Featured Product

    IAIS Publishes Papers on the Use of Digital Technology in Insurance

    November 13, 2018

    IAIS published an application paper on the use of digital technology in inclusive insurance, along with the resolution of comments on the draft application paper. The consultation on the paper ran from February 2018 to March 2018. IAIS also published an issues paper, along with its response to comments received on the consultation, on the increasing digitalization in insurance and its potential impact on consumer outcomes. The consultation on the issues paper took place from August 2018 to September 2018.

    The application paper on the use of digital technology in inclusive insurance provides guidance to supervisors, regulators, and policymakers when considering, designing, and implementing regulations and supervisory practices on the use of digital technology in inclusive insurance. The paper describes a typical inclusive insurance market and a typical inclusive insurance customer, to offer context of the operating environment of a supervisor. It also outlines the use and implications of digital technology within inclusive insurance markets and builds the context in which the Insurance Core Principles (ICPs) should be proportionately applied. The paper provides application guidance on the relevant ICPs in the context of the use of digital technology in inclusive insurance. The paper also examines the aspects of fintech and insurtech in inclusive insurance. 

    The issues paper on digitalization in insurance is aimed to consider the impact of the increasing use of digital technology in insurance. It examines consumer outcomes and discusses the implications of digitalization for insurance supervision. The paper recognizes that the impact of digitalization may differ among jurisdictions, depending on the legal frameworks in place. A distinction should be made between applications and the data/information these applications use or generate. While this paper covers both innovative applications and—more generally—the use of data, IAIS expects to publish a separate paper on the use of personal and other data from a "conduct of business" perspective. This paper provides these considerations in the context of other IAIS work on fintech and insurtech. Accordingly, the paper focuses on the product design and underwriting, along with the marketing, sales, and distribution aspects of the insurance value chain. However, the impact of the increasing use of digital technology on other aspects of the insurance value chain will be addressed in other IAIS material.

    Keywords: International, Insurance, Inclusive Insurance, Proportionality, ICP, Insurtech, Fintech, IAIS

    Featured Experts
    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

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

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458