New rules for credit institutions and insurance companies on inactive accounts
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New rules for credit institutions and insurance companies on inactive accounts


Inactivity on inactive accounts, inactive safe-deposit boxes and unclaimed insurance contracts is defined, measures to prevent account inactivity and processing of inactive accounts are provided.

What is new in the announcement of Inland Revenue?

Luxembourg Inland Revenue (Administration des Contributions Directives) It said on February 7 that the country's financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), would act as a single point of contact to collect information related to dormant accounts and safe-deposit boxes.

Similarly, Luxembourg's insurance regulator, the Commissariat aux Assurances (CAA), will act as a single point of contact to collect information relating to unclaimed insurance contracts.

By transmitting this information to the CSSF and the CAA, institutions and insurance companies are authorizing the CSSF and the CAA to collect and transmit this information to the Inland Revenue of Luxembourg. Therefore institutions and insurance companies are not required to send information directly to Inland Revenue.

Law of March 30, 2022

Amends the Law of 23 December 1998 establishing the Financial Sector Supervisory Commission and the Law of 7 December 2015 on the Insurance Sector.

Last year's law says that once an account remains inactive for three years, the institution holding the account must inform the holder about the consequences of his account's inactivity. This should be done through a registered letter. If the account holder has died or is dissolved, the institution must communicate this information to the “rightful holders” of the account.

The account holder has three months to initiate or contact the transaction. If there is still no activity, the institution will need to conduct additional research to contact the account holder or potential rights holders.

Account is considered “inactive” after six years

Once an account remains inactive for six years, that account is considered an “inactive account”.

After nine years of inactivity, the institution must once again inform the account holder through registered letter.

And after 10 years of inactivity of the account, the institution holding the account must request consignment of assets – registered on the dormant account and not claimed by the holder or the rightful holder – to the consignment office.

Instructions for Dormant Safe-Deposit Boxes

Institutions that have inactive safe-deposit boxes for five years will have to contact the holder through registered letter, like inactive accounts.

A safe-deposit box that has seen no activity for six years is considered an “inactive safe-deposit box” and after nine years of inactivity, the institution notifies the holder or rights holders again through registered letter. Will have to do.

After 10 years of inactivity, the institution holding the inactive safe-deposit box must, before handing over the property to the consignee office, open the inactive box in the presence of a bailiff (husier de justice) or a notary, who lists the contents of the box. Depending on the contents – cash, precious metals, dangerous goods or other items – there are different procedures to follow.

unclaimed insurance contract

Under this law, when an insurance contract remains inactive for two years, the insurance contract is considered an “unclaimed insurance contract”.

The law also includes rules for situations where, for example, an insurance company has not had contact with the insured party for two years, and the insured party is 90 years old.


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