Insurance & Reinsurance

Two legal texts regulate Luxembourg insurance companies: the law of 6 December 1991 on the insurance industry, as modified, and the Grand Ducal Regulation of 14 December 1994.

These texts define the authorisation procedure and business conduct of insurance and reinsurance companies, the mission and procedural methods of the insurance company supervisory authority (Commissariat aux assurances – CAA) and the functioning of the free provision of services by Luxembourg insurance companies in other Member States of the European Union.

The law requires financial sector companies and their employees to respect the rule of professional discretion with regard to confidential information gained in the course of their professional activity. The same text contains clear provisions relating to the fight against money laundering and terrorist financing.