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

US Agencies Consult on Capital Treatment of Land Development Loans

US Agencies (FDIC, FED, and OCC) issued a proposed rule on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the regulatory capital rule.

July 12, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for July 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published answers to five questions related to supervisory reporting.

July 12, 2019 WebPage Regulatory News
News

ESMA Updates Manual for European Single Electronic Format in EU

ESMA updated the reporting manual for European Single Electronic Format (ESEF).

July 12, 2019 WebPage Regulatory News
News

FED Updates Supplemental Instructions for Reporting Form FR Y-9C

FED updated the supplemental instructions for FR Y-9C reporting.

July 12, 2019 WebPage Regulatory News
News

EBA Publishes Report on Monitoring Implementation of LCR in EU

EBA published its first report on the monitoring of the implementation of liquidity coverage ratio (LCR) in EU.

July 12, 2019 WebPage Regulatory News
News

APRA Applies Additional Capital Requirements to Three Australian Banks

APRA is applying additional capital requirements to three major banks in Australia to reflect higher operational risk identified in their risk governance self-assessments.

July 11, 2019 WebPage Regulatory News
News

IMF Report on 2019 Article IV Consultation on Euro Area Policies

IMF published its staff report in context of the 2019 Article IV consultation on euro area policies with member countries.

July 11, 2019 WebPage Regulatory News
News

FSB to Survey Practices on Cyber Incident Response and Recovery

FSB launched a survey on the industry practices on cyber incident response and recovery.

July 11, 2019 WebPage Regulatory News
News

ECB Appoints New Members of Supervisory Board

The Governing Council of ECB appointed Edouard Fernandez-Bollo, Kerstin af Jochnick, and Elizabeth McCaul as representatives to the Supervisory Board of ECB Banking Supervision, for a five-year non-renewable term.

July 11, 2019 WebPage Regulatory News
News

OSFI Consults on Applying Proportionality to Pillar 1 Rules in Canada

OSFI published a discussion paper seeks input on possible tailoring of the capital and liquidity requirements for small and medium-size deposit-taking institutions.

July 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3435