CAA Specifications Regarding The Notification Regime For Outsourcings Of Significant Or Critical Operational Activities Or Functions

On 19 August 2022, the Commissariat aux Assurances (the "CAA") published a new Circular-Letter 22/16 (the "CL") on outsourcing of significant or critical operational activities or functions in the framework of the amended law of 7 December 2015 on the insurance sector (the "Insurance Sector Law"). The Insurance Sector Law states i.a. under Article 81 that Luxembourg insurance and reinsurance undertakings (the "Undertakings") must inform the CAA in advance and in good time of their intention to outsource significant or critical activities or functions, as well as of any subsequent significant developments relating to such outsourcings. The CL in this context aims to specify in more detail the notification regime and other applicable internal governance requirements.