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Contents -- List of Contributors -- Abbreviations -- Part I: On-Line Distribution -- European and International Online Distribution of Insurance Products -- 1 Professional Insurance Intermediaries, the Distribution of Insurance Products and the Internet -- 1.1 General European Issues -- 1.1.1 Overview -- 1.2 IMD 2, ECD and the EU Law on Information Duties to Customers in the Online Business -- 1.3 From a Law on Intermediation to a Law on Sales of Insurance Products -- 1.3.1 Intermediaries Under EU Secondary Legislation -- 1.3.2 Marketing of Insurance Products with Investment Elements

The Insurance Distribution Directive (IDD) aims to regulate insurance distribution in the EU regardless of distribution channels and means. Although new technologies affect insurance distribution, the IDD does not explicitly regulate this digital transformation. Insurers and intermediaries must comply with detailed business conduct rules that aim to counteract distribution risks. However, the IDD exempts ancillary insurance intermediaries from its scope when they meet certain conditions. The article highlights the regulatory framework on insurance, requiring insurers and intermediaries to address distribution risks, and analyses how this exemption affects the management of distribution risks in online distribution from a legal perspective. The focus on online distribution depends on the scale such distribution can achieve. The consideration of the scale allows for challenging the political choice behind the exemption of ancillary insurance intermediaries, which consists of the principle of proportionality. A regulatory proposal to counteract these adverse effects is to remove the exemption from the IDD rules for ancillary intermediaries in online distribution. Such a proposal is compliant with the principle of technological neutrality and is in line with the new legislative proposals in the Digital Services Act and Digital Markets Act. ---//--- This article is an open access article distributed under the terms andconditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/) ; Publikācija uzrakstīta un izdota Fundamentālo un lietišķo pētījumu programmas ietvaros: lzp-2020/2-0061 "Mazo un vidējo uzņēmumu (MVU) digitālā transformācija un ilgtspēja Latvijas ekonomikas restartēšanai un modernizācijai (DigiSMEs)"

The Insurance Distribution Directive (IDD) aims to regulate insurance distribution in the EU regardless of distribution channels and means. Although new technologies affect insurance distribution, the IDD does not explicitly regulate this digital transformation. Insurers and intermediaries must comply with detailed business conduct rules that aim to counteract distribution risks. However, the IDD exempts ancillary insurance intermediaries from its scope when they meet certain conditions. The article highlights the regulatory framework on insurance, requiring insurers and intermediaries to address distribution risks, and analyses how this exemption affects the management of distribution risks in online distribution from a legal perspective. The focus on online distribution depends on the scale such distribution can achieve. The consideration of the scale allows for challenging the political choice behind the exemption of ancillary insurance intermediaries, which consists of the principle of proportionality. A regulatory proposal to counteract these adverse effects is to remove the exemption from the IDD rules for ancillary intermediaries in online distribution. Such a proposal is compliant with the principle of technological neutrality and is in line with the new legislative proposals in the Digital Services Act and Digital Markets Act.

Emerging technology-driven innovations in the insurance industry is a trend of recent years. 'InsurTech' is the portmanteau describing this phenomenon. Insurance intermediaries are the main distributors of the insurance contracts and several digital intermediaries are already operating with InsurTech. The European Union legal framework on insurance distribution mainly consists of the Insurance Distribution Directive, which came into force a few months ago. However, the Insurance Distribution Directive does not provide standards specifically dictated to these intermediaries. The paper aims to verify, despite this shortcoming, whether and how the recent discipline applies to digital intermediaries.

This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD – e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences – while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.

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.

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.

