- China to further open up its insurance and banking sectors to foreign investors with immediate effect
- US P&C net income and combined ratio worsen for first half but record surplus
- Insurance Europe publishes views on OECD proposals to develop a consensus solution to the taxation challenges arising from the digitalisation of the economy
- Insurance Europe publishes insight briefing that examines the liability questions raised by light electric vehicles and automated vehicles
- HDI Global and Schneider Electric to collaborate on the digital transformation of industrial/commercial insurance through data
- Munich Re Automation Solutions bringing its auto-underwriting expertise to the global mid-tier life insurance market with its SaaS solution ALLFINANZ SPARK
- Willis Towers Watson announces that RDT is to become the latest vendor to join its global Radar Live Collaboration programme expired
- ABI applaud Queen's Speech support for Pensions Dashboard expired
- Connecting capital markets to reinsurance risk was one of the key topics discussed at the recent annual IFTRIP conference expired
- MS Amlin cease writing aviation renewals/new business expired
- RenaissanceRe provisionally estimates losses from third quarter catastrophe events at around $155m expired
- Gallagher acquires Swedish broker Proinova expired
9th October 2019
European insurers say they will likely need additional time to implement proposed guidelines on outsourcing to cloud service providers
European insurers say they will likely need additional time to implement proposed guidelines on outsourcing to cloud service providers, which the European Insurance and Occupational Pensions Authority(EIOPA) is currently developing. Based on past industry experience, this will be necessary to facilitate a smooth transition from current operational practices.
Insurance Europe said that the guidelines should be limited to instances of material outsourcing: ie, outsourcing that encompasses critical and important operational functions or activities only to ensure legal certainty and consistency with Solvency II. Non-material outsourcing to the cloud should fall outside of their scope.
Cloud services should only be regarded as outsourcing if there are certain risks associated with cloud services that may have a material impact on either the insurer’s ability to comply with regulatory requirements or its customers. Insurance Europe added that clear definitions are necessary to ensure that the scope of application is sufficiently precise.
In the context of access and audit rights, Insurance Europe called on EIOPA to encourage and allow greater reliance on the use of third-party certification.
Insurance Europe Trends(198 articles)