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The book addresses a topic at the intersection of two heavily
regulated sectors: insurance and investment services. Until
recently, scholars and professionals have approached insurance and
investment services as two separate categories in the financial
services sector, and as being governed by separate regulatory
frameworks. In practice, however, the boundaries were and are
blurred, a reality that regulators have begun to recognize and
address in their more recent regulatory texts. The first part of
the book approaches the new standards applicable to investment
products based on insurance: insurance-based investment products
(IBIPs). These rules are harmonized across the EU. The rationale
behind this new definition is provided, together with a description
of these products' limitations. The analysis addresses the new
rules and explores the legal regime and relevant standards
applicable to IBIPs. The organizational rules concerning the design
and distribution of IBIPs are also examined, and the book
highlights e.g. how these rules are inspired by the principles of
conduct. In closing, the ADR systems are analysed, in order to
ascertain whether or not they can offer an effective tool for
settling disputes over these products. In turn, the second part
focuses on the liability for distribution of IBIPs, which ranks as
one of the most conspicuous and relatively new legal phenomena, but
at the same time, represents an exceptionally important field of
civil liability in today's world. Liability is still regulated at
the national level. Thus, the four largest life insurance markets
in the EU are considered, along with the largest emerging market
for life insurance. The chapters on national laws also consider
whether, and if so, how the new harmonized rules on IBIPs are being
combined with those already in force in the jurisdictions
considered. The goal is to determine whether the new rules are
likely to change the doctrine and case law approach to these
products, or whether the European legislators' choices have no real
impact on the protection of clients.
This book explores the profound transformation that has taken place
in European insurance legislation since January 2016. Expert
contributions discuss the changes that have taken place in the
supervision of insurance and reinsurance undertakings through an
economic risk-based approach. They outline the European insurance
market before going on to show how Solvency II and Insurance
Distribution Directive (IDD) are expected to generate significant
benefits and have a positive impact on all parties involved in the
insurance industry, the supervisory authorities and the insured.
They also show how Solvency II is likely to benefit the economy as
a whole, promoting more efficient allocation of capital and risk in
a financial stability framework. This volume will be of interest to
academics and researchers in the field of insurance regulation.
This book adopts an international perspective to examine how the
online sale of insurance challenges the insurance regulation and
the insurance contract, with a focus on insurance sales, consumer
protection, cyber risks and privacy, as well as dispute resolution.
Today insurers, policyholders, intermediaries and regulators
interact in an increasingly online world with profound implications
for what has up to now been a traditionally operating industry.
While the growing threats to consumer and business data from cyber
attacks constitute major sources of risk for insurers, at the same
time cyber insurance has become the fastest growing commercial
insurance product in many jurisdictions. Scholars and practitioners
from Europe, the United States and Asia review these topics from
the viewpoints of insurers, policyholders and insurance
intermediaries. In some cases, existing insurance regulations
appear readily adaptable to the online world, such as prohibitions
on deceptive marketing of insurance products and unfair commercial
practices, which can be applied to advertising through social
media, such as Facebook and Twitter, as well as to traditional
written material. In other areas, current regulatory and business
practices are proving to be inadequate to the task and new ones are
emerging. For example, the insurance industry and insurance
supervisors are exploring how to review, utilize, profit from and
regulate the explosive growth of data mining and predictive
analytics ("big data"), which threaten long-standing privacy
protection and insurance risk classification laws. This book's
ambitious international scope matches its topics. The online
insurance market is cross-territorial and cross-jurisdictional with
insurers often operating internationally and as part of larger
financial-services holding companies. The authors' exploration of
these issues from the vantage points of some of the world's largest
insurance markets - the U.S., Europe and Japan - provides a
comparative framework, which is necessary for the understanding of
online insurance.
This open access volume of the AIDA Europe Research Series on
Insurance Law and Regulation offers the first comprehensive legal
and regulatory analysis of the Insurance Distribution Directive
(IDD). The IDD came into force on 1 October 2018 and regulates the
distribution of insurance products in the EU. The book examines the
main changes accompanying the IDD and analyses its impact on
insurance distributors, i.e., insurance intermediaries and
insurance undertakings, as well as the market. Drawing on
interrelations between the rules of the Directive and other fields
that are relevant to the distribution of insurance products, it
explores various topics related to the interpretation of the IDD -
e.g. the harmonization achieved under it; its role as a benchmark
for national legislators; and its interplay with other regulations
and sciences - while also providing an empirical analysis of the
standardised pre-contractual information document. Accordingly, the
book offers a wealth of valuable insights for academics,
regulators, practitioners and students who are interested in issues
concerning insurance distribution.
This open access volume of the AIDA Europe Research Series on
Insurance Law and Regulation brings together contributions from
authors with different legal cultures. It aims to identify the
legal issues that arise from the intersection of two disciplines:
insurance law and corporate/company law. These legal issues are
examined mainly from the perspective of European Union (EU) law.
