EIOPA Tells Insurers To Step Up Scrutiny On Cloud Services

Law360, London (July 2, 2019, 5:52 PM BST) -- Insurers based in the European Union must conduct more extensive risk assessments and due diligence on outside companies before hiring them to provide cloud technology services, Europe’s top insurance regulator has said in new guidelines aimed at standardizing approaches across the bloc.

The European Insurance and Occupational Pensions Authority launched a consultation on Monday, seeking industry feedback on its new guidance for insurance firms looking to outsource their systems to cloud-based providers.

Insurers are already bound by specific requirements on buying cloud computing under Solvency II rules, but EIOPA said it was prompted to prepare the guidance on cloud outsourcing after...

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