Selected recent European Insurance news items of more general interest:
In a letter dated 22 December, the European Supervisory Authorities (ESAs) responded to the European Commission on amendments to the PRIIPs rules. The letter states "the three ESAs are not in a position to provide an agreed opinion on the amended draft RTS" and also provides comment on their concerns on the performance scenarios.
On 19 December the European Supervisory Authorities (ESAs) published a Discussion Paper on the Use of Big Data by Financial Institutions. This presents the ESAs initial assessment of the potential benefits and risks of the phenomenon and (noteworthy) possible evolution of the market. Feedback will help the supervisors gain a better understanding and to decide if action may be required. The ESAs published a helpful Q&A alongside the paper including purpose of Big Data and examples of use in the financial sector. The supervisors define Big Data as "cover[ing] the collection, processing and use of high volumes of different types of data from various sources, often using powerful IT tools and algorithms."
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