However, there are also contributions from other legal systems,
enriching the perspective with which to approach these issues.
This volume focuses on transparency as the guiding principle for
insurance regulation and supervisory law. All chapters were written
by experts in their respective fields, who address transparency in
a wide range of European and non-European jurisdictions. Each
chapter reviews the transparency principles applicable in the
jurisdiction discussed. While the European jurisdictions reflect
different facets of the principle as emerging from EU law on
insurance, the principle has developed quite differently in other
jurisdictions.
Big Data Analytics in the Insurance Market is an industry-specific
guide to creating operational effectiveness, managing risk,
improving financials, and retaining customers. This book will be a
'must' for people seeking to broaden their knowledge of big data
concepts and their real-world applications, particularly in the
field of insurance. The insurance industry is largely dependent on
data, and the advent of Big Data and analytics represents a major
advance with tremendous potential. Yet clear, practical advice on
the business side of analytics is lacking. This book fills the void
with concrete information on using Big Data in the context of
day-to-day insurance operations and strategy. This book an
invaluable resource for any insurance professional from
practitioners and policymakers working at insurance companies, to
undergraduate and graduate students of economics management, and
finance. Providing high quality academic research, ESFIRM provides
a platform for authors to explore, analyse and discuss current and
new financial models and theories, and engage with innovative
research on an international scale.
This volume focuses on transparency as the guiding principle for
insurance regulation and supervisory law. All chapters were written
by experts in their respective fields, who address transparency in
a wide range of European and non-European jurisdictions. Each
chapter reviews the transparency principles applicable in the
jurisdiction discussed. While the European jurisdictions reflect
different facets of the principle as emerging from EU law on
insurance, the principle has developed quite differently in other
jurisdictions.
This open access volume of the AIDA Europe Research Series on
Insurance Law and Regulation offers the first comprehensive legal
and regulatory analysis of the Insurance Distribution Directive
(IDD). The IDD came into force on 1 October 2018 and regulates the
distribution of insurance products in the EU. The book examines the
main changes accompanying the IDD and analyses its impact on
insurance distributors, i.e., insurance intermediaries and
insurance undertakings, as well as the market. Drawing on
interrelations between the rules of the Directive and other fields
that are relevant to the distribution of insurance products, it
explores various topics related to the interpretation of the IDD -
e.g. the harmonization achieved under it; its role as a benchmark
for national legislators; and its interplay with other regulations
and sciences - while also providing an empirical analysis of the
standardised pre-contractual information document. Accordingly, the
book offers a wealth of valuable insights for academics,
regulators, practitioners and students who are interested in issues
concerning insurance distribution.
This Volume of the AIDA Europe Research Series on Insurance Law and
Regulation explores the key trends in InsurTech and the potential
legal and regulatory issues that accompany them. There is a
proliferation of ideas and concepts within InsurTech that will
fundamentally change the market in the next few years. These
innovations have the potential to change the way the insurance
industry works and alter the relationships between customers and
insurers, resulting in insurance products that are more closely
aligned to individual preferences and priced more appropriately to
the risk. Increasing use of technology in the insurance sector is
having both a disruptive and transformative impact on areas
including product development, distribution, modelling,
underwriting and claims and administration practice. The result is
a new industry, known as InsurTech. But while the insurance market
looks to technology for greater efficiency, regulators are
beginning to raise concerns about managing potential risks. The
first part of the book examines technological innovations relevant
for insurance, such as FinTech, InsurTech, Sharing Economy, and the
Internet of Things. The second part then gathers contributions on
insurance contract law in a digitalized world, while the third part
focuses on cyber insurance and robots. Last but not least, the
fourth part of the book discusses legal and ethical questions
regarding autonomous vehicles and transportation, including the
shipping industry, as well as their impact on the insurance sector
and civil liability. Written by legal scholars and practitioners,
the book offers international, comparative and European
perspectives. The Chapters "FinTech, InsurTech and the Regulators"
by Viktoria Chatzara, "Smart Contracts in Insurance. A Law and
Futurology Perspective" by Angelo Borselli and "Room for Compulsory
Product Liability Insurance in the European Union for Smart
Robots?" by Aysegul Bugra are available open access under a CC BY
4.0 license at link.springer.com. All three open access chapters
were funded by BIPAR.
This book adopts an international perspective to examine how the
online sale of insurance challenges the insurance regulation and
the insurance contract, with a focus on insurance sales, consumer
protection, cyber risks and privacy, as well as dispute resolution.
Today insurers, policyholders, intermediaries and regulators
interact in an increasingly online world with profound implications
for what has up to now been a traditionally operating industry.
