Canada    FinTech Guide    Chapter 13    Luxembourg

13. InsurTech
Luxembourg  Luxembourg

The social and political climate towards InsurTech-services is positive.

Legal Affairs

The insurance activities are regulated by the Law of 7 December 2015 on the insurance sector (hereinafter referred to as 2015 Law) and are subject to the supervision of the Commissariat aux Assurances.

The InsurTech-services may be considered as insurance intermediary. Therefore, according to article 281 of 2015 Law, Luxembourg intermediaries, with the exception of their administrative staff, must be approved by the Minister and registered in the register referred of intermediaries provided for in Article 286.

Economic Conditions

No information publicly available.

InsurTech is reshaping Insurance. Most of the local insurance companies believe that some part of their business is at risk of disruption. The most significant gain from InsurTech is cost reduction. We do see a move towards cloud-based platforms.

Contributing Authors

Felten & Associes

Bernard Felten

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018