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In response to the current situation in Ukraine, the Commissariat aux Assurances (the "CAA") issued Information Note 22/5 (the "Note") stating that it expects all entities under its supervision to enhance their vigilance...
In response to the current situation in Ukraine, the
Commissariat aux Assurances (the "CAA")
issued Information Note 22/5 (the
"Note") stating that it expects all
entities under its supervision to enhance their vigilance towards
the conflict and to assess its potential impacts in the short and
medium term.
The Note includes a list of the measures that such enhanced
vigilance and impact assessments must constitute at minimum. The
scope of the measures that the CAA expects supervised entities to
take varies depending on the nature of the entity, with more
extensive measures expected from insurance and reinsurance
undertakings.
Supervised entities must make the results of the implemented
measures available to the CAA and discuss with it any material
risks they may identify.
Where the implemented measures call for a revised ORSA, that
ORSA must be communicated to the CAA.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.