Part I – Transparency in European Jurisdictions: Transparency in Insurance Intermediation and Regulation in Austria by Sebastian Wöss -- Transparency in Insurance Regulation and Supervisory Law of Croatia by Loris Belanić and Dionis Jurić -- Transparency in Insurance Regulation and Supervisory Law of Cyprus by Michael Chatzipanagiotis -- Transparency in Insurance Regulation and Supervisory Law of England by Kyriaki Noussia -- Transparency in Insurance Regulation and Supervisory Law of France by Louise Bouvery -- Transparency in Insurance Regulation and Supervisory Law of Germany by Kevin Bork and Manfred Wandt -- Transparency in Insurance Regulation and Supervisory Law of Italy by Pierpaolo Marano and Michele Siri -- Transparency in Insurance Regulation and Supervisory Law of Malta by Geoffrey Bezzina, Simon Grima and Andre Farrugia -- Transparency in Insurance Regulation and Supervisory Law of Poland by Marta Ostrowska -- Transparency in Insurance Regulation and Supervisory Law of Portugal by Margarida Lima Rego andDiogo Costa Seixas -- Transparency in Insurance Law and Regulation in Spain by Rafael Lara -- Transparency in Insurance Regulation and Supervisory Law in Sweden by Jessika van der Sluijs -- Transparency in Dutch Insurance Regulation and Financial Supervision by Arthur van den Hurk -- A Comparative Analysis of Transparency in Insurance Regulation and Supervisory Law of Selected European Jurisdictions by Pierpaolo Marano -- Part II – Transparency in non-European Jurisdictions: Transparency in Australian Insurance Law and Regulation: Regulation and Intermediaries by Robin Bowley -- Insurance Law and Regulation: The Transparency of the Brazilian Superintendence of Private Insurance (SUSEP) by Vitor Boaventura Xavier -- Transparency in the Chilean Insurance Law, Intermediation and Supervisory by Roberto Ríos Ossa -- Regulatory Requirements on Transparency of Insurance Contracts to the Insureds in China by Zhen Jing -- Transparency in New Zealand Insurance Law by Jonathan Scragg and Rob Merkin QC -- Transparency in Insurance Regulation in Peru by Alonso Nuñez del Prado Simons -- Transparency in Insurance Regulation and Supervisory Law of Russia by Capitolina Tourbina -- Transparency in Insurance Law and Regulation: in South Africa – The Insurance Undertakings/Intermediaries and the Supervisory Authorities by Birgit Kuschke and Daleen Millard -- Transparency in Insurance Regulation and Supervisory Law of Turkey by Ecehan Yeşilova Aras -- Transparency in Insurance Regulation and Supervisory Law of the United States by Robert H. Jerry, II -- Comparative Analysis of Transparency in Insurance Regulation and Supervisory Law of the Countries Outside the EU and Europe (Rest of World) by Kyriaki Noussia -- Transparency in the Insurance Core Principles by Marta Ostrowska.

Part I. The Harmonization Achieved under the Insurance Distribution Directive: Insurance Distribution Directive and Cross-Border Activities by Insurance Intermediaries in the EU by Isabelle Audigier -- Information Duties Stemming from the Insurance Distribution Directive as an Example of Faulty Application of the Principle of Proportionality by Marta Ostrowska -- The Contribution of Product Oversight and Governance (POG) to the Single Market: A Set of Organizational Rules for Business Conduct by Pierpaolo Marano -- The IDD and its Impact on the Life Insurance Industry by Kyriaki Noussia -- Insurance-Based Investment Products: Regulatory Responses and Policy Issues by Michele Siri -- Part II. The Insurance Distribution Directive as a "Benchmark" for National Legislators: The Notion of "Employee" in the IDD: A Harmonized Interpretation Based on the EU Law by Anna Tarasiuk and Bartosz Wojno -- Ensuring the Customer's Best Interest in the Polish Insurance Market by Wojciech Paś -- Insurance Distribution Carried Out by Insurers in Spain by Javier Vercher-Moll -- Enaction of Chapter VII of the Insurance Distribution Directive – What Can Member States Learn from the Enforcement Failures of the United States? by Kathleen M. Defever -- What Can the Insurance Distribution Directive "Offer" the South African Microinsurance Model? by Samantha Huneberg -- Part III. The Interplay between the Insurance Distribution Directive and other Regulations/Sciences: The Interplay between the GDPR and the IDD by Viktoria Chatzara -- Regulating Telematics Insurance. Role for the IDD to Complement the GDPR on Improving Consumer Data Protection in the Context of Telematics Insurance by Freyja van den Boom -- Considering the IDD within the EU legal framework on ADR systems by Flaminia Montemaggiori -- IDD and Distribution Risk Management by Jorge Miguel Bravo -- Redefining Product Management – IDD's perspective by Diana Renata Bozek -- Part IV. An Empirical Analysis of the Standardised Pre-Contractual Information Document: The Reality of the Promised Increase in Customer Protection under the Insurance Distribution Directive by Christian Bo Kolding-Krøger, Aalykke Hansen and Amelie Brofeldt. .

