{"id":17152,"date":"2026-03-31T09:41:00","date_gmt":"2026-03-31T07:41:00","guid":{"rendered":"https:\/\/apcal.lu\/?p=17152"},"modified":"2026-03-31T09:41:02","modified_gmt":"2026-03-31T07:41:02","slug":"lc-26-1-from-caa","status":"publish","type":"post","link":"https:\/\/apcal.lu\/en\/lc-26-1-from-caa\/","title":{"rendered":"LC 26\/1 from CAA"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text admin_label=&#8221;H1 &#8211; titre du post&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;#55547D&#8221; header_line_height=&#8221;1.2em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2 style=\"text-align: center;\">New Circular Letter 26\/1 from CAA <\/h2>\n<h2 style=\"text-align: center;\">What this means for you, Brokers<\/h2>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2026\/02\/CAA-LC-26-1.png&#8221; title_text=&#8221;CAA LC 26 1&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; min_height=&#8221;899.7px&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;8px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;INTRO&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h3><strong><em>The CAA has published <a href=\"https:\/\/www.caa.lu\/uploads\/documents\/files\/LC26-1_FR.pdf\">Circular 26\/1<\/a>, which came into force on 1 February 2026 <\/em><\/strong><\/h3>\n<h3><strong><em>This text replaces LC 15\/3 and sets out the investment rules applicable to unit-linked life insurance products.<\/em><\/strong><\/h3>\n<h3><strong><em> Beyond the technical changes, this new circular has a direct operational impact on brokers. <\/em><\/strong><\/h3>\n<h3><strong><em>Here are the key points to remember.<\/em><\/strong><\/h3>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;1\ufe0f. March\u00e9 cible &#038; analyse des besoins : vigilance renforc\u00e9e&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h5><strong>1\ufe0f. Target market and needs analysis: heightened vigilance <\/strong><\/h5>\n<p>The CAA explicitly reiterates its expectations regarding <strong>Product Oversight Governance (POG)<\/strong><\/p>\n<p><strong>In practical terms, for you:<\/strong><\/p>\n<ul>\n<li>The analysis of the client\u2019s requirements must be formalised, consistent and documented.<\/li>\n<li>The level of complexity of the product must be assessed in advance.<\/li>\n<li>The more complex a product is (particularly in the case of structured products), the more <strong>granular and precisely defined<\/strong> the target market must be.<\/li>\n<li>It is recommended that a <strong>negative target market<\/strong> be defined \u2014 and this is mandatory for certain structured products.<\/li>\n<\/ul>\n<p><strong>=&gt;You must be able to demonstrate consistency between:<\/strong><\/p>\n<ul>\n<li>the client\u2019s financial profile,<\/li>\n<li>his investment horizon,<\/li>\n<li>their risk tolerance,<\/li>\n<li>and the product on offer.<\/li>\n<\/ul>\n<p><strong>Document traceability remains a key issue.<\/strong><\/p>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;2\ufe0f. Produits structur\u00e9s : ouverture mais encadrement strict&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h5><strong>2\ufe0f. Structured products: open to investment but subject to strict regulation <\/strong><\/h5>\n<p>Big news: the option to invest directly in structured products<\/p>\n<p>The circular distinguishes between:<\/p>\n<ul>\n<li>structured products with enhanced guarantees,<\/li>\n<li>structured products without enhanced guarantees<\/li>\n<\/ul>\n<p><strong>What this means is:<\/strong><\/p>\n<ul>\n<li>Checking the issuer\u2019s credit rating.<\/li>\n<li>Compliance with investment limits per contract.<\/li>\n<li>Explicit consent from the client in the event of indirect exposure to alternative funds.<\/li>\n<li>Certain customer profiles (e.g. category N) are prohibited from accessing certain products linked to reference rates.<\/li>\n<\/ul>\n<p>=&gt;<strong>For you<\/strong>:<br \/>This broadens the range of options but increases your educational responsibility.<br \/>The explanation of the mechanisms and risks must be clear, in writing and kept on file.<\/p>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;3\ufe0f. Fonds Internes Collectifs (A, B, C, D) : plus de souplesse&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h5><strong>3\ufe0f. Internal Collective Funds (A, B, C, D): greater flexibility <\/strong><\/h5>\n<p>The text enhances the appeal of FIC A\/B\/C\/D<\/p>\n<p>These funds retain their collective nature but benefit from:<\/p>\n<ul>\n<li>operational simplification,<\/li>\n<li>greater flexibility,<\/li>\n<li>and a position midway between FIC N and Dedicated Internal Funds.