General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
November 08, 2018

EIOPA published four papers resulting from the work of the EU–U.S. Insurance Dialog Project (EU-U.S. Project) in 2018. The EU-U.S. Project began in early 2012, as an initiative by EC, EIOPA, the Federal Insurance Office of the U.S. Department of Treasury (FIO), and NAIC to enhance mutual understanding and cooperation between EU and the United States for the benefit of insurance consumers and effective supervision. In 2018, the EU-U.S. Project focused, and published papers, on cybersecurity risk, cyber insurance market, use of big data, and intra-group transactions (IGTs). These papers will help inform the panel discussions at the EU-U.S. Insurance Project public forum on November 10, 2018 in Luxembourg.

Insurance Industry Cybersecurity Issues Paper. The paper outlines the existing legislative and supervisory frameworks in the EU and the U.S. and describes the selected initiatives and resources for addressing the cybersecurity risk in the insurance industry. The objective is to improve the mutual understanding of EU and U.S. cybersecurity regimes and to enhance supervisory cooperation.

Cyber Insurance Market. The paper describes the cyber insurance market and the types of available cyber insurance coverage. It then outlines challenges in underwriting cyber insurance and highlights the current supervisory practices for assessing cyber insurance underwriting. The paper concludes by offering proposals for future dialog by the Project members.

Big Data Issue Paper. The paper focuses on providing a better understanding on the type, quality, and means of collecting big data and how this data is then used by both insurers and third parties for underwriting, rating, marketing, and claims handling in both the U.S. and the EU. The paper also states how U.S. and EU supervisors are addressing their data needs to appropriately monitor the insurance marketplace and evaluate underwriting, rating, claims, and marketing practices in their respective markets, given the increased use of big data in the marketplace.

Supervision of IGTsIGTs can play an important part in managing risks with strong oversight and financial transactions that help to protect solvency and/or support recovery of undertakings within a group. However, in situations of financial distress, it could be possible for IGTs to increase liquidity risk, operational risk, and/or solvency risk for entities relying on such transactions. In some cases, an inadequate understanding and managing of IGTs could have a more severe impact and can lead to contagion risks between affiliates across the group. The main objectives of the Project’s work on IGTs are to seek mutual understanding about definitions of IGTs and to enhance the understanding of each other’s practices for risk and impact assessment, supervisory review processes, and reporting requirements, in addition to discussing how to further enhance information exchange practices in global supervisory colleges.

 

Related Links

Keywords: Americas, Europe, EU, US, Insurance, EU-US Insurance Dialog Project, Cybersecurity Risk, Cyber Insurance Market, Big Data, IGTs, EIOPA

Related Insights
News

US Agencies Propose Derivative Counterparty Credit Exposure Framework

US Agencies (OCC, FED, and FDIC) proposed to implement a new approach for calculating the exposure amount of derivative contracts under the regulatory capital rule.

December 17, 2018 WebPage Regulatory News
News

HKMA Announces Intention to Consult on Updated BCBS Disclosure Rules

HKMA announced that it will consult the industry in due course on the relevant implementation proposal to give effect to the disclosure requirements of the December 2018 package by BCBS.

December 17, 2018 WebPage Regulatory News
News

HKMA Issues and Revises Reporting Forms Under the IRRBB Framework

HKMA issued a revised version of the Supervisory Policy Manual (SPM) IR-1, with an updated title “Interest Rate Risk in the Banking Book” (IRRBB).

December 14, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for December 2018

EBA published answers to six questions under the Single Rulebook question and answer (Q&A) updates for this week.

December 14, 2018 WebPage Regulatory News
News

OSFI Proposes Changes to Guideline on Large Exposure Limits

OSFI proposed revisions to the Guideline B-2 on Large Exposure Limits, for implementation in the first quarter of 2020.

December 13, 2018 WebPage Regulatory News
News

BCBS Consults on Disclosure Rules for Leverage Ratio Window-Dressing

BCBS published a consultative document on revisions to the leverage ratio disclosure requirements to address the leverage ratio window-dressing behavior.

December 13, 2018 WebPage Regulatory News
News

PRA Updates the Policy on Approach to Systemic Risk Buffer

PRA published the final Statement of Policy on the PRA approach to the implementation of the systemic risk buffer (SRB), as proposed in the consultation paper CP29/18.

December 13, 2018 WebPage Regulatory News
News

EP Report Examines Financial Supervision and Regulation in US

European Parliament published a report that provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions.

December 12, 2018 WebPage Regulatory News
News

FED Proposes to Revise Several Reporting Forms Including FR Y-9C

FED proposed to extend for three years, with revision, the FR Y-9, FR Y-7N, FR Y-11, and FR 2314 family of reports, in addition to the forms FR 2886b, FR Y-8, FR 2248, FR 2320, FR 2644, and FR 2886b.

December 12, 2018 WebPage Regulatory News
News

EBA Finalizes Guidelines on the STS Criteria in Securitization

EBA published the final guidelines that provide a harmonized interpretation of the criteria for a securitization to be eligible as simple, transparent, and standardized (STS) on a cross-sectoral basis throughout EU.

December 12, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2340