Clifford Chance

Talking Tech

Industries

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FCA and EIOPA

Insurtech and regulation

Regulators are catching on to the idea that the rise of insurtech will require a different approach to regulation in many areas.

This Insurtech Taster looks at some of the FCA’s and EIOPA’s current and future projects that are relevant to the insurtech community.

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Product design and treating customers fairly

Regulatory obligations

In the race to innovate, insurers will need to balance the desire to bring new products to market and operate through new distribution channels with their regulatory conduct of business obligations, particularly the fair treatment of customers.

This Insurtech Taster looks at some of the matters that may affect insurers and intermediaries in the context of these regulatory obligations when designing new products and distribution models.

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Compulsory insurance for driverless cars

Changing the compulsory insurance system

The Government has sought to provide clarity to the public, manufacturers of automated vehicles and insurers around the basic insurance requirements that will apply to such vehicles when they become available in the market.

This Insurtech Taster looks at the outcome of the Government’s response to its consultation on changes needed to the compulsory insurance system to assist with the adoption of the first wave of fully automated vehicles.

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Regulated Activities and Financial Promotions

Regulation surrounding insurtech activities

Insurtech start-ups need to understand the regulatory framework applicable to insurance companies.

This Insurance Taster looks briefly at the risks of conducting regulated activities and the “financial promotion” and disclosure rules and their potential to impact insurtech projects.

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Data protection

Protecting customer data

The protection of customer data has been the subject of legislation and regulation in the UK for decades, but the spread of new technology and ethical concerns about the use of increasing amounts of customer data means data protection and cyber security laws need to adapt to deal with new risks. Insurers and technology providers will have to address legal/regulatory and ethical data privacy and cyber security risks as part of insurtech business models.

This Insurtech Taster briefly looks at some of the issues that may be relevant to insurtech projects.

Read the full article here.

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