- The Chartered Insurance Institute-a moving experience
- Marsh & McLennan moves for JLT
- AIR Worldwide estimates industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from $1.7bn to $4.6bn-excluding impact of ongoing unprecedented flooding
- Willis Re annual Silent Cyber Risk Outlook global survey indicates insurers are expecting increased cyber-related losses across all business lines over the next 12-months
- PRA issues consultation paper related to the extension of the Senior Managers and Certification Regime(SM&CR) to insurers
- FCA closes remaining investigations into life insurance sector without taking enforcement action
- Insurance Europe responds to EC proposal for a review of the 2009 Motor Insurance Directive(MID) expired
- Co-operators launches new digital insurance product in two months through Slice Labs Insurance Cloud Service expired
- Aviva completes share buyback prgramme expired
- AXA IM moving to the next phase of its commitment to strengthen Responsible Investment (RI) capabilities expired
- Conning publishes US Life-Annuity Consumer Markets Annual expired
- Five-year dairy farmer microinsurance project launched in Kenya-supported by ICMIF members expired
11th March 2018
Insurance Europe welcomes publication of the European Commission’s Fintech Action Plan
Insurance Europe has welcomed the publication of the European Commission’s Fintech Action Plan, which sets out how the Commission plans to support innovation in financial services, while also protecting consumers.
Regulators and supervisors have a crucial role to play in ensuring that consumers and insurers can get the most out of digitalisation. To achieve this, they must safeguard high standards of consumer protection and fair competition, while also removing regulatory obstacles and encouraging innovation.
William Vidonja, head of conduct of business at Insurance Europe, comments “Insurance Europe supports the Fintech Action Plan’s underlying principle that the same rules should apply to everyone undertaking a similar activity that entails a similar risk. This is the only way to give consumers the protection they deserve. The Commission must ensure that any new rules—such as on EU-wide licensing—are applicable to both existing market players and market entrants to ensure fair competition.
“Because of the fast pace of technological advances, it is vital that rules or guidelines should be digital-friendly, technologically neutral and sufficiently future-proof. Insurance Europe therefore welcomes the fact that the Commission is continuing to allow markets and technologies time to develop before introducing binding legislation.
“Last but not least, the Commission must clarify the responsibilities of the various EU authorities, supervisors and local authorities in relation to innovation, digital technologies and the use of data.”
Insurance Europe Trends(135 articles)