| CODE | INS5033 | ||||||||
| TITLE | Advanced Studies on Insurance Regulation | ||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||
| MQF LEVEL | 7 | ||||||||
| ECTS CREDITS | 6 | ||||||||
| DEPARTMENT | Insurance and Risk Management | ||||||||
| DESCRIPTION | This study-unit will introduce the critical trends in the EU law and regulation on insurance. The lectures will deal with the following topics: • Regulatory Trends on Insurance, which critically examines the grounds of the insurance regulation in the European Union, including the Solvency II review and the IRRD, and internationally; • Insurance contract at the cross rood with digital transformation to analyze the boundaries of the insurance contract; • ESG and sustainability, which examines the compliance with these factors and the related liabilities; • The challenge of AI to the insurance market, which examines how the new AI regulation can affect insurance products, distribution, insurers’ organization and reporting, and the relevant international private law; • A session is dedicated to the presentations and discussion of topics approached by PhD candidates to benefit from their research and provide them with new stimuli; • Furthermore, some round tables with market representatives will take stock of the challenges posed to operators from the theoretical legal framework. These sessions will deal with the market functioning, particularly with distribution and intermediation (regulation) and the role of intermediaries in the insurance process and include the EU agendas on digital and sustainability. Study-Unit Aims: The study-unit aims to provide students a better understanding of the law and regulation of insurance activities. Thus, regulatory issues will be approached from an interdisciplinary point of view. Moreover, participants will understand the regulatory trends on insurance in the EU and internationally. Moreover, students will familiarize themselves with the digital transformation affecting the insurance contracts, including the challenge arising from the artificial intelligence, which is increasingly used in insurance. Also, they will learn how ESG and sustainability are influencing the insurance business model, including insurance products. Also, they will learn how insurance can interact with other trends of modern society. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: • Comprehend the meaning of insurance activities, the rationales behind their regulations, and the importance of insurance for economic development; • Comprehend the basic principles of insurance operations and the grounds for their rules; • Comprehend the concept of risk and the tools used to neutralize it and avoid insurance practices detrimental to customers; • Identify new technologies increasingly used in insurance, the disruptive business models such technologies allow, and the current and upcoming regulations to neutralize risks arising from using these technologies; • Comprehend how insurance can interact with other trends of modern society. 2. Skills By the end of the study-unit the student will be able to: • Evaluate the challenges required from the EU regulation on insurance to national laws and markets, including supervisory authorities; • Interpret regulatory requirements; • Identify the expected behaviours from these standards and analyse the impacts in terms of organizational and conduct requirements. Main Text/s and any supplementary readings: - Marano P and Siri M. 2017. Insurance Regulation in the European Union, Palgrave Macmillan. - Marano P. and Noussia K. 2020. InsurTech: A Legal and Regulatory View. - Marano P. and Noussia K. 2021. Insurance Distribution Directive. A Legal Analysis, Springer. - Lima Rego M and Kurscke B. 2022. Insurance and Human Rights, Springer. |
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| STUDY-UNIT TYPE | Lecture and Fieldwork | ||||||||
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| LECTURER/S | Pierpaolo Marano |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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