Outsourcing to cloud computing service providers

Circular 3/2021

The European Insurance and Occupational Pensions Authority (“EIOPA”) is entrusted with 1 issuing guidelines and recommendations to Member States’ supervisory authorities on how insurance and reinsurance undertakings should apply the Solvency II Directive 2 in order to (i) establish consistent, efficient and effective supervisory practices and (ii) ensure the common, uniform and consistent application of Union law.

In th is c ont ex t , the EIOPA g u idel i ne s on outsourcing to cloud computing service providers 3 (“Guidelines”) were published on 6 February 2020. On 1 January 2021, these guidelines began to apply to all outsourcing agreements made or amended on or after that date and they are intended to be implemented by 31 December 2022.

Lear more with this Informative Note.