Insurers Say Data-Sharing Plans Must Not Repeat Past Errors

Law360, London (May 27, 2021, 12:23 PM BST) -- Europe's insurers told the sector's watchdog on Thursday that plans to open up data-sharing must take into account lessons learnt from a similar exercise involving payment companies as well as considering the complexities of the market.

Insurance Europe told the European Insurance and Occupational Pensions Authority that it must carefully assess the conclusions from the rollout of the bloc's revised Payment Services Directive, known as PSD2, before it presses ahead with so-called open insurance work. The trade group for the sector said "there needs to be an appropriate focus on evaluating and assessing the impact" of the directive.

The regulator has proposed...

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