April 17, 2019

EIOPA had, on April 11, 2019, hosted its Fourth InsurTech Roundtable on the use of cloud computing by insurance undertakings. EIOPA has now published the agenda, summary, and its presentation for the event. The aim of the Roundtable was to discuss, with the different market participants, views and approaches to cloud outsourcing in a Solvency II and post-EBA Recommendations environment and determine best practices for the development of an informed decision on a principle-based guideline.

Over 70 participants from 48 organizations from all over Europe participated in these discussions. The Roundtable continued work of EIOPA that has been outlined in its recently published report titled “Outsourcing to the Cloud: EIOPA's Contribution to the European Commission Fintech Action Plan." The key takeaways of the discussions are as follows:

  • In the coming years, cloud computing is expected to become the “new normal” for business and IT development due to its operational advantages.
  • To embrace the “cloud” insurance undertakings must weigh opportunities and risks and setup a sound governance system to manage cloud projects and monitor the cloud services on an ongoing basis.
  • Negotiating non-standard contractual clauses with cloud service providers is challenging, particularly for smaller undertakings.
  • In addition to cloud infrastructure and security investments, the cloud industry is dedicating resources to increase transparency of their services by providing tools and approaches to “auditing” the cloud.
  • To succeed with the cloud, it is paramount to keep in mind the shared responsibility model, which requires a cultural shift of the management, the business, the IT risk management, and the control functions

EIOPA will consider the outcome of the Roundtable discussions in its ongoing work on cloud outsourcing, particularly in developing the principle-based guideline, for decision by the EIOPA Board of Supervisors. 

 

Related Links

Keywords: Europe, EU, Insurance, Insurtech, Regtech, Cloud Outsourcing, Outsourcing, Guidelines, Solvency II, EIOPA

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118