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The executives and experts from both sides of the Atlantic discussed how home and host supervisors can effectively evaluate the use of appropriate controls, governance and risk management by globally active insurers. The two sides welcomed recent regulatory consumer protection efforts which are needed to adequately address today’s challenges of the digital world and to eliminate incentives for inappropriate sales practices.
Participants discussed the effects of competitive markets and a fast-growing digital environment, and the demands on insurers to continuously improve their engagement with customers.
Participants also discussed the extent to which insurers may pursue revised or alternative business models also as a result of the increased focus on “consumer-centricity”.
The Steering Committee of the EU-U.S. Insurance Project agreed to reframe the current structure of the project by defining the priority topics for the coming year in the light of recent domestic and international regulatory and supervisory developments, including increased focus on consumer protection and emerging risks stemming from digital environment.
In 2017, the focus will be on intragroup transactions and guarantees, cyber risk and the impact of consumer protection on the business models of insurance companies.