The Governance of Insurance Undertakings : : Corporate Law and Insurance Regulation.

The Governance of Insurance Undertakings : : Corporate Law and Insurance Regulation.

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Superior document:AIDA Europe Research Series on Insurance Law and Regulation Series ; v.6
:
Marano, Pierpaolo.
TeilnehmendeR:
Noussia, Kyriaki.
Place / Publishing House:Cham : : Springer International Publishing AG,, 2022.
©2022.
Year of Publication:2022
Edition:1st ed.
Language:English
Series:AIDA Europe Research Series on Insurance Law and Regulation Series
Online Access:
Physical Description:1 online resource (365 pages)
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Table of Contents:
  • Intro
  • Preface
  • AIDA Europe
  • Contents
  • Part I: The System of Governance of Insurance Undertakings
  • Corporate Governance and the So-Called `Four-Eyes Principle ́-- 1 The Corporate Governance Structure
  • 2 The Board-Senior Managers Relationship
  • 3 The So-Called `Four-Eyes Principle ́-- 4 The Persons Who Effectively Run the Undertaking
  • 4.1 In Italy and in France
  • 4.2 In Spain and the United Kingdom
  • References
  • The Risk Management System, the Risk Culture and the Duties of the Insurers ́Directors
  • 1 Introduction
  • 2 Aim and Research Questions
  • 3 The Perimeter of the Risk Management System and the Persons Who Are Responsible for Its Functioning
  • 4 Identifying Risk and Managing It
  • 5 Importance of Performing and Communicating a Risk Culture Diagnostic
  • 6 Conclusion
  • References
  • The Role of the Compliance Function in the Process of Managing the Risk of Non-Compliance in an Insurance Undertaking
  • 1 Introduction
  • 2 The Compliance Function in an Insurance Undertaking in the Light of Polish and European Insurance Law and Polish Supervisory...
  • 2.1 European Insurance Law
  • 2.2 Polish Insurance Law and Supervisory Practice
  • 3 Organisation and Tasks of the Compliance Function in the Insurance Undertaking
  • 3.1 Tasks and Structure
  • 3.2 Responsibility for Irregularities of the Compliance Function
  • 3.3 Role of the Compliance Function
  • 3.4 Selected Models of Compliance Functions in European Insurance Undertakings
  • 3.4.1 PZU Group
  • 3.4.2 Generali Group
  • 3.4.3 Allianz Group
  • 4 Management of the Risk of Non-Compliance in an Insurance Undertaking on the Example of Solutions Existing in Poland
  • 4.1 Identification of the Risk of Non-Compliance
  • 4.2 Assessment of the Risk of Non-Compliance
  • 4.3 Control of the Risk of Non-Compliance
  • 4.4 Risk Monitoring.
  • 4.5 Reporting to the Management Board and the Supervisory Board
  • 5 Conclusions
  • References
  • List of Documents
  • Insurance Outsourcing: A Legal Analysis
  • 1 Introduction
  • 2 Definitions of Outsourcing
  • 3 Outsourcing Types
  • 4 Outsourcing Management
  • 5 Legal Aspects of the Outsourcing Contract
  • 6 Outsourcing in Insurance Activities
  • 6.1 The Legal Regime and the Scope of Financial Outsourcing Under the Solvency II Directive
  • 6.2 Outsourcing Rules Applicable to Insurance Undertakings Under the Delegated Regulation
  • 6.3 EIOPA
  • 6.4 Insurance Outsourcing in Polish Law
  • 6.5 Outsourcing and Insurance Intermediation
  • 7 EIOPA Guidelines on Outsourcing to Cloud Service Providers-Note
  • 8 Final Conclusions
  • References
  • Remuneration Policies of Insurance Undertakings in Europe: Principles for a Deeply Heterogeneous Reality
  • 1 Introduction
  • 2 European Regulatory and Supervisory Framework for Remuneration Policies in Insurance Undertakings
  • 2.1 European Principles Relating Remuneration Policy and Practices in the Insurance Sector
  • 2.2 EIOPAś Perspective on Remuneration in the Insurance Industry
  • 2.2.1 Scope
  • 2.2.2 Developed Aspects
  • 3 Regulatory Framework of Remuneration Policies and Practices in the Banking Sector: Means for Improvement in the Insurance an...
  • 3.1 Means for Improvement in the Insurance Sector
  • 3.2 A Forward-Looking Approach to Supervision in the Financial Sector as a Whole
  • 4 Implementation of European Provisions: Interplay with National Corporate Law
  • 4.1 Listed Insurance Companies
  • 4.2 National Corporate Law and Implementation Measurements of the Specific Insurance Provisions Towards Remuneration
  • 4.2.1 Belgium
  • 4.2.2 Germany
  • 4.2.3 Italy
  • 4.2.4 Spain
  • 5 Conclusion
  • References
  • Corporate Governance Standards for Insurers in Singapore.
  • 1 Introduction: Unique Challenges to Singapore
  • 2 Corporate Governance Regimes for Insurers in Singapore: The Two Perspectives
  • 2.1 Corporate Governance and Agency Costs for Insurers
  • 2.2 Corporate Governance and Regulatory Compliance
  • 2.3 Corporate Governance Standards for Insurers Under Singapore Law
  • 3 Reflection: Challenges to Singapore as an Insurance Hub
  • 3.1 Corporate Governance Practices of Selected Insurers in Singapore
  • 3.2 Reflection on the Corporate Governance Standards
  • 3.3 Effectiveness of Corporate Governance Regimes in Regulatory Compliance
  • 4 Conclusion
  • References
  • Statutes and Regulations in Singapore
