EU Insurers Seek Clarity On 3rd-Party Outsourcing Rules
Law360, London (January 12, 2021, 11:29 AM GMT) -- European insurers called on Tuesday for greater clarity on the regulation of the finance industry's growing reliance on outsourcing business to third party entities, particularly for their technology requirements.
Insurance Europe, a trade body, said that watchdogs should draw up a clear and "well-balanced" approach to regulating the use of third-party businesses to manage parts of a company's activities. The practice is particularly common among cloud services providers. Many banks and finance businesses use companies such as Google and Amazon to host parts of their online platforms.
The lobby group said it wants to highlight "the need for additional clarity about...
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