Towards fixed rules for unclaimed Insurance contracts

Luxembourg will follow the French

and Belgian states who made an important

move into fixing rules on sleeping accounts

of Life insurance policies.


Amounts remained unpaid to the beneficiaries  will no longer be kept by the Insurance companies.


Insurance companies based in Luxembourg, acting or not under the Freedom to Provide Services regime in Europe are already preparing to comply with the new rules regarding sleeping contracts.

It is expected that rules similar to those applied in France (Loi Eckert 13 Juin 2014) and Belgium (Loi 24 Juillet 2008 art. 33 – 40) will impact Luxemburgish Insurers, which ultimately require the amounts of Life insurance policies or bond capitalisation contracts which remain unclaimed to be transferred to the “Caisses des dépôts et consignations”.

In addition, similar rules for the identification and the follow up of the contracts, for the research of beneficiaries and ultimately the transfer to the CDC shall apply, requiring Life Assurance companies to create new procedures, including at least but not last:


  • Actions to check lives assured survival and inform policyholders of contracts with a term, within specific deadlines.
  • Actions to research beneficiaries with or without the help of external parties, within specific deadline.
  • Actions to report and keep proofs of research.
  • Actions to liquidate and transfer the proceeds to the CDC under specific deadlines.
  • Set up of an internal procedure.


An additional administration to carry on:

 The forthcoming rules will oblige the Insurance companies to spend additional resources on administration.

Whether the researches of the beneficiaries are performed by the Insurers or with the help of an external party (genealogist, PSA or any adequate third party), this will increase the cost of administration and negatively impact the profitability of the contracts.

Prudent Insurers will lead a profitability due diligence on their existing contracts, before choosing the appropriate way to move forward.


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Article written by Olivier Reichling

Business Development Manager



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