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9th October 2019
European insurers say they will likely need additional time to implement proposed guidelines on outsourcing to cloud service providers
European insurers say they will likely need additional time to implement proposed guidelines on outsourcing to cloud service providers, which the European Insurance and Occupational Pensions Authority(EIOPA) is currently developing. Based on past industry experience, this will be necessary to facilitate a smooth transition from current operational practices.
Insurance Europe said that the guidelines should be limited to instances of material outsourcing: ie, outsourcing that encompasses critical and important operational functions or activities only to ensure legal certainty and consistency with Solvency II. Non-material outsourcing to the cloud should fall outside of their scope.
Cloud services should only be regarded as outsourcing if there are certain risks associated with cloud services that may have a material impact on either the insurer’s ability to comply with regulatory requirements or its customers. Insurance Europe added that clear definitions are necessary to ensure that the scope of application is sufficiently precise.
In the context of access and audit rights, Insurance Europe called on EIOPA to encourage and allow greater reliance on the use of third-party certification.
Insurance Europe Trends(198 articles)