While the growing threats to consumer and business data from cyber
attacks constitute major sources of risk for insurers, at the same
time cyber insurance has become the fastest growing commercial
insurance product in many jurisdictions. Scholars and practitioners
from Europe, the United States and Asia review these topics from
the viewpoints of insurers, policyholders and insurance
intermediaries. In some cases, existing insurance regulations
appear readily adaptable to the online world, such as prohibitions
on deceptive marketing of insurance products and unfair commercial
practices, which can be applied to advertising through social
media, such as Facebook and Twitter, as well as to traditional
written material. In other areas, current regulatory and business
practices are proving to be inadequate to the task and new ones are
emerging. For example, the insurance industry and insurance
supervisors are exploring how to review, utilize, profit from and
regulate the explosive growth of data mining and predictive
analytics ("big data"), which threaten long-standing privacy
protection and insurance risk classification laws. This book's
ambitious international scope matches its topics. The online
insurance market is cross-territorial and cross-jurisdictional with
insurers often operating internationally and as part of larger
financial-services holding companies. The authors' exploration of
these issues from the vantage points of some of the world's largest
insurance markets - the U.S., Europe and Japan - provides a
comparative framework, which is necessary for the understanding of
online insurance.
This book explores the profound transformation that has taken place
in European insurance legislation since January 2016. Expert
contributions discuss the changes that have taken place in the
supervision of insurance and reinsurance undertakings through an
economic risk-based approach. They outline the European insurance
market before going on to show how Solvency II and Insurance
Distribution Directive (IDD) are expected to generate significant
benefits and have a positive impact on all parties involved in the
insurance industry, the supervisory authorities and the insured.
They also show how Solvency II is likely to benefit the economy as
a whole, promoting more efficient allocation of capital and risk in
a financial stability framework. This volume will be of interest to
academics and researchers in the field of insurance regulation.
This open access volume of the AIDA Europe Research Series on
Insurance Law and Regulation brings together contributions from
authors with different legal cultures. It aims to identify the
legal issues that arise from the intersection of two disciplines:
insurance law and corporate/company law. These legal issues are
examined mainly from the perspective of European Union (EU) law.
However, there are also contributions from other legal systems,
enriching the perspective with which to approach these issues.
Contemporary Issues in Economic and Financial Analysis 99 includes
fourteen studies on contemporary issues within governance and
regulations by authors invited from various universities and
institutions. The chapters are a mix of discussion-based studies
and empirical research studies aimed at understanding particular
aspects of governance and regulations. Some refer to a particular
country-specifically Malta, Indonesia, and India-and others are
more generic and/or European-focused. These chapters include
studies of the following: the challenges of corporate governance in
small family-owned firms; a credit institution's perspective for
managing conduct risk in the boardroom; the implications of the
regulation and governance of financial advice in Europe for the
retail financial advice sector and its consumers; the barriers to
the development of Maltese cooperatives; corporate governance and
cash holdings in Indian firms; whether good governance fosters
trust in the government; the impact of takeover bids on European
law and corporate governance; the developments and outcomes of the
reform of the doctrine of "utmost good faith" in the UK; whether
corporate decisions in Indonesia are a result of corporate
governance requirements; earning management and audit reports; the
European deposit insurance scheme; product intervention of
supervisory authorities in financial services; the teaching of
financial services regulation; how to link the human element to the
risk management process, which is one of the internal control
processes in governance of an organisation; and whether the
transparency regime on the financial institutions market really
works.
This Volume of the AIDA Europe Research Series on Insurance Law and
Regulation focuses on transparency as the guiding principle of
modern insurance law. It consists of chapters written by leaders in
the respective field, who address transparency in a range of civil
and common law jurisdictions, along with overview chapters. Each
chapter reviews the transparency principles applicable in the
jurisdiction discussed. Whether expressly or impliedly, all
jurisdictions recognize a duty on the part of the insured to make a
fair presentation of the risk when submitting a proposal for cover
to the insurers, although there is little consensus on the scope of
that duty. Disputed matters in this regard include: whether it is
satisfied by honest answers to express questions, or whether there
is a spontaneous duty of disclosure; whether facts relating to the
insured's character, as opposed to the nature of the risk itself,
are to be presented to the insurers; the role of insurance
intermediaries in the placement process; and the remedy for breach
of duty. Transparency is, however, a much wider concept. Potential
policyholders are in principle entitled to be made aware of the key
terms of coverage and to be warned of hidden traps (such as
conditions precedent, average clauses and excess provisions), but
there are a range of different approaches. Some jurisdictions have
adopted a "soft law" approach, using codes of practice for
pre-contract disclosure, while other jurisdictions employ the
rather nebulous duty of (utmost) good faith. Leaving aside
placement, transparency is also demanded after the policy has been
incepted. The insured is required to be transparent during the
claims process. There is less consistency in national legislation
regarding the implementation of transparency by insurers in the
context of handling claims.
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