Benelux Regulators to Apply EIOPA Guidelines on Outsourcing to Cloud Service Providers by Insurance and Reinsurance Undertakings
On 24 April 2020, the European Insurance and Occupational Pensions Authority (EIOPA) issued new guidelines on outsourcing to cloud service providers (the "Guidelines") which apply to insurance and reinsurance undertakings, supplementing the general regulatory framework based on the Solvency II Directive and Delegated Regulation 2015/35.
Pursuant to Article 16(3) of Regulation (EU) No 1094/2010 establishing the EIOPA, which requires the competent authorities of the EU Member States to make every effort to comply with EIOPA guidelines and confirm that they intend to comply with them, the Benelux regulators have indicated their intention to apply the Guidelines.
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Our Benelux Regulatory Insurance and IP/IT teams have extensive experience in the area of cloud outsourcing and would be happy to assist you with a wide range of issues. More information about our Benelux insurance practice can be found here.