Reports on recent UK and EU regulatory developments of interest to insurers and their intermediaries.
- Blockchain and smart contracts in insurance: EIOPA discussion paper
Blockchain and smart contracts in insurance: EIOPA discussion paper
The European Insurance and Occupational Pensions Authority (EIOPA) has published a discussion paper on blockchain and smart contracts in insurance. The aim of the paper is to provide a high level overview of risks and benefits of blockchain and smart contracts in insurance from a supervisory perspective, and to gather feedback from stakeholders. It also gives an overview of the feedback EIOPA received through a survey on blockchain and smart contracts which it conducted with national competent authorities in Q2 2020.
EIOPA’s survey is open for comment until 29 July 2021.
EIOPA will assess the feedback to the paper to better understand blockchain developments in the insurance sector as well as the risks and benefits related to them. This could also help to provide informed input for the upcoming legislative initiatives foreseen in the European Commission’s Digital Finance Strategy. It could also supplement EIOPA’s overall work on digitalisation, including in areas such as the (re)insurance value chain and new business models arising from digitalisation, insurance platforms and ecosystems, open insurance, digital ethics, and RegTech/SupTech.