LEARNING OUTCOMES

The course aims to provide students with the fundamentals of insurance regulation at the European and Italian levels, which are necessary to undertake work or professional experience in legal services. The teaching is devoted to the law of the insurance industry with a focus on insurance companies and insurance intermediation. Lectures also consider national regulations with particular attention to the protection of the insured and the relationship with the civil law regulation of the insurance contract and deal with practical cases related to the most common insurance contracts.

AIMS AND LEARNING OUTCOMES

This course aims to provide students with the fundamentals of insurance regulation governing the insurance industry at the European and Italian levels. The lectures also cover the civil law regulation of the insurance contract. 

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

• Understand and remember the main regulatory provisions that govern the performance of the insurance business as well as the subjects that operate in it with particular regard to insurance companies and intermediaries;
• Identify the various relevant regulatory sources and understand and apply the main rules on insurance companies' corporate governance and risk management;
• Understand the structure and mechanism of public supervision of the insurance business and be aware of the significance and relevance of special industry regulations;
• Understand the main techniques of policyholder protection in the provision of insurance brokerage services and distinguish the safeguards in insurance distribution concerning those provided in the provision of investment services;
• Understand and critically evaluate different types of insurance contracts; and 
• Identify, understand and apply the rules governing the formation, interpretation and execution of insurance contracts;
• Understand and critically evaluate, with independent judgment, European and Italian regulations on the insurance industry;
• Read and critically examine, with independent judgment, scholarly articles in insurance law, judgments and decisions related to insurance contracts;
• Express oneself in appropriate technical legal language.

The learning outcomes are part of the knowledge and experience required for the development of skills in the field of private law and European law that are relevant in the performance of professional and work activities in companies in the insurance sector (insurance companies, insurance brokers and distributors, suppliers and consultants included in the value chain) with a legal and regulatory compliance profile. The acquired knowledge is also preparatory to the performance of curricular internships useful for the consolidation of theoretical and practical skills in the insurance industry.

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 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.    The European regulation of insurance services.
2.    The supervision of insurance activity.
3.    Corporate governance and risk management.
4.    European regulation of insurance distribution.
5.    Policyholder protection and the discipline of product governance and control.
6.    Liquidation and resolution of insurance companies. Insurance guarantee funds.
7.    The European regulation of motor vehicle liability insurance.
8.    Types and civil law regulation of insurance contracts.
9.    The European discipline on company pension funds. 
10. The pan-European pension plan.
11. The insurance fintech. 
12. Insurance and sustainability.

RECOMMENDED READING/BIBLIOGRAPHY

The program for attending students is dedicated to the European regulation of insurance and supplementary pensions, particularly regarding the supervision of insurance companies and intermediaries. Only the material published on AulaWeb will be used to prepare for the exam. 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 arrangements. It also includes the essential features of European legislation on the supervision of insurance companies and intermediaries. To prepare for the exam, students shall use the text by N. De Luca, Diritto ed economia delle assicurazioni, Il Mulino, 2022 (all chapters).