Insurance Outsourcing: A Legal Analysis

Abstract

AbstractOutsourcing plays an important role in the operation of insurance and reinsurance companies. This article aims to define the legal conditions of insurance outsourcing and their evaluation by the author. The example of limiting the scope of outsourcing in the activities of insurance and reinsurance companies in the Polish law shows its specificity compared to other outsourcing in business. This specificity lies primarily in the need to control insurance outsourcing by the EU and national supervisory authorities. There is a tendency in the law to extend the regulations related to insurance outsourcing to the further performance of a process, service or activity by insurance companies, particularly in the field of cooperation of traditional distributors withInsurtech. The lack of legal regulations forces EIOPA to look for appropriate and effective legal solutions in the field of supervision over insurance outsourcing. This process is mainly based on self-regulation of the market through ‘soft law’—this practice sets new tasks for the EU and national regulators.