Regulatory Gaps Concerning the Introduction of New Technologies in Insurance Distribution – the New Role and Activities of Supervisory Authorities.
Regulatory Gaps Concerning the Introduction of New Technologies in Insurance Distribution – the New Role and Activities of Supervisory Authorities.

Summary/Abstract: The lack of a legislative concept on the part of the legislator regarding new technologies regulations on the business insurance market forced the supervisory authorities to be active in this respect. Thus, a clear trend is emerging, in which the legislator shifts the monitoring tasks and the entire responsibility for financial market security onto the supervisory authorities. Regulatory gaps are eliminated by supervisory activity related to issuing recommendations and guidelines, as well as by creating Innovation Hubs and Regulatory Sandboxes. The new role of supervisors (in particular at the national level) is to look for ways, modelled on global solutions, that will prevent destructive distortions of competition or customer safety, while supporting the need for innovation. All these solutions mean that the introduction of new technologies on the insurance market must take place by issuing guidelines and recommendations; however, it is necessary that solutions in this area be developed at EU level. From de lege ferenda perspective, it should be postulated that EIOPA develop solutions in this matter that would be harmonized and coherent for the entire market and individual Member States.

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