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Reports on recent UK and EU regulatory developments of interest to insurers and their intermediaries.
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Blockchain and smart contracts in insurance: EIOPA discussion paper
The European Insurance and Occupational Pensions Authority (EIOPA) has published a discussion paper on blockchain and smart contracts in insurance. The aim of the paper is to provide a high level overview of risks and benefits of blockchain and smart contracts in insurance from a supervisory perspective, and to gather feedback from stakeholders. It also gives an overview of the feedback EIOPA received through a survey on blockchain and smart contracts which it conducted with national competent authorities in Q2 2020.
By Luigi Serenelli2021-05-04T14:43:00+01:00
The EU Commission’s decision on the changes to the Solvency II Directive has to find the right balance between different aspects of the review, according to panellists at an annual event organized by the German Association of Actuaries (DAV) that took place last week.
“We need to look at a balanced outcome at an individual country level because the insurance business is still very national and still has very national components,” said Claudia Donzelmann, global head of regulatory and public affairs at Allianz.
Donzelmann noted that since its implementation in 2016 the Solvency II framework has proven to work well, including in times of crisis during the pandemic.
The European Commission, the European Insurance and Occupational Pensions Authority and the insurance industry are working together to explore options to share the costs and responsibilities of protecting businesses affected by the COVID-19 pandemic.
The European Commission, insurance regulator EIOPA, and the industry have started discussing options to better ensure the protection of businesses affected by the COVID-19 pandemic, as the withdrawal of state support measures is expected to reveal the real damage caused by the crisis in the private sector.
Following the work done by the European Insurance and Occupational Pensions Authority (EIOPA), and calls from the industry, the Commission is exploring with all the parties options for sharing the costs and responsibilities to respond to the impact of pandemics.
But the discussions are in a preliminary phase, as the Commission wants to see how the health and economic crisis evolves before deciding on possible actions, a Commission spokesperson told EURACTIV on Thursday (29 April).