What happened?
On 19 March 2024, the Luxembourg Chamber of Deputies adopted
bill of law 8184 transposing Directive 2021/2118 into national law
related to motor vehicle liability insurance1 (the
"Bill of Law").
Among adjustments coping with the significant growth in the
insurance, reinsurance, and intermediation sector, the main purpose
of this Bill of Law is to providing clarifications on certain
aspects of the legislative framework for mandatory motor vehicle
liability insurance and creating the Automobile Insurance
Insolvency Fund (FIAA) which aims to ensure that victims of road
accidents receive a proper compensation even if their insurer
becomes insolvent.
Additionally, the Bill of Law provides important developments
relating to the outsourcing of records keeping to critical
third-party ICT service providers and to requests sent by insurance
companies to policyholders regarding outsourcing.
