Insurance Distribution Directive : : A Legal Analysis.

Insurance Distribution Directive : : A Legal Analysis.

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Bibliographic Details
Superior document:AIDA Europe Research Series on Insurance Law and Regulation Series ; v.3
:
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
Online Access:
Physical Description:1 online resource (439 pages)
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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.

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