Insurance Distribution Directive : : A Legal Analysis.

• Superior document: AIDA Europe Research Series on Insurance Law and Regulation Series ; v.3
• Author: Marano, Pierpaolo.
• TeilnehmendeR: Noussia, Kyriaki.
• Place / Publishing House: Cham : : Springer International Publishing AG,, 2020.; ©2021.
• Year of Publication: 2020
• Edition: 1st ed.
• Language: English
• Series: AIDA Europe Research Series on Insurance Law and Regulation Series
• Physical Description: 1 online resource (439 pages)

Table of Contents

Insurance Distribution Directive -- Preface -- AIDA Europe -- Contents -- Abbreviations -- Part I: The Harmonization Achieved under the Insurance Distribution Directive -- Insurance Distribution Directive and Cross-Border Activities by Insurance Intermediaries in the EU -- 1 Introduction -- 2 Simpler and Clearer Rules for Cross Border Activities by Insurance Intermediaries? -- 2.1 Some Background -- 2.2 A Simplified and Clearer Notification Procedure? -- 2.3 No Clarification Regarding the Triggering Element of Cross Border Activities -- 2.4 EIOPA Clarifications -- 2.5 General Good Rules: Will More Transparency Be Enough to Avoid Their Possible Detrimental Impact on the Single Market? -- 3 New Division of Competence Between Home and Host Member State Authorities and the Possible Impact on Intermediaries ́Passpor... -- 3.1 Powers Given to Host Member States Over Intermediaries Operating Under FOS in Their Territories -- 3.2 Powers Given to Host Member States Over Intermediaries Operating Under FOE in their Territories -- 4 Towards More Cross-Border Activities of Insurance Intermediaries? -- 4.1 IDD Passport, Digitalisation and Consumers -- 4.2 The Impact of Brexit on Cross-Border Activities of Insurance Intermediaries -- 5 Final Remarks -- References -- Legislation -- Documents -- Information Duties Stemming from the Insurance Distribution Directive as an Example of Faulty Application of the Principle of ... -- 1 Introduction -- 1.1 The Argument -- 1.2 The Method -- 2 Principle of Proportionality: What Does It Mean and How Do We Know It Is Respected? -- 3 Information Duties Set Out in the IDD -- 3.1 What Stands Behind the Information Duties? Reasons for Implementation -- 3.2 Overview of the IDDś Information Duties Relevant for Non-Life Insurance -- 4 Proportionality Test.

4.1 Are the Information Duties Introduced by the IDD Directive Suitable to Ensure the Customerś Protection? -- 4.2 Are the Information Duties Introduced by the IDD Directive Necessary to Ensure the Customerś Protection? -- 4.2.1 The Objective Will Not Come by Itself -- 4.2.2 The Objective Cannot Be Achieved by Other Measure Which Is as Useful as Measure Applied and Less Harmful for Other Inter... -- 4.2.3 Totality of Regulation -- 4.2.4 Excess Complexity -- 4.3 Is There an Appropriate Balance Between the Damage Suffered by the Customers (e.g. Consequences of the Information Overloa... -- 5 Concluding Remarks -- Annex I -- References -- Legislation -- Documents -- The Contribution of Product Oversight and Governance (POG) to the Single Market: A Set of Organisational Rules for Business Co... -- 1 Introduction -- 2 The Origin of POG as a Regulatory Response Based on Principles of Businesses -- 3 The Transposition of POG in the EU Law: Organizational Rules for the Business Conduct -- 4 POG and the Single Market in Insurance: The Current Effects -- 4.1 The Potential Effects -- References -- Legislation -- Documents -- The IDD and Its Impact on the Life Insurance Industry -- 1 Introduction -- 1.1 The Distributorś Remuneration -- 1.2 Distributors ́Liabilities: Life Insurance -- 1.2.1 Scope of Distributors: Dual Responsibilities -- 1.2.2 Impact on International Activities (Free Passporting Service (``FPS)́́) -- 1.3 Inducements -- 2 The Need for Regulation: Specific Professional and Organizational Requirements -- 3 Special Requirements Relating to Information, Advice, Remuneration -- 3.1 Information Requirement and the Duty to Act in the Customers ́Best Interests -- 3.2 Advice Requirement -- 3.3 Exemptions from Information Requirements -- 3.4 Stricter Information Provisions -- 3.5 Information Conditions -- 3.6 New Information Requirements.