This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD – e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences – while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.

Part I -- Technological Innovations and Insurance -- FinTech, InsurTech, and the Regulators -- Insurance in Today's Sharing Economy: New Challenges Ahead or a Return to the Origins of Insurance? -- The Internet of Things and Insurance -- The Challenges for Regulation and Control in an Environment of Rapid Technological Innovations -- Part II -- Insurance Contracts in a Digitalized World -- Smart Contracts in Insurance: A Law and Futurology Perspective -- Digitalisation of Insurance Contract Law: Preliminary Thoughts with Special Regard to Insurer's Duty to Advise -- New Technologies and Issues with Insurance Contracts in Japan -- Part III Cyber Insurance, Robots -- Room for Compulsory Product Liability Insurance in the European Union for Smart Robots? Reflections on the Compelling Challenges -- The Idea of Robotic Insurance Mediation in the Light of the European Union Law -- Cyber Risks: Three Basic Structural Issues to Resolve -- Cybersecurity and Environmental Impact: Insurance as a Better Protection Mechanism for Liability from Incidents in Oil and Gas Operations -- Part IV -- Autonomous Vehicles and Transportation -- Autonomous Vehicles: Legal Considerations and Dilemmas -- Will Autonomous Cars Put an End to the Traditional Third Party Liability Insurance Coverage? -- Ethical Issues, Cybersecurity and Automated Vehicles -- A New Era, a New Risk! "A Study on the Impact of the Developments of New Technologies in the Shipping Industry and Marine Insurance Market" -- Probing Civil Liability Insurance for Unmanned/Autonomous Merchant Ships -- Smooth Sailing or a Risky Expedition: A Critical Exploration into the Innovation of Unmanned Maritime Vehicles and Its Potential Legal and Regulatory Impacts on the Insurance Sector.

Part 1. Civil Law: European Union -- Transparency in the Insurance Contract Law of Austria,Transparency in the Insurance Contract Law of Croatia -- Transparency in the Insurance Contract Law of Germany -- Transparency in the Insurance Contract Law of Greece -- Transparency in the Insurance Contract Law of Italy -- Transparency in the Insurance Contract Law in the Netherlands -- Transparency in the Insurance Contract Law of Poland -- Transparency in the Insurance Contract Law of Portugal -- Transparency in the Insurance Contract Law of Spain -- Transparency in the Insurance Contract Law of Sweden -- Transparency in the Insurance Contract Law: A Comparative Analysis Between the Principles of European Insurance Contract Law (PEICL) and Selected European Legal Regimes -- Part II Civil Law: Other Jurisdictions -- Transparency in the Insurance Contract Law of Chile -- Transparency in the Insurance Contract Law of China -- Transparency in the Insurance Contract Law of Colombia -- Transparency in the Insurance Contract Law of Georgia -- Transparency in the Insurance Contract Law of Japan -- Transparency in the Insurance Contract Law of Peru -- Transparency in the Insurance Contract Law of Russia -- Transparency in the Insurance Contract Law of Turkey -- Transparency in the Insurance Contract Law of the Western Balkans -- Comparative Analysis of Transparency in the Insurance Contract Law of Colombia, Chile, Peru, and Spain -- Comparative Analysis of Transparency in Insurance Law in the Civil/Continental Law Jurisdictions -- Part III Common Law -- Transparency in the Insurance Contract Law of Australia -- Transparency in the Insurance Contract Law of England -- Transparency in the Insurance Contract Law of Israel -- Transparency of the Insurance Contract Law of Singapore -- Transparency in the Insurance Contract Law of South Africa -- Transparency in the Insurance Contract Law in the United States -- Comparative Analysis of Transparency in the Insurance Contract Law of the Common Law Jurisdictions.