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.
In March 2020, the Project published updated summary reports on work conducted in 2019 by the working groups on cybersecurity risk, the cyber insurance market, and the use of big data in the insurance sector. The Project's public event, which had been scheduled for March 2020, was postponed due to the COVID-19 pandemic. The Project hosted a public virtual webinar in October 2021 on its continued progress in 2020-2021 on cybersecurity risk, the cyber insurance market, and the use of big data in the insurance sector and published summary reports discussing that work.
In 2022, the Project’s Steering Committee decided that the Project would focus on three topics:
(1) climate risk financial oversight, including climate risk disclosures, supervisory reporting, and other financial surveillance;
(2) climate risk and resilience, including innovative technology, pre-disaster mitigation and adaptation efforts, and modelling; and
(3) technology and innovation, including big data and artificial intelligence (AI), and SupTech as a regulatory tool.
The workstreams for those topics met regularly in 2022-2023. In June 2023, the Project hosted a public forum in Seattle, Washington to discuss this work and the future priorities of the Project. Summary reports of the workstreams’ discussions on climate risk financial oversight, climate risk and resilience, and technology and innovation in 2022-2023 were published in connection with this public forum.
2023 Public Forum:
- Workstream 1: Climate Risk Financial Oversight Workstream Summary Report
- Workstream 2: Climate Risk and Resilience Workstream Summary Report
- Workstream 3: Innovation and Technology Workstream Summary Report
2021 Public Forum:
- Cyber Insurance Market Summary Report
- Insurer Cybersecurity Summary Report
- Big Data and Artificial Intelligence Summary Report
2020 Summary Reports:
- Cyber Insurance Market Working Group Summary Report
- Insurer Cybersecurity Working Group Summary Report
- Big Data Working Group Summary Report
2018 Public Forum:
- Cyber Insurance Issue Paper
- Cybersecurity Issue Paper
- Big Data Issue Paper
- Supervision of Intra-Group Transactions
- New Initiatives for 2017 – 2019 and 2018 Focus Areas
Other Reports:
The Way Forward (July 2014 revision)