Insurance Ireland recently provided feedback welcoming the Financial Data Access Regulation (FiDA) proposal in its submission to the European Commission’s Consultation on Open Finance Framework.

In its submission, Insurance Ireland also outlined a number of considerations that should be made, including:

• A phased approach by line of business with pre-defined timelines, starting with motor and home insurance,
• FiDA must ensure EU-wide interoperable standards (i.e. requirements for standardisation of insurance terms & data models) with room for local flexibility,
• More clarity is needed. A real-time sharing obligation should only be introduced in the area where data is generated in real time,
• FiDA should provide clear guarantees that participating in schemes won’t breach competiton law,
• A functioning cross-border FiDA will enhance Retail Investment Strategy (RIS) objectives. FiDA could support innovation by making it easier to compare & choose policies via personal aggregators, and finally
• At least 24 months are needed to develop a glossary of common definitions and API standards.

Read more about the feedback submitted below.