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ARTICLE · 19 DECEMBER 2022

Back To 2022 – Forward To 2023

Arendt & Medernach
Arendt & Medernach
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Arendt & Medernach

Arendt & Medernach

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2022 was another busy year. Many legal and regulatory changes have impacted your business, and will continue to impact it in 2023.

LuxembourgCorporate/Commercial Law
Arendt & Medernach
Arendt & Medernach
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2022 was another busy year. Many legal and regulatory changes have impacted your business, and will continue to impact it in 2023. That is why we are pleased to provide you with an overview of 2022's major legal and regulatory developments

Inactivity in accounts, safe-deposit boxes and insurance contracts

The new law on inactive (bank) accounts, safe-deposit boxes and unclaimed insurance contracts was published in the Luxembourg Official Journal on 1 April 2022 and entered into force on 1 June 2022.

The law introduces a completely new and rather prescriptive and stringent legal framework in this field, which applies not only to dormant accounts and safe-deposit boxes (for banks) but also to life insurance contracts in respect of which benefits remain unclaimed. It can be summarised under three main pillars:

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