EU-US Insurance Forum in March to Focus on Cyber Risk and Insurtech
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.
Related Links
Keywords: Europe, Americas, EU, US, Insurance, Cyber Risk, Artificial Intelligence, EU-US Forum, Insurtech, Cyber Insurance, Big Data, EC, NAIC, EIOPA
Previous Article
OSFI Proposes New Benchmark Rate for Qualifying Uninsured MortgagesRelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),