Article Post on 24 March 2020

New Regulatory Constraints Impact Luxembourg Insurance and Reinsurance Companies

This article also exists in French, Italian and Luxembourgish.

_EIOPA has published urgent measures which apply from the date of publication of the English version, which appeared on the EIOPA website on 20 March 2020.

These measures aim to minimise the impact of the COVID-19 pandemic on the European insurance sector. It is of the utmost importance to set up a common surveillance policy at European level.

These recommendations are made under Article 16 of Regulation (EU) No 1094/2010 (the EIOPA Regulation) and on the basis of Directive 2009/138/EC2 (Solvency II). National Competent Authorities and financial institutions are doing their utmost to comply with these recommendations.

In short, EIOPA considers that companies must focus their efforts on monitoring and evaluating the impact of the COVID-19 pandemic and its impact on business continuity. In this context, the submission of reports containing information relating to the first quarter of 2020 to competent authorities will be of paramount importance for both businesses and the competent authorities.

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