On Oct. 9, LUX CAA issued a circular on captive insurance companies.
LUX CAA announced changes in shareholding of captive insurance/reinsurance firms.
Document dated Oct. 9, 2024, received from LUX CAA Oct. 21, summarized Oct. 23.
Overview
The circular letter provides details on the identification of a qualifying holding within the meaning of article 43 of the amended law of Dec. 7, 2015 on the insurance sector.
Clarifies certain practical aspects of procedure for notifying changes in shareholding.
Defines content of the notification to be submitted to LUX CAA in application of arts 87 paragraph 2 and 89, paragraph 3 of amended law of Dec. 7, 2015 on insurance sector.
Introduces notification forms/sheets allowing digital submission of files to LUX CAA.
Next Steps
From Nov. 1, 2024, some circulars will not apply to companies covered by cir 24/9.
Includes the circular for captive insurance companies as defined in art 43 of LSA.
Circular letter 06/1 relating to changes in shareholding of direct insurance companies and letter 02/7 relating to changes in shareholding of reinsurance firms.
