Setting up for (re)insurance business in Luxembourg
A key pillar of the Luxembourg financial centre, the insurance and reinsurance sector has established itself as a major market within the EU, notably through its highly recognised expertise in the cross-border the distribution of insurance products under EU rules on freedom to provide services and freedom of establishment.
In the recent years, Luxembourg insurance market has welcomed several new entrants, and, notably, has been selected in 2017 as the preferred relocation place by several major multinational insurance providers wishing to keep the benefit of the EU passporting regime.
This confirms not only the attractiveness of Luxembourg as a prime location for doing business, but also of its sound and strictly regulated (re)insurance market.
All actors involved in (re)insurance activity (insurance and reinsurance undertakings, corporate or natural persons intermediaries, "professionnels du Secteur de l'assurance", certain pensions funds) must be approved by the Commissariat aux Assurances ("CAA"), sole regulator in charge of supervising the insurance and reinsurance sector.
How we can help
We can provide assistance at every step of your licensing application to ensure a quick, efficient and cost-controlled project, delivered according to your constraints and timeline.
Gathering the right multi-disciplinary experts, PwC can help you beyond the mere licencing approval, by providing support in defining, structuring and implementing the key aspects of your future operations.
Licensing process overview
Licensing process assistance
Depending on the type of activity and regulatory requirements applied for, PwC can provide the following assistance. Our approach is fully flexible and will factor in the resources allocated to the project within your organisation (e.g. internal dedicated project management team…)
Preparation for CAA meeting
- Present/clarify regulatory requirements in respect of the application process and application file content;
- Assistance in relationships with the Commissariat aux Assurances.
Preparation of application file
- Assistance in drawing up a plan for the preparation of the application file;
- Drawing or assistance in drawing the application file.
Authorisation process
- Follow up and coordination of replies to the CAA questions and requests for information;
- Drawing or assistance in drawing subsequent revised versions of the application file.
Other related services
Prior, during or subsequent to the application authorisation process, at each step of your setup or relocation project, PwC can advise and assist you on all relevant aspects at each step of your setup or relocation project. This shall notably encompass:
Business and Strategy
- Feasibility studies / business planning
- Country benchmarking
- Tax structuring and studies
- Risk assessment
- Business plan definition
- Solvency 2 calculation, modelling and capital allocation
- Insurance/(re)insurance program definition
Legal planning and services
- Company incorporation
- Corporate secretarial services
- Bank accounts opening
Operations
- Product development (new or revision of existing product)
- Technology and IT infrastructure
- Outsourcing strategy
- Organisational set up (process and systems)
- Governance structure advice
- Office search and set up
- Internal control framework definition
Human resources
- Staff search and hiring assistance
- Staff deployment and tax employment analysis
- Payroll services
- Pension plan structuring advice
Compliance services
- Assurance services
- Indirect and direct tax services
- Transfer Pricing assessment and studies
- Regulatory reporting services
- Portfolio compliance (incl. AML)
- Accounting services
- Internal audit services
- Regulatory watch
Contact us
Matt Moran
Advisory Partner, Insurance, Alliances Leader, PwC Luxembourg
Tel: +352 49 48 48 2071
Patrice Witz
Advisory Partner, Technology Partner and Digital Leader, PwC Luxembourg
Tel: +352 62133 35 33
