Jurisdiction: European Union

Underwriting and Finance/Reinsurance Focused InsurTechs – Understanding Licensure and Top 3 Regulatory Issues

Happy Presidents Day! Hopefully you are on vacation and reading this a day late. However, if not, we hope this installment of InsurTech analysis serves as a nice and informative break from the rigors of your work day. This week we move further into our overview of the insurance industry for InsurTechs, we move away from the things the general public is familiar with (Distribution and Claims), and we peer into what’s behind the curtain. And despite what the Wizard of Oz says, you should definitely pay attention to what’s behind the curtain.

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Locke Lord QuickStudy: UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation

As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets.

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Locke Lord’s Zach Lerner, Associate in the New York office, Co-Authors “The Privacy Shield and its Impact on U.S. Insurance Companies” for FORC Fall 2016 Edition

The EU-U.S. Privacy Shield (the “Privacy Shield”) has been promulgated through a joint effort between the United States (the “U.S.”) and the European Union (the “EU”) in order to facilitate the transfer of personal data from the EU to U.S. companies.

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EIOPA Publishes Additional Information on National General Good Provisions

EIOPA has published additional information on its General Good provisions which are intended to promote transparency for cross-border activity in accordance with Article 9 of the EIOPA Regulation. The provisions list some of the requirements that are to be observed by insurance undertakings and/or intermediaries that intend to carry on business in EU/EEA Member States, hence protecting the ‘general good’. 

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EIOPA Publishes Good Practices for Comparison Websites

On 30 January 2014, EIOPA published its report on good practices for comparison websites (here), in response to EIOPA’s consultation on this topic. The report is concerned primarily with the activities of commercial comparison websites, as opposed to non-commercial websites run by consumer and/or industry associations or public authorities. 

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