EIOPA to produce cloud outsourcing guidelines for insurers

SUSAN MCKIERNAN | April 12, 2019

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On 27 March 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a report that looks at outsourcing to the cloud by (re)insurers.The report was issued in response to the European Commissions request (through its FinTech Action Plan published on 3 March 2018) that the European Supervisory Authorities - EIOPA, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) - explore the need for guidelines on outsourcing by regulated entities to cloud service providers. As adoption of cloud computing in the financial sector increases, the Commission has concerns about the uncertainties of its interpretation by supervisory authorities within the scope of existing outsourcing requirements.

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