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01 October 2020 / news

Regulatory updates for life insurance: how to deal with unclaimed contracts

Insurance companies have a growing number of insurance contracts which have been inactive for several years, incurring substantial costs and facing administration issues. It is usually difficult to terminate or transfer these contracts because clients cannot be located and beneficiaries are unknown or difficult to find.

Magnifying glass - Podcast life insurance - Sept 2020

The Luxembourg Parliament is currently debating draft bill n°7348 on dormant bank accounts, dormant bank safes, and unclaimed insurance contracts to solve this challenging issue. The main features of the draft legislation are:

  • insurance companies will need to meet several deadlines in order to properly anticipate and manage unclaimed contracts
  • insurers will be able to transfer the assets under these contracts to the Caisse de consignation.

For more information about how to manage unclaimed contracts (or avoid them in the first place), implementing appropriate processes, and dealing with assets, join our podcast with Charles Cahoua, Adrien Pierre and Michael Schweiger.

 

podcast life insurance

 



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