Annual Reporting Of Lapsed Life Insurance Contracts

1. Background

Circular 23/1 aims to define the annual report of unclaimed insurance contracts that must be submitted to the CAA in a format compatible with the information communication requirements imposed under the law of 30 March 2022 on inactive bank accounts, inactive safe-deposit boxes and unclaimed insurance contracts ("2022 Law").

Under Article 27, paragraph 2 of the 2022 Law, insurance undertakings must, by electronic means, inform the CAA and the Direct Tax Administration ("DTA") of their total number of unclaimed insurance contracts and the total balance of those contracts as of 31 December of each year.

The information must be provided by 28 February of the following year.