Digital Operational Resilience Act 2022 (DORA)
Thu Jan 19 2023
On the 27th of December 2022, the Digital Operational Resilience Act 2022 (DORA) DORA was published in the Official Journal of the EU. It entered into force on the 16th of January 2023 and will apply as of 17th January 2025. This Regulation will be binding and directly applicable in all Member States. Micro and SME size insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries are not in the scope of DORA and MiFID II “opt out investment firms” (IIA Firms) are also exempted from DORA.
Large insurance intermediaries (that are not defined as micro or SMEs) are in scope. DORA rules will however be applied in accordance with the principle of proportionality, taking into account the size, the nature, scale and complexity of their services, activities and operations, and overall risk profile.