Page 70 - revue RDV 2024 (15_04)

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Insurance supervision in

the face of emerging risks

The overall digitalisation of the financial services sector is characterised communities early on in the process. This way, sector specialties can be
by rapid change. considered and the whole regulatory framework can fit together well. Mrs. Petra
The speed of digital innovation and emergence of new technologies is When it comes to supervision, it is also important that supervisors have HIELKEMA
unprecedented. For example, the use of AI in the insurance industry is the appropriate skills and knowledge to ensure consistent and effective
Chairperson, European
increasing rapidly and the effects of these new technologies are only supervision.
Insurance and
amplified by the increasing availability of data in today’s digital economy. Building supervisory capacity is key and this is also an area where the Occupational Pensions
This also means changes for supervisors. In part, this is guided by European Insurance and Occupational Pensions Authority (EIOPA) – Authority
the new legislation designed to address different aspects of the digital along with the two other European Supervisory Authorities (the European
transformation. In Europe, this includes the Digital Operational Resilience Banking Authority and the European Securities and Markets Authority) –
Act (DORA), the Financial Data Act (FiDA), and the Artificial Intelligence plays an active role.
(AI) Act. One example of the work of the ESAs is the European Forum of
These regulatory frameworks are horizontal in nature, covering the Innovation Facilitators (EFIF) – a platform through which supervisors
financial services sector as a whole, or even with a broader scope, as and industry can jointly explore ways to lower barriers to innovation, with
is the case with the AI Act. This trend is expected to continue. It is risk to consumer protection or financial stability.
therefore important to thoroughly consider the impact of cross-sectoral Through EFIF, supervisors can engage with innovators to exchange
legislation on insurance and to engage with the insurance and supervisory technical expertise. The forum also enable supervisors to reach common