ESG in the insurance sector – CAA update on regulatory challenges linked to sustainable finance

On 16 April 2024, the CAA published Information Note 24/4 to inform market actors about the main regulatory instruments linked to sustainable finance in force since the publication of the preceding Information Note 22/9 on the regulatory issues relating to sustainable finance.

29/04/2024

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On 16 April 2024, the Commissariat aux Assurances (CAA) published Information Note 24/4 (24/4 Note) to inform market actors about the main regulatory instruments linked to sustainable finance in force since the publication of the preceding Information Note 22/9 on the regulatory issues relating to sustainable finance (22/9 Note).

1. Background

The 24/4 Note follows up on the 22/9 Note that was published by the CAA back in August 2022.

 

2. Key takeaways

The 24/4 Note specifies that the CAA expects the concerned market actors to apply the relevant regulations in accordance with their eligibility criteria and emphasises that the applicable rules and regulations must be implemented effectively.

The 24/4 Note further indicates that the CAA’s control framework has been adapted and, in addition to others, includes:

  • the enhancement of compliance controls in the on-site inspection tools;
  • the integration of information linked to sustainable finance into the reporting to be submitted to the CAA;
  • dedicated questionnaires on the implementation of rules and regulations linked to sustainable finance.

The 24/4 Note includes an updated table that summarises the main texts pertaining to sustainable finance in the insurance sector and outlines their scope of application, as well as their key requirements.

 

How we can help

Contact our experts for their help with meeting the challenges of the ever-evolving ESG framework and staying ahead of the game.

 

Read Information Note 24/4 here_

Access our timeline on key ESG milestones in the banking and insurance sectors here_

Contacts

Pierre-Michaël de Waersegger

Partner

Banking & Financial Services, Insurance & Reinsurance Law

Emmanuelle Mousel

Partner

Banking & Financial Services, Insurance & Reinsurance Law

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