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
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.
As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.
The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.
The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.
The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.
The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.