The governance of insurance undertakings : corporate law and 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. Thes...
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| Format: | eBook Book Publication |
| Language: | English |
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Cham
Springer
2022
Springer Nature Springer International Publishing AG Springer Nature Switzerland AIDA Europe |
| Edition: | 1 |
| Series: | AIDA Europe Research Series on Insurance Law and Regulation |
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| ISBN: | 9783030858162, 3030858162, 3030858170, 9783030858179 |
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| Abstract | 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. |
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| AbstractList | 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. Introduction -- Part I – The System of Governance of Insurance Undertakings -- Corporate Governance and the so-called “Four-Eyes Principle” -- The Risk Management System, the Risk Culture, and the Duties of the Insurers' Directors -- Role and Significance of the Compliance Function in an Insurance Undertaking -- Insurance Outsourcing: A Legal Analysis -- Remuneration Policies of Insurance Undertakings in Europe: Principles for a deeply Heterogeneus Reality -- Corporate Governance Standards for Insurers in Singapore -- Part II – Insurance Business and Corporate Law -- Recovery and Resolution of Insurance Companies and Director’s Duties -- Restructuring, Winding-Up & Portfolio Transfer of Insurance Companies in Distress -- Insurance in M&A Transactions -- The Algorithmic Future of Insurance Supervision in the EU: A Reality Check -- Financial Reporting in Insurance and International Financial Reporting Standards -- Recent Directions in the Regulation of Insurance Claims Handling in the United Kingdom and Australia: A Model for other Jurisdictions to Consider? -- Business Registration Data as the Best Vehicle to Achieve KYC and AML for Business -- The Influence of Public and Corporate Insurance Law on the Application of Private International Law. Selected Issues. |
| Author | Noussia, Kyriaki Marano, Pierpaolo |
| Author_xml | – sequence: 1 fullname: Marano, Pierpaolo – sequence: 2 fullname: Noussia, Kyriaki |
| BackLink | https://cir.nii.ac.jp/crid/1130011451004325012$$DView record in CiNii http://www.econis.eu/PPNSET?PPN=1796265829$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften |
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| Notes | "This book is an open access publication"--T.p. verso Includes bibliographical references Electronic reproduction. Dordrecht: Springer, 2022. Requires the Libby app or a modern web browser. |
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| Snippet | This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation brings together contributions from authors with different legal... Introduction -- Part I – The System of Governance of Insurance Undertakings -- Corporate Governance and the so-called “Four-Eyes Principle” -- The Risk... |
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| SubjectTerms | Business and Management Commercial law Common law Company law Company, commercial and competition law: general Comparative law Conflict of laws Corporate Governance Corporate governance: role and responsibilities of boards and directors Corporate law Corporation law Economics, Finance, Business and Management European Economic Community Finance and accounting Finance and the finance industry Finance—Law and legislation Insurance regulation Insurance undertakings International law Law Laws of specific jurisdictions and specific areas of law Nonfiction Open Access Private international law Public international law Public international law: economic and trade System of governance |
| SubjectTermsDisplay | Electronic books. Law. Nonfiction. |
| TableOfContents | Business Registration Data as the Best Vehicle to Achieve KYC and AML for Business 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 Director´s 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 EIOPA´s Recent Initiatives for the Digital Transformation of Insurance Supervision: An Incomplete Agenda? -- 3.1 Introduction -- 3.2 Origins of EIOPA´s 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 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 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 Director´s 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 Director´s 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 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 EIOPA´s 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 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 ASIC´s 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 |
| Title | The governance of insurance undertakings : corporate law and insurance regulation |
| URI | https://cir.nii.ac.jp/crid/1130011451004325012 https://directory.doabooks.org/handle/20.500.12854/81593 https://library.oapen.org/handle/20.500.12657/54011 https://ebookcentral.proquest.com/lib/[SITE_ID]/detail.action?docID=6925890 http://www.econis.eu/PPNSET?PPN=1796265829 https://www.vlebooks.com/vleweb/product/openreader?id=none&isbn=9783030858179 http://link.overdrive.com/?titleID=10074053&websiteID= |
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