<\/li>\n<\/ul>\n<p>=&gt;<strong>For brokers<\/strong>:<br \/>You now have access to a <strong>more sophisticated solution for high-net-worth clients<\/strong>, without necessarily having to switch to a discretionary investment fund.<br \/>This presents a business opportunity, but it requires:<\/p>\n<ul>\n<li>a good understanding of the categories of policyholders (A, B, C, D)<\/li>\n<li>a check on the declared level of assets,<\/li>\n<li>strict adherence to the limits.<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;4\ufe0f. Protection renforc\u00e9e pour fonds alternatifs &#038; immobiliers&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h5><strong>4\ufe0f. Protection for alternative and property funds <\/strong><\/h5>\n<p>Before investing in:<\/p>\n<ul>\n<li>alternative funds,<\/li>\n<li>alternative funds of funds,<\/li>\n<li>property funds,<\/li>\n<\/ul>\n<p>the client\u2019s <strong>explicit consent<\/strong> is required, following the provision of a specific risk disclosure statement<\/p>\n<p><strong>=&gt;This implies:<\/strong><\/p>\n<ul>\n<li>proof of delivery,<\/li>\n<li>countersigned document,<\/li>\n<li>to be kept on file.<\/li>\n<\/ul>\n<p>The logic is clear: <strong>sophistication equals greater transparency.<\/strong><\/p>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;5\ufe0f. Information client : exigence accrue&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h5><strong>5\ufe0f. Customer information: increased requirements <\/strong><\/h5>\n<p>The circular sets out in detail the information to be provided:<\/p>\n<ul>\n<li>investment policy,<\/li>\n<li>performance record<\/li>\n<li>risk profile,<\/li>\n<li>redemption terms,<\/li>\n<li>access to prospectuses or KIDs<\/li>\n<\/ul>\n<p>=&gt;<strong>For brokers<\/strong>:<br \/>Contractual and pre-contractual documentation must be consistent and complete.<br \/>Disclosure obligations are more than just a formality:<strong> they must be verifiable.<\/strong><\/p>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Ce qu\u2019il faut retenir pour votre pratique&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h5><strong>Key takeaways for your practice<\/strong><\/h5>\n<p>&#8211; More investment opportunities (structured products, FIC A\/B\/C\/D).<br \/>&#8211; Greater flexibility for high-net-worth clients.<br \/>&#8211; But there is a growing demand for greater traceability, consistency and justification of advice.<\/p>\n<p><a href=\"https:\/\/www.caa.lu\/uploads\/documents\/files\/LC26-1_FR.pdf\">LC 26\/1<\/a> aims to maintain the competitiveness of the Luxembourg sector whilst strengthening protection for policyholders<\/p>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Recommandation APCAL&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h5><strong>APCAL Recommendation<\/strong><\/h5>\n<p>We invite our members to:<\/p>\n<ul>\n<li>Review their processes for analysing needs and identifying target markets.<\/li>\n<li>Check that their sales materials are consistent.<\/li>\n<li>Raise awareness amongst their teams regarding the new rules applicable to structured products.<\/li>\n<li>Update their distribution system (POG).<\/li>\n<\/ul>\n<p>Finally, the APCAL reminds its members that they must provide a statement confirming that the product being sold is suitable for the policyholder\u2019s needs and requirements.<br \/>This obligation goes beyond the purely financial aspects of the contract: it remains essential to understand the product as a whole, including the underlying investments that make it up.<\/p>\n<p>With regard to any switching from one investment vehicle to another, the APCAL also draws attention to <strong>Article 9.7 of EU Regulation 2017\/ 2359 POG<\/strong>, which requires intermediaries to <em>\u201calso obtain the necessary information on the client\u2019s existing underlying investment assets and on the new investment assets recommended, and to carry out an analysis of the expected costs and benefits of this change so as to be able to reasonably demonstrate that the expected benefits outweigh the costs.\u201d<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; min_height=&#8221;645.7px&#8221; custom_margin=&#8221;|auto|-394px|auto|false|false&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2021\/12\/formation-visioconference-m2.jpg&#8221; alt=&#8221;Apcal video conference training&#8221; url=&#8221;https:\/\/apcal.lu\/fr\/lc-26-1-opportunites-et-rappel-des-points-de-vigilance\/&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Pour aller plus loin,&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; hover_enabled=&#8221;0&#8243; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243; width=&#8221;99.8%&#8221;]<\/p>\n<h5><strong>Further reading<\/strong><\/h5>\n<p>APCAL is offering a