On 28 June 2023, the EU Commission announced a proposal for a EU Regulation on a Framework for Financial Data Access (FIDA).
The insurance business is rapidly migrating from paper-based processes to the digitalization and automation of electronic processes. These electronic business processes take place between independent organizations, which leads to a variety of information formats being used. In order to facilitate this information exchange, there is a need for the standardization of the data formats being used.