The objective of the Project is to increase mutual understanding and enhance cooperation between the EU and the United States in order to promote business opportunity, consumer protection, and effective supervision.
In early 2012, FIO convened the insurance leadership of the European Commission, European Insurance and Occupational Pensions Authority (EIOPA), and state regulators to participate in a dialogue project. The Project Steering Committee oversees technical committees that analyze and compare the EU and U.S. regimes on topics of mutual interest.
In December 2012, the Steering Committee published an agreed-upon "Way Forward" that defined 7 common objectives and initiatives: professional secrecy/confidentiality, group supervision, solvency and capital requirements, reinsurance and collateral requirements, supervisory reporting, data collection and analysis, peer reviews, and independent third party review and supervisory on-site examinations. After further progress on the Project, and in light of developments in the EU and the United States, in July 2014 the Steering Committee updated the Way Forward and reaffirmed its commitment to the Project.
Most recently, the Steering Committee announced three new initiatives and focus areas for 2017-2019: (1) cybersecurity risk and the cyber insurance market, (2) the use of big data in the insurance sector, and (3) continuation of prior work on group supervision with a focus on intra-group transactions. In 2018, the Project published papers on these topics and held a public forum in Luxembourg. These papers are available on the EIOPA website.
In March 2020, the Project published updated summary reports on cybersecurity risk, the cyber insurance market, and the use of big data in the insurance sector.
New Initiatives for 2017-2019 and 2018 Focus Areas
The Way Forward (July 2014 revision)