EU To Set Out Rules For Insurers Using Cloud Services

Law360, London (March 28, 2019, 4:12 PM GMT) -- Europe’s top insurance regulator said Thursday that it will publish common guidance for the bloc's insurers on how they should be hiring third parties that provide cloud technology services, in a bid to protect the EU’s financial sector from the risks that come from outsourcing.

The European Insurance and Occupational Pensions Authority said it will develop guidelines for insurers that outsource their cloud technology. The watchdog said its probe into the bloc’s practices found that member state regulators currently have different rules for insurers that outsource cloud services.

Cloud-based providers give companies, including insurers, access to a network of remote servers...

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