OVERVIEW

This course introduces you to EU insurance law. It is integrated with Financial Market Law, in order to provide the preparation for the advanced course on EU Financial and Insurance Markets Regulation EUFIMAR. Together, the three courses constitute the Jean Monnet Chair on EU Financial and Insurance Markets Regulation, held by Prof. Michele Siri.

AIMS AND CONTENT

LEARNING OUTCOMES

The course aims to provide students with the fundamentals of insurance regulation governing the insurance industry at the European level. The teaching focuses on the role of the European Union in the development of the legal framework of the insurance sector with particular regard to the solvency regulation of insurance companies and the functioning of the internal market in insurance services. The lectures also cover the national legislation with particular attention to the protection of the insured and the relationship with the civil law of the insurance contract.

AIMS AND LEARNING OUTCOMES

This course aims to provide students with the fundamentals of insurance regulation governing the insurance industry at the European level. The teaching focuses on the role of the European Union in the development of the legal framework of the insurance sector with particular regard to the solvency regulation of insurance companies and the functioning of the internal market in insurance services. The lectures also cover the role of national legislation with particular attention to the protection of the insured and the relationship with the civil law regulation of the insurance contract. 

Individual study, attendance and participation in the proposed educational activities will enable the student to:

• Understand and remember the main regulatory provisions that govern the performance of the insurance activity as well as the subjects that operate in it with particular regard to companies and insurance intermediaries
• Identify the various relevant regulatory sources and understand and apply the main rules on corporate governance and risk management of insurance companies;
• Understand the structure and mechanism of public supervision of insurance activity within the European market and be aware of the meaning and relevance of the regulations adopted by the European Union
• Understand the main techniques for the protection of the insured in the provision of insurance intermediation services and distinguish the safeguards in the field of insurance distribution in relation to those provided in the provision of investment services
• Understand and critically evaluate the different types of insurance guarantee funds
• Identify, understand and apply the rules governing the insolvency and liquidation of insurance companies
• Understand and critically evaluate, with independent judgment, the European discipline of harmonization in the field of supplementary pensions and projects for the creation of a European pension product with individual membership
• Read and critically examine, with independent judgment, scientific articles in the field of insurance law, judgments and orders of the Court of Justice and the conclusions of the Advocate General at the Court of Justice
• Express themselves in appropriate technical legal language

PREREQUISITES

Knowledge of European business law and fluency in Italian language is required. Erasmus students are invited to modify their learning agreement by switching to the European Union Financial and Insurance Markets Regulation (code 90507) course, except if they demonstrate an adequate understanding and use of the Italian language, allowing them to participate in the lessons, exercises and seminars actively.

TEACHING METHODS

Teaching is delivered through face-to-face lectures and live exercises on the Teams platform during the first semester for at least 36 hours taught by the course holder. During the exercises, opinions are carried out within the topics in the program and students are required to actively participate in the discussion. Weekly are published on Aulaweb the texts on which to start in-depth studies and classroom discussion. Optional supplementary seminars are also scheduled with the participation of external speakers in order to study in depth topical issues or to understand the applicative profiles of the subject. Language: Italian. 

SYLLABUS/CONTENT

1. Sources of European insurance law 
2. Supervision of insurance activity
3. Corporate governance and risk management
4. Insurance distribution
5. Policyholder protection and contract law
6. Liquidation and termination of insurance companies
7. Proposals on insurance guarantee funds
8. The directives on motor vehicle liability insurance
9. The European regulation on company pension funds
10.The regulation on the pan-European pension plan

RECOMMENDED READING/BIBLIOGRAPHY

The program for attending students is dedicated to the European regulation of insurance and supplementary pensions, with particular regard to the supervision of insurance companies and intermediaries. For the preparation of the exam, only the material published on AulaWeb will be used.
The program for non-attending students is dedicated to the regulation of insurance contracts and of the insurance company, with particular attention to the profiles characterizing the main types of contracts. It also includes the essential features of the European legislation on the supervision of insurance companies and intermediaries. For the preparation of the exam students shall use the text by N. De Luca, Diritto ed economia delle assicurazioni, Il Mulino, 2022 (all chapters).

TEACHERS AND EXAM BOARD

Exam Board

MICHELE SIRI (President)

ALESSIA MISTRETTA

ILARIA CERIANA (Substitute)

FRANCESCA PALAZZINI (Substitute)

THEA ROMANO' (Substitute)

FILIPPO-MARIA TURCI (Substitute)

LESSONS

LESSONS START

Classes are held in the first semester beginning Monday, September 13, 2021.

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

In the winter, summer and autumn sessions, the exam takes the form of an oral interview, to be taken in Italian, both for the program applicable to attending students and for the program applicable to non-attending students. The calendar of ordinary exams is published on the University website. Any postponements are also announced on the AulaWeb page and are made on the University website for the booking of exams. Always check on AulaWeb the actual date close to the scheduled one. There are no extraordinary sessions compared to the official ones, and there are no post-appeals. The admission to the exam is subject to the online registration on the University website for the booking of exams. In case of failure, the exam cannot be repeated in the next call of the same session. In case of renunciation, the exam can be repeated in the next call.

ASSESSMENT METHODS

The exam for attending students is articulated on the three areas of the didactics carried out and foresees a verification of the preparation with at least one question on the topics developed in the lessons, one question on the European jurisprudence and one question on the sentences from which the cases faced in the exercises are taken.
The exam for non-attending students concerns the discipline of the company and insurance contracts and is divided into three questions on: 1. Economics, history and insurance law. 2. The insurance contract. 3. Insurance of assets. 4. Insurance of property and credit. 5. Life and health insurance. 6. The insurance company. 7. Insurance distribution.
Students enrolled in the Erasmus program take the same test as other students. There are no pre or post sessions dedicated to Erasmus students. There are no substitute tests or special programs.

Exam schedule

FURTHER INFORMATION

For the Master's Degree in Law, the exams in Private Law 1 and Private Law 2 are propaedeutic. However, it is recommended, but not required, to pass the exams of Commercial Law 1. For the three-year degree course in Business and Administration Law, it is recommended, but not required, to pass Institutions of Private Law and Commercial Law.
See the AulaWeb page for more information and possible updates during the academic year.