Towards New Framework For Insurance And Reinsurance In Luxembourg

On 25 July 2012, two draft bills were filed with the Chamber of Deputies of Luxembourg. Both aim at locally implementing the "Solvency II" Directive of 2009, as amended, in line with the current target date of 1 January 2014:

• Draft bill 6456 will lead to the repeal of the existing law of 6 December 1991 on the insurance sector and its replacement by a new legal instrument;
• Draft bill 6454 will amend the law of 8 December 1994 regarding annual and consolidated accounts of insurance and reinsurance companies and the law of 27 July 1997 regarding insurance contracts.

The draft bills translate on a local level all the provisions of the Directive, notably those relating to the three pillars defined herein.