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 ArticleESRB Advisory Scientific Committee Report on Exchange-Traded Funds
EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).
EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.