specialist training session entitled \u2018<strong><a href=\"https:\/\/apcal.lu\/fr\/lc-26-1-opportunites-et-rappel-des-points-de-vigilance\/\">LC 26\/1: Opportunities and Key Considerations<\/a>\u2019<\/strong>, presented by <strong>J\u00e9r\u00f4me Maurice<\/strong> on <a href=\"https:\/\/apcal.lu\/fr\/download\/caa-lc26-1\/?tmstv=1772011416\">LC 26\/1<\/a>, which is scheduled for<strong> 29 April 2026 from 10.00 to 12.00<\/strong>. You can register now by clicking <strong><a href=\"https:\/\/apcal.lu\/fr\/lc-26-1-opportunites-et-rappel-des-points-de-vigilance\/\">here<\/a><\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; min_height=&#8221;807.7px&#8221; custom_margin=&#8221;|auto|-473px|auto|false|false&#8221; custom_padding=&#8221;||22px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;accompagnement&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>APCAL remains, of course, at your disposal to assist you in understanding the practical implications of these changes.<\/p>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;annexe lc 26\/1&#8243; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_color=&#8221;#C2974C&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_text_color=&#8221;#C2974C&#8221; header_3_font_size=&#8221;20px&#8221; header_3_line_height=&#8221;1.4em&#8221; custom_margin=&#8221;||20px||false|false&#8221; border_color_bottom=&#8221;#7886A2&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><strong>Annexe <a href=\"https:\/\/apcal.lu\/fr\/download\/caa-lc26-1\/?tmstv=1772011416\">LC 26\/01<\/a><\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=&#8221;ID Entreprise&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; min_height=&#8221;212px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding=&#8221;0px|||||&#8221; custom_margin=&#8221;|auto|-200px|auto||&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_social_media_follow disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_orientation=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221; min_height=&#8221;68px&#8221;][et_pb_social_media_follow_network social_network=&#8221;linkedin&#8221; url=&#8221;https:\/\/www.linkedin.com\/in\/bert-bouton-526a72142\/&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#007bb6&#8243; global_colors_info=&#8221;{}&#8221; follow_button=&#8221;off&#8221; url_new_window=&#8221;on&#8221;]linkedin[\/et_pb_social_media_follow_network][\/et_pb_social_media_follow][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; saved_tabs=&#8221;all&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.20.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text admin_label=&#8221;Sponsors Platinium&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; header_3_font=&#8221;|600|||||||&#8221; header_3_text_align=&#8221;center&#8221; custom_margin=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Sponsors Platinum<\/h3>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; admin_label=&#8221;Partners .&#8221; _builder_version=&#8221;4.20.4&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;10px||70px||false|false&#8221; custom_padding=&#8221;40px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2023\/03\/bil.png&#8221; alt=&#8221;Bil&#8221; url=&#8221;https:\/\/www.bil.com\/fr\/Pages\/index.aspx&#8221; align=&#8221;center&#8221; admin_label=&#8221;BIL&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2021\/09\/foyer.png&#8221; alt=&#8221;Foyer&#8221; url=&#8221;https:\/\/www.lombardinternational.com\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Lombard&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2024\/01\/swiss-life.png&#8221; alt=&#8221;Swiss Life&#8221; url=&#8221;https:\/\/www.swisslife-global.com\/global-solutions.html&#8221; align=&#8221;center&#8221; admin_label=&#8221;swisslife&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2021\/09\/cardif-lux-vie.png&#8221; alt=&#8221;Logo&#8221; url=&#8221;https:\/\/cardifluxvie.com\/fr\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Cardif&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2023\/09\/sogelife.png&#8221; alt=&#8221;Sogelife 2023&#8243; url=&#8221;https:\/\/www.sogelife.com\/fr\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Sogelife&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text admin_label=&#8221;Gold&#8221; _builder_version=&#8221;4.20.4&#8243; _module_preset=&#8221;default&#8221; header_3_font=&#8221;|600|||||||&#8221; header_3_text_align=&#8221;center&#8221; custom_margin=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h4 style=\"text-align: center;\"><strong>Sponsors Gold<\/strong><\/h4>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,1_4,1_4,1_4&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; admin_label=&#8221;Partners .