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By Dieter PUTZEYS - Director - KPMG Luxembourg
The law of 30 March 2022 (the “Law”), published on 1 April 2022 and corresponding to draft bill 7348 approved by the Luxembourg Parliament on 17 March 2022, creates a legal framework for sleeping insurance policies. Inspired by similar regimes in Belgium and France, the Law applies to bank accounts, safe deposit boxes and insurance contracts and covers prevention, consignment and restitution.
According to the Law, an insurance company is any insurance undertaking authorized in Luxembourg and any insurance undertaking’s Luxembourgish branch governed by foreign law, which carries out operations covered by Annex II of the amended law of 7 December 2015 on the insurance sector. It lays down strict...
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