Regulators Focus on Cyber, Big Data, AI, and Intragroup Transactions

Two rock-carved heads superimposed with U.S. and European flags face each other with a tree growing from both to form an arch

November 20, 2018 |

Two rock-carved heads superimposed with U.S. and European flags face each other with a tree growing from both to form an arch

Regulators from the United States and the European Union were joined by representatives from industry and consumer organizations to discuss challenges and opportunities related to cyber risks, the use of big data, artificial intelligence (AI), and intragroup transactions in multinational insurance groups at the 6th EU-US forum held in Luxembourg.

The EU-US Insurance Dialogue Project was initiated in early 2012 by1 the National Association of Insurance Commissioners (NAIC), the Federal Insurance Office, the European Insurance and Occupational Pensions Authority (EIOPA), and the European Commission to deepen the dialogue between the United States and the European Union to promote business opportunity, consumer protection, and effective supervision.

Following the recent EU-US forum, the NAIC and EIOPA jointly said the growing cyber threats, increasing power of big data, and contagion risk from intragroup transactions in multinational insurance groups are focus areas for risk-based and forward-looking supervision in the United States and the European Union.

"The EU-US Insurance Dialogue Project has led to an enhanced mutual understanding of our respective regulatory frameworks and initiatives in the areas of cyber security, cyber insurance, use of big data, and intragroup transactions," said Katharine L. Wade, commissioner of the Connecticut Insurance Department and NAIC international committee chair.

She added, "Continued dialogue with our European colleagues in these key areas helps to ensure effective coordinated supervision of cross-border insurance groups for the benefit of our policyholders."

Gabriel Bernardino, chairman of EIOPA, said, "Considering the implications for the operational environment and the business models of insurers, globally, a collective response of supervisors is required to meet our primary objective, which is the protection of policyholders and beneficiaries."


  1. The Federal Reserve Bank joined the project later.

November 20, 2018