Insurers Push Back On Strict New EU Technology Regime

Law360, London (October 7, 2019, 5:40 PM BST) -- European Union insurers need more time to come to grips with strict new blocwide rules aimed at ensuring digital safety when giving work to outside companies, a lobby group for the industry said Monday.

The proposed new rules set down by the European Insurance and Pensions Authority, or EIOPA — the sector’s top European Union watchdog — require insurers to carry out stricter due diligence testing on outside companies before asking them to provide so-called cloud technology services. But the transition will cause disruption to the industry if regulators do not give insurers more time to adapt, Insurance Europe said.

“Further flexibility will...

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