Luxembourg insurance overview
Luxembourg authorities have been working actively since the mid-nineties to provide an attractive regime in order to develop the Luxembourg insurance industry. As of January 1, 2007, 55 life insurance companies and 36 non-life insurance companies were registered in Luxembourg.
The insurance Sector is governed by a modern legal framework, composed of laws, regulations, and circulars (1). In particular, a Luxembourg company willing to carry out insurance activities must fulfil some conditions (2), under the supervision of the Luxembourg supervisory authority for the insurance sector, the “Commissariat aux Assurances“ (the “CAA”) (3). (...)
Information duties on insurance intermediaries
The law of 13 July 2005 implements directive 2002/92/EC of 9 December 2002 on insurance intermediation. It purports i.a. to reinforce the protection of the insured by introducing certain requirements regarding pre-contractual information to be provided to clients by insurance agents and brokers. This article provides an analysis of this law by addressing different aspects related to this information obligation...