3.7 Conflict of Interest -- 4 Product Oversight and Governance -- 5 Impact of the IDD -- 5.1 Impact with Regards to the Life Insurance Sector -- 5.2 Assessment of Suitability -- 6 A Comparison of the EU and U.S. Insurance Distribution Regulatory Regime -- 7 Conclusions -- References -- Legislation -- Documents -- Insurance-Based Investment Products: Regulatory Responses and Policy Issues -- 1 Introduction -- 2 Disclosure of Information -- 3 Conflicts of Interest -- 4 Inducements -- 5 Demands and Needs Test -- 6 Suitability and Appropriateness Assessment -- 7 Non-complex Insurance-Based Investment Products -- 8 Sustainable Finance and IBIPs -- 9 Policy Issues and Next Steps -- 10 Conclusion -- References -- Legislation and Other Legal Instruments -- Part II: The Insurance Distribution Directive as a ``Benchmark ́́for National Legislators -- The Notion of ``Employee ́́in the IDD: A Harmonized Interpretation Based on the EU Law -- 1 Introduction -- 2 Brief Historical Background -- 3 Application of the IDD to Employees of Insurance Undertakings -- 4 Defining an ``Employee of the Insurance Undertaking:́́ Contractual Relations -- 5 Scope of Distribution Activities Performed by Employees of Insurance Undertakings -- 6 Conclusions -- Legal Acts -- Case Law: European Court of Justice -- Other Sources -- Ensuring the Customerś Best Interest in the Polish Insurance Market -- 1 Introduction -- 2 The Principle of the Customerś Best Interest in Light of European and Polish Financial Markets Law and Polish Supervisory P... -- 2.1 European and Polish Insurance Law -- 2.2 MiFID -- 2.3 MiFID vs. IDD -- 2.4 Polish Supervisory Practices on the Insurance Market -- 2.5 Responsibility Linked to the Principle of the Customerś Best Interest in the Polish Legal System -- 2.6 Best Interest in Light of the PFSAś Recommendations.

3 Ensuring the Customerś Best Interest in the Polish Insurance Market -- 3.1 Actions Aimed at Ensuring the Customerś Best Interests -- 3.2 Distributorś Remuneration and the Customerś Best Interests -- 3.3 Ensuring the Best Interest of the Customer as a Way to Limit Misselling -- 4 Conclusion -- References -- Insurance Distribution Carried Out by Insurers in Spain -- 1 Introduction -- 2 Governance System of Insurance Companies -- 3 A New Area? -- 4 The Requirements of Good Repute -- 5 The Appropriate Knowledge -- 6 Professional Training -- 7 The Policies and Procedures -- 8 The Supervision of the DGSFP -- 9 Conclusions -- References -- Enaction of Chapter VII of the Insurance Distribution Directive: What Can Member States Learn from the Enforcement Failures of... -- 1 Introduction -- 2 Broad Landscape of the Unites States ́Regulation of Insurance Intermediaries -- 3 Insurance Distribution Directive Overview -- 4 Comparing the Producer Licensing Model Act with the Insurance Distribution Directive -- 4.1 Organizational Requirements -- 4.2 Duties of Insurance Intermediaries/Producers -- 4.3 Sanctions, Penalties, and Other Measures -- 5 How the United States Enforces Insurance Intermediary Regulations -- 5.1 California Enforcement -- 5.1.1 Duties of California Insurance Intermediaries/Producers -- 5.1.2 California Sanctions, Penalties, and Other Measures -- 5.1.3 California Case Law -- 5.1.4 California Enforcement Summary -- 5.2 Michigan Enforcement -- 5.2.1 Duties of Michigan Insurance Intermediaries/Producers -- 5.2.2 Michigan Sanctions, Penalties, and Other Measures -- 5.2.3 Michigan Case Law -- 5.2.4 Michigan Enforcement Summary -- 5.3 Alabama Enforcement -- 5.3.1 Duties of Alabama Insurance Intermediaries/Producers -- 5.3.2 Alabama Sanctions, Penalties, and Other Measures -- 5.3.3 Alabama Case Law -- 5.3.4 Alabama Enforcement Summary.

6 Structures for Enforcement in the United States and the European Union -- 7 What Can Member States Learn from the Enforcement Failures of the United States? -- References -- What Can the Insurance Distribution Directive ``Offer ́́the South African Microinsurance Model? -- 1 Introduction -- 2 The Insurance Distribution Directive -- 2.1 Introduction -- 2.2 Scope of Application -- 2.3 Disclosure Requirements of the IDD -- 2.4 Consumer Needs -- 2.5 Product Oversight and Governance Requirements -- 2.6 Pre-Contractual Information -- 2.7 Preliminary Remarks -- 3 The Concept of Microinsurance -- 3.1 Introduction -- 3.2 Microinsurance on an International Level -- 3.3 Principles for an Effective Microinsurance Model -- 4 Microinsurance in South Africa -- 4.1 History of Microinsurance -- 4.2 Policyholder Protection Rules on Microinsurance -- 4.2.1 Introduction -- 4.2.2 Specific Rules on Microinsurance -- 4.2.2.1 Outline -- 4.2.2.2 Structure of the Policy -- 4.2.2.3 Waiting Periods -- 4.2.2.4 Exclusions -- 4.2.2.5 Excesses -- 4.2.2.6 Claims Process -- 4.2.2.7 Reinstatement -- 4.3 Policyholder Protection Rules on Product Design -- 4.4 Disclosure Requirements in Terms of the PPRs -- 5 What Can South Africa Take Away from the IDD to Enhance the Current Microinsurance Provisions? -- 6 Conclusion -- References -- Articles, Documents and Textbooks -- Legislation -- Part III: The Interplay Between the Insurance Distribution Directive and Other Regulations/Sciences -- The Interplay Between the GDPR and the IDD -- 1 Introduction -- 1.1 Similar Origins and Parallel Lives -- 1.2 Impact on Insurance Activities -- 2 GDPR and IDD Interaction Affecting Internal Functions -- 2.1 Product Oversight and Governance Requirements for Manufacturers -- 2.1.1 Product Approval Process -- 2.1.2 Product Monitoring Phase -- 2.2 Product Distribution Arrangements.

2.2.1 Choice and Audit of Appropriate Distribution Channels.