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 Articles
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
News

IASB Issues Work Plan and Meeting Updates for May 2019

IASB published an updated work plan, along with the update of its meeting in May 2019.

May 17, 2019 WebPage Regulatory News
News

FCA Publishes Its Business Plan for the Coming Year

FCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.

May 17, 2019 WebPage Regulatory News
News

CFTC Proposes to Amend Derivatives Clearing Organization Regulations

CFTC proposed amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs) under Part 30 of the CFTC regulations.

May 16, 2019 WebPage Regulatory News
News

APRA Licenses Societe Generale As Foreign Deposit-Taking Institution

APRA granted Societe Generale a license to operate as a foreign authorized deposit-taking institution under the Banking Act of 1959.

May 16, 2019 WebPage Regulatory News
News

EBA Provides Updates on Its Work on Basel III Impact Assessment in EU

EBA is working to finalize the impact assessment on implementation of Basel III standards, in response to the EC call for advice, which was received on May 04, 2018.

May 16, 2019 WebPage Regulatory News
News

ISDA Publishes Two Consultations on Benchmark Fallbacks

ISDA published two consultations on benchmark fallbacks, the comment periods for which expire on July 12, 2019.

May 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3097