COMING INTO EFFECT OF THE EUROPEAN COMMISSION DELEGATED REGULATION 2021/1256

The European Commission Delegated Regulation 2021/1256 of April 2021 amended some aspects of the Regulation 2015/35 relevant for the integration of sustainability risk into governance of insurance and reinsurance undertakings. The amended Regulation was published in the Official Gazette of the European Union at the beginning of August 2021 and entered into force in the same month, wereas the implementation thereof is expected to commence in August 2022. The amendments were adopted taking into account the current deeds such as the Directive 2009/138 / EC of the European Parliament and of the Council of 2009 on the establishment and performance of insurance and reinsurance activity (Solvency II), the Paris Agreement on Climate Change 2015 and the European Green Agenda (COM (2019) 640 final) regulating the tendencies towards a climate-neutral Union (i.e. neutral impact of the EU on the emission of green gasses) before the mid-century. The amendments stipulate more detailed definitions of sustainability-related concepts and aspects.