  • Part II: Insurance Business and Corporate Law
  • Recovery and Resolution of Insurance Companies and Directorś Duties
  • 1 Introduction
  • 2 State of Play in Insurance
  • 3 International and European Context
  • 3.1 Financial Stability Board
  • 3.2 International Association of Insurance Supervisors
  • 3.3 European Context
  • 3.4 EIOPA Opinion on the 2020 Review of Solvency II
  • 4 A European Recovery and Resolution Framework
  • 4.1 Preparatory Measures and Corporate Governance Rules
  • 4.1.1 Pre-emptive Measures with Respect to Recovery
  • 4.1.2 Pre-emptive Resolution Planning
  • 5 Triggers to Place an Insurer or Reinsurer in Resolution and Directorś Duties
  • 5.1 Triggers for the Entry Into Recovery and Preventive Measures
  • 5.2 Preventive Measures
  • 6 Resolution Objectives
  • 7 Bail-in Tool in Insurance
  • 8 Concluding Remarks
  • References
  • Restructuring, Winding-Up and Portfolio Transfer of Insurance Companies in Distress
  • 1 Introduction
  • 2 Restructuring of Insurance Companies Under Company Law
  • 2.1 Mergers and Acquisitions and Schemes of Arrangement
  • 2.1.1 The Contractual Basis for Reorganisation
  • 2.1.2 Schemes of Arrangement
  • 2.2 Cross-Border Mergers.
  • 2.2.1 The Directive on Cross-Border Mergers of Limited Liability Companies
  • 2.2.2 The Companies (Cross-Border Mergers) Regulations 2007 (No. 2974)
  • 2.2.3 The Effect of Brexit
  • 2.3 Further Considerations
  • 2.3.1 Administration
  • 2.3.2 Winding-Up
  • 2.3.3 Directorś Duties
  • 3 Restructuring of Insurance Companies Under Insurance Law
  • 3.1 Insurance Portfolio Transfers
  • 3.2 Insurance Portfolio Transfers (Solvency II)
  • 3.3 Winding-Up (Solvency II)
  • 3.4 Reorganisation Measures (Solvency II)
  • 4 Greek Case Study: Aspis Pronia
  • 4.1 The Legal Framework
  • 4.2 The Case of Aspis Pronia
  • 5 Conclusions
  • References
  • Insurance in MandA Transactions
  • 1 Introduction
  • 2 Contractual Solutions
  • 3 Transactional Insurance
  • 3.1 Representations and Warranties Insurance
  • 3.2 Tax Liability Insurance
  • 3.3 Litigation Buyout Insurance and Contingent Liability Insurance
  • 4 Transactional Insurance in MandA Contracting
  • 5 Conclusion
  • References
  • The Algorithmic Future of Insurance Supervision in the EU: A Reality Check
  • 1 Introduction
  • 2 EIOPA, Its Operating Environment and How EU Principles of Administrative Law Shape Its SupTech Mission
  • 2.1 The Conferred Powers Principle
  • 2.2 The Subsidiarity Principle
  • 2.3 The Proportionality Principle
  • 2.4 The Meroni Doctrine
  • 3 The EIOPAś Recent Initiatives for the Digital Transformation of Insurance Supervision: An Incomplete Agenda?
  • 3.1 Introduction
  • 3.2 Origins of EIOPAś SupTech Strategy
  • 3.3 Summary
  • 4 A Reality Check: What Would It Take to Set Up a Digital System of Regulatory Reporting?
  • 4.1 Mapping the Extent of Sophistication of the Technology That Will Be Required for a System of Digital Reporting
  • 4.2 The Limited Translatability of the EU Legal Content Into Instructions that Can Be Read and Executed by Machines.
  • 4.3 The Architecture of Regulatory Reporting and Issues of Governance
  • 5 Conclusion
  • References
  • Financial Reporting in Insurance and International Financial Reporting Standards
  • 1 Introduction
  • 2 The Evolution of the International Financial Reporting Standards
  • 3 Evolution of Accounting Rules and Financial Statements for Insurance Companies
  • 4 Financial Stability and the Insurance Sector
  • 5 Conclusion
  • References
  • Recent Directions in the Regulation of Insurance Claims Handling in the United Kingdom and Australia: A Model for Other Jurisd...
  • 1 Introduction
  • 2 International Standards for Regulating the Handling of Insurance Claims
  • 3 The Regulation of Insurance Claims Handling in the United Kingdom
  • 4 The Evolution of the Australian Legal Framework Relating to Insurance Claims Handling
  • 4.1 Australian Insurance Contract Law Relating to Claims Handling
  • 4.2 The Powers of the Australian Insurance Industry Regulators
  • 4.3 Reviews of Insurance Claims Handling Practices by Australian Regulators
  • 5 The 2019 FSRC: Key Findings and Reform Recommendations
  • 5.1 FSRC Findings in Relation to Insurance Claims Handling and ASICś Enforcement Practices
  • 5.2 FSRC Reform Recommendations
  • 5.2.1 Making Insurance Claims Handling a Financial Service
  • 5.2.2 Making Industry Codes Legally Enforceable
  • 5.2.3 Extension of the Unfair Contract Terms Regime to Insurance Contracts
  • 6 Conclusion and Key Lessons for Other Jurisdictions Considering Similar Regulatory Reforms
  • References
  • Legislation
  • Bills and Explanatory Memoranda
  • Cases
  • Policy Statements and Regulatory Guidelines
  • Other Rules
  • Memoranda of Understanding
  • Official Reports
  • Regulatory Reports
  • Industry Codes of Practice
  • International Principles
  • Media Releases
  • Media Reports
  • Website Links
  • Books
  • Chapters
  • Journal Articles.
  • Business Registration Data as the Best Vehicle to Achieve KYC and AML for Business.

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