INS5033 - Advanced Studies on Insurance Regulation

MQF Level

Duration and Credits

Summer Period

6 ECTS

Mode of Study

Part-Time Day

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.

Method of Assessment

Assessment Component/s

Weighting

Reflective Diary

100%

Main Reading List

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.

Need help?

This option is offered exclusively to specific entities upon request. For further information, please contact the Department of Insurance and Risk Management within the Faculty of Economics, Management and Accountancy on Samantha Micallef

Information for International applicants

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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: Knowledge and 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.

Learning Outcomes: 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.

Non EU Applicants:

No fees apply

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