The EU-US insurance project public forum is planned for March 13 in Washington DC. EIOPA has published agenda for the forum, which will be led by representatives of EC, EIOPA, Federal Insurance Office of the U.S. Department of the Treasury (FIO), and the National Association of Insurance Commissioners (NAIC). The discussions will focus on approaches, practices, and solutions for addressing the multi-fold challenges, risks, and opportunities in the areas of cross-border insurer cyber-security risk, development of cyber insurance market, and the future of big data and artificial intelligence in insurance.
According to the agenda, the following panel discussions have been planned:
- Confronting cross-border insurer cyber-security risks. This panel will address how the insurance industry and regulators can enhance insurance sector cyber-security, including how best to continue and enhance cross-border coordination and information-sharing among all stakeholders.
- Development of cyber insurance market. This panel will discuss approaches for collecting data and developing techniques supporting more sophisticated assessment of cyber risks and potential accumulation risks. Taking into account the global character of cyber risks, panelists will elaborate on whether globally harmonized standards could facilitate further understanding and underwriting of cyber risks. The discussion will further include the role and use of risk pools to provide additional capacity to tackle the potential systemic nature of cyber risk.
- Future of big data and artificial intelligence in insurance.. Panelists will discuss insurers’ use of third-party vendors and how the regulatory framework addresses big data accuracy and new vendors operating in the insurance marketplace. Panelists will also discuss privacy protections and disclosures to applicants and policyholders. Panelists will explore the associated opportunities and risks of insurers’ use of artificial intelligence and corresponding regulatory responses in the US and EU, such as the development of artificial intelligence principles including ethical aspects. Finally, panelists will discuss the regulatory review of predictive models, including but not limited to assessing transparency and explainability issues arising from the use of machine learning algorithms.
Keywords: Europe, Americas, EU, US, Insurance, Cyber Risk, Artificial Intelligence, EU-US Forum, Insurtech, Cyber Insurance, Big Data, EC, NAIC, EIOPA
Previous ArticleOSFI Proposes New Benchmark Rate for Qualifying Uninsured Mortgages
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.
The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).
The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.
The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.
The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.
In a letter to the federally regulated financial institutions and pension plans, the Office of the Superintendent of Financial Institutions (OSFI) published a summary of the feedback received to the January 2021 discussion paper on ways to address climate risks.