&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;10px||10px||false|false&#8221; custom_padding=&#8221;40px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2022\/05\/aig-europe-2022.png&#8221; alt=&#8221;AIG&#8221; url=&#8221;http:\/\/www.aig.lu\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;AIG&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2021\/09\/axa-luxembourg.png&#8221; alt=&#8221;Axa&#8221; url=&#8221;http:\/\/www.axa.lu\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Axa&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2023\/10\/AG2R.png&#8221; alt=&#8221;AG2R&#8221; url=&#8221;https:\/\/www.lamondiale.lu&#8221; align=&#8221;center&#8221; admin_label=&#8221;Mondiale&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2022\/10\/baloise-assurances-luxembourg-2022.png&#8221; alt=&#8221;Logo&#8221; url=&#8221;http:\/\/www.baloise.lu\/&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,1_4,1_4,1_4&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Partners .&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;10px||60px||false|false&#8221; custom_padding=&#8221;30px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2023\/02\/lalux-luxembourg.png&#8221; alt=&#8221;Logo&#8221; url=&#8221;https:\/\/www.lalux.lu\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Lalux&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2024\/04\/april-international.png&#8221; alt=&#8221;April international&#8221; url=&#8221;https:\/\/www.april-international.com\/fr\/destinations\/europe\/l-assurance-sante-au-luxembourg&#8221; align=&#8221;center&#8221; admin_label=&#8221;April&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2024\/07\/taiping-lu.png&#8221; alt=&#8221;Taiping Lu&#8221; url=&#8221;https:\/\/lu.cntaiping.com\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;PWC&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text admin_label=&#8221;Silver&#8221; _builder_version=&#8221;4.20.4&#8243; _module_preset=&#8221;default&#8221; header_3_text_align=&#8221;center&#8221; header_3_font_size=&#8221;20px&#8221; custom_margin=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3><strong>Sponsors Silver<\/strong><\/h3>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_5,1_5,1_5,1_5,1_5&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; admin_label=&#8221;Partners .&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;10px||10px||false|false&#8221; custom_padding=&#8221;30px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_5&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2023\/12\/afiesca.png&#8221; alt=&#8221;Afi esca Luxembourg&#8221; url=&#8221;https:\/\/www.afi-esca.lu\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Afi esca&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; width=&#8221;70%&#8221; module_alignment=&#8221;center&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_5&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2021\/09\/allianz-Life-Luxembourg.png&#8221; alt=&#8221;Allianz&#8221; url=&#8221;http:\/\/www.allianz.lu\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Allianze&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; width=&#8221;70%&#8221; module_alignment=&#8221;center&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_5&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/apcal.lu\/wp-content\/uploads\/2025\/04\/EY.png&#8221; alt=&#8221;EY Logo &lt;br&gt;&#8221; url=&#8221;https:\/\/www.foyer.lu\/&#8221; align=&#8221;center&#8221; admin_label=&#8221;Foyer&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; width=&#8221;70%&#8221; module_alignment=&#8221;center&#8221; border_radii=&#8221;on|5px|5px|5px|5px&#8221; box_shadow_style=&#8221;preset3&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_5&#8243; _builder_version=&#8221;4.20.4&#8243; 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This article outlines the key points to note and the direct operational implications for brokers. <\/p>\n","protected":false},"author":178,"featured_media":17111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[89,123,5],"tags":[],"class_list":["post-17152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apcal-en","category-commissariat-aux-assurances","category-news-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LC 26\/1 from CAA - Apcal<\/title>\n<meta name=\"description\" content=\"The CAA has just published Circular Letter LC 26\/01 concerning investment rules for life insurance products\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/apcal.lu\/fr\/?p=17151\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LC 26\/1 from CAA - 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