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organised by the University of Malta, Faculty of Economics, Management and Accountancy, Department of Insurance

Credits: 6 ECTS. Participants will receive a certificate in “Advanced Studies on Insurance Regulation", at level 7 under the European qualification framework  

Date: 18 – 22 July 2022

Insurance plays a crucial role in social and economic development. The regulatory framework on insurance increased considerably in the last decade at the international and EU level. Moreover, the insurance industry is becoming vital also for the Maltese economy. Over 70 insurance undertakings are headquartered in Malta, and most of them are carrying out their business mainly abroad. Knowledge of the most advanced trends in insurance regulation at the EU level can provide students with a better understanding of the regulation of insurance activities and train the people who will have to manage them.

Furthermore, the more sophisticated the knowledge transferred to students in this topic, the more the insurance industry, including regulators, can benefit from highly skilled potential trainees.

This study unit will introduce the critical trends in the EU regulation on insurance. The lectures will deal with the following topics:

• Principles of insurance, which critically examines the grounds of the insurance regulation in the European Union, including an overall presentation of the Maltese peculiarities such as cell captives
• Risk and insurance, which highlights how insurance is a risk management tool  and can complement financial markets
• Customer protection, which focuses on the ban of discrimination, inclusiveness, unfair practices, 
• Insurtech and Sustainability, which examines the liabilities arising from the AI and new business models, and the compliance with the ESG factors.
• 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 and, in particular, with distribution and intermediation (regulation) and the role of intermediaries in the insurance process and include the EU agendas on digital and sustainability.

The study unit aims to provide students with a better understanding of the regulation of insurance activities, Thus, regulatory issues will be approached from an interdisciplinary point of view. Moreover, participants will understand the concept of risk, tools used to neutralize it, and avoiding insurance practices detrimental to customers. 

Also, participants will familiarize themselves with new technologies increasingly used in insurance and disruptive business models such technologies allow. In addition, they will learn how insurance can interact with other trends of modern society

Knowledge and Understanding

By the end of the study-unit the participants 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.
  
  

Skills (including transferable [generic] skills):

By the end of the study-unit the student will be able to: 

(i) Evaluate the challenges required from the EU regulation on insurance to national laws and markets, including supervisory authorities

(ii) Interpret regulatory requirements 

(iii) Identify the expected behaviours from these standards and analyse the impact in terms of organizational and conduct requirements

Fieldwork: 6 hours

Lecture: 25 Hours

Assessment: Reflective Diary min: 2500words 

Course leader: Prof. PhD. Pierpaolo Marano. 

Academic staff: International academic staff and representatives of the insurance industry will deliver lessons. Academic staff includes Proff. Aysegul Bugra, Michael Faure, Simon Grima, Margarida Lima Rego, Joasia Luzak, Kyriaki Noussia, Michele Siri, Caroline Van Schoubroeck, Abel Veiga Copo. Moreover, high-level representatives of the EU and Maltese markets will share their experience and knowledge with participants.

Target group: The program is designed for Law, Insurance, Banking and Finance, Risk Management, Accountancy, Economics, or Business PhD students and master's students, as well as compliance officers, legal counsels, and trainees in the insurance industry. 

Available places: The minimum number required for this study-unit to run is of ten (10) eligible students. The maximum number of students admitted is 20.

Kindly register and pay online. 

Deadline for the application: 15 June 2022 noon CET.

For more info kindly send an email. 

Registration fee of EUR 1,000 includes:

• Lectures
• Course material
• Coffee breaks and packed lunches
• Welcome reception 
• Farewell reception 
• Social activities
  
  

Scholarships: There are scholarships available covering, totally or partially, the requested fee of 1.000 Euros. In addition, the reimbursement of accommodation costs for 600 Euros is limited to students with full scholarships. 

Scholarships are offered by BIPAR (European Federation of Insurance Intermediaries)

Students (both master’s and PhD students) under 30 years old and preferably full-time can apply for scholarships by 15 June 2022. Applicants for scholarships will receive communication about their application within five days after the deadline. 

Applicants for scholarships must send a motivation letter to Prof. Pierpaolo Marano. Selection criteria will be an excellent prior academic record and proximity of current research with the topics covered in the Summer school.

Discounted Category:

Members of BIPAR, IFS, Malta Insurance Association, Malta Insurance Brokers, Finance Malta, MFSA, Malta Insurance Institute, Malta Institute of Accountants, MARM, MACO, University of Malta lecturers, staff and students, MCAST lecturers, staff and students and Maltese Voluntary Organisation members, can be granted a 50% discount (500E) upon request to Prof. Pierpaolo Marano.

 

 

Malta as a financial centre  

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