The Luxembourg Commissariat aux Assurances has issued Circular Letter 26/6 amending Circular Letter 24/2 on the separate report (rapport distinct) and supplementary separate report (rapport distinct complémentaire) that the approved statutory auditor must provide for Luxembourg direct insurance undertakings. For the 2025 financial year, the supplementary separate report is unchanged, while the separate report is updated with targeted additions. In the separate report, question 7.4 under the statement of assets representing technical provisions is reworded to require the auditor, based on exhaustive testing or sampling and including a full analysis of the firm’s breach report, to assess whether there were violations other than purely passive breaches of overall or issuer limits set in CAA circulars on investment rules for life insurance products linked to investment funds. Under intragroup operations, two new questions ask whether the insurer held investments in related undertakings and participations (balance-sheet item C.II) during the year and, if so, the maximum cumulative book value of those holdings, with the narrative section required to include a breakdown by accounting sub-item (C.II.1 to C.II.4) and by counterparty. The annexed questionnaires are replaced accordingly. The amended provisions apply for the first time to the separate report and supplementary separate report relating to the 2025 financial year.

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