18 August 2022
On 26 July 2022, the Luxembourg insurance sector supervisory authority Commissariat aux Assurances ("CAA") issued its Circular Letter 22/15 on the board of directors of insurance and reinsurance undertakings. The new CAA Circular Letter amends and consolidates the requirements applicable to the board of directors of (re)insurance undertakings and insurance group holding companies supervised by the CAA.
Looking forward, these entities will need to ensure compliance with this new set of rules before its entry into force. The concerned persons and entities will have to comply with most provisions regarding changes in the composition of the board of directors already by 30 September 2022, while certain requirements will apply as of 31 March 2023. Assessments of governance systems must be documented by 31 March 2023. The following briefing provides an overview of the new rules, key issues and points calling for action.