OVERVIEW

The course provides an overview of EU insurance market regulation through a combination of lectures, exercises and class discussions on practical case studies. After identifying the relevant regulatory sources, the first part of the course discusses the insurance prudential framework, focusing on corporate governance provisions, product regulation and oversight. Next, the course analyses the regulatory framework for insured protection, paying particular attention to insurance distribution, the system of public supervision, and insolvency. The regulation of pension funds and products is examined, focusing on pension advice. Finally, the course addresses the civil code provisions applicable to insurance contracts.

AIMS AND CONTENT

LEARNING OUTCOMES

This course is an introduction to the general issues of insurance law. It is divided into two parts. The first part provides the legal and institutional framework for insurance companies and focuses on the rationale for public regulation of insurance activity. The second part is designed to provide a basic understanding of the legal concepts of insurance contract law. It focuses on the main types of 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 lectures, seminars and in-class discussions of case-studies. Teaching takes place during the first semester for at least 36 hours (6 cfu).

The reading materials for the seminars and the in-class discussions are published on Aulaweb on weekly basis. During the seminars, students perform (individually and in groups) exercises, legal opinions and judicial acts, with a view t highlighting the most relevant implications for insurance market regulation. This way, students actively participate in the solution of the proposed questions through a written assignment, which is commented on by the lecturer. The lecturer evaluates the proposed solutions in order to verify the skills acquired in the lectures. This also helps develop the argumentation skills and supports the learning of the logical structure jurists use in the drafting of opinions and solutions of cases that are frequently encountered in the professional experience within the field of in insurance markets law. In addition, every week, the lecturer presents a topical practical case selected considering its materiality and its ability to show the practical implications of the theoretical notions addressed in the lectures. In this way, students can deepen their knowledge by gaining a more practical experience and can further develop their in-depth analysis through groupworks based on real-life cases.

Finally, the course will include optional supplementary seminars with the participation of external speakers. These seminars delve into topical issues (such as sustainable finance) or explore the interdisciplinary implications of the course topics (such as financial education and culture).

Participation in the lectures is verified through the Easy Academy attendance tracking application.

An active participation in the in-class activities through the preparation of written texts (individually or in group) and discussion in class is – together with the qualification of attending student – a necessary condition to obtain the following Open Badges: (i) Learning to learn (imparare a imparare) (advanced); (ii) Literacy and functional competence (competenza alfabetica funzionale) (advanced).

Students who have valid certification of physical or learning disabilities and who wish to discuss possible accommodations or other circumstances regarding lectures, coursework and exams, should speak both with the instructor and with Professor Isabel Fanlo (Isa.Fanlo@unige.it), the Department’s disability liaison.

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.
 

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).

For students with learning disabilities: teaching materials and materials for the exams will be made available on AulaWeb, the University of Genoa E-learning Platform. Students who have valid certification of disability or Specific Learning Desorders (DSA) on file with the University may request the use of compensatory measures during the exams (e.g. additional time, concept maps, modifications in the written/oral mode), following the guidelines. In any case, for further information, please contact the Department’s disability liaison: Isa.Fanlo@unige.it. Specific instructions on the use of the handbook – whether in combination with, or in alternative to, the AulaWeb materials – may be agreed upon with the teacher. 

TEACHERS AND EXAM BOARD

LESSONS

LESSONS START

Classes are held in the first semester.

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 elective or special programs.

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 the exam of Institutions of Private Law and Commercial Law. See the AulaWeb page for more information and possible updates during the academic year.