Experiences on latest UK and EU regulatory developments of curiosity to insurers and their intermediaries.
- Blockchain and sensible contracts in insurance coverage: EIOPA dialogue paper
Blockchain and sensible contracts in insurance coverage: EIOPA dialogue paper
The European Insurance coverage and Occupational Pensions Authority (EIOPA) has revealed a discussion paper on blockchain and sensible contracts in insurance coverage. The intention of the paper is to offer a excessive stage overview of dangers and advantages of blockchain and sensible contracts in insurance coverage from a supervisory perspective, and to collect suggestions from stakeholders. It additionally offers an outline of the suggestions EIOPA acquired via a survey on blockchain and sensible contracts which it carried out with nationwide competent authorities in Q2 2020.
EIOPA’s survey is open for remark till 29 July 2021.
EIOPA will assess the suggestions to the paper to raised perceive blockchain developments within the insurance coverage sector in addition to the dangers and advantages associated to them. This might additionally assist to offer knowledgeable enter for the upcoming legislative initiatives foreseen within the European Fee’s Digital Finance Technique. It might additionally complement EIOPA’s general work on digitalisation, together with in areas such because the (re)insurance coverage worth chain and new enterprise fashions arising from digitalisation, insurance coverage platforms and ecosystems, open insurance coverage, digital ethics, and RegTech/SupTech.