Commission announces a 12 month-delay in implementation

PRIIPs KID: the European Commission announces a 12 month-delay in implementation
10/11/2016

In the interests of ensuring a smooth implementation and to ensure legal certainty for the industry, the European Commission has proposed today to postpone the implementation of the PRIIPs Regulation by 12 months until 1 January 2018. This will require an amendment to the PRIIPs Regulation for that purpose and therefore the approval of the European Parliament and the European Council.

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