EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance. The Consultative Expert Group may also act as a sounding board for EIOPA in other related policy initiatives in the area of insurtech, for instance, by supporting EIOPA in promoting a sound governance framework on the use of big data analytics tools such as artificial intelligence and machine learning. EIOPA published the list of members of the Consultative Expert Group. The group will meet for the first time on October 08, 2019.
EIOPA established the Consultative Expert Group as a follow-up to its recent thematic review on the use of big data analytics in motor and health insurance. The thematic review, which was published in May 2019, concluded that there are many opportunities arising from big data analytics and digitalization more broadly, but some risks need to be further addressed. For this reason, the digital responsibility principles will address the use of new business models, technologies, and data sources in insurance from the perspective of fairness while taking into account ethical considerations. Though the principles are expected to cover different areas of the insurance value chain, specific focus will be given to pricing and underwriting, given their specific importance in the insurance sector.
Keywords: Europe, EU, Insurance, Big Data, Fintech, Insurtech, Artificial Intelligence, Machine Learning, Digital Ethics, Governance, EIOPA
Previous ArticleBNB Sets Countercyclical Buffer at 1% for Fourth Quarter of 2020
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.