Regulatory Alerts2021-04-21
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Commission Delegated Regulation (EU) 2021/1256 amending Delegated Regulation (EU) 2015/35 on sustainability risks in insurance governance
The European Commission amends Delegated Regulation (EU) 2015/35 to require insurance and reinsurance undertakings to integrate sustainability risks into their governance, risk management, and investment processes. The regulation inserts definitions for sustainability risks, factors, and preferences, and mandates that these risks be assessed in pricing, provisioning, and the prudent person principle. It further requires that remuneration policies disclose how they account for the integration of sustainability risks. These obligations apply to insurance and reinsurance undertakings and become effective on 2 August 2022.
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