Advanced Studies on Insurance Regulation INS5033

organised by the University of Malta, Faculty of Economics, Management and Accountancy, Department of InsuranceCredits: 6 ECTS. Participants will receive a certificate in “Advanced Studies on Insurance Regulation", at level 7 under the European qualification frameworkDate: 17 – 21 July 2023

Rationale

Insurance plays a crucial role in social and economic development. The regulatory framework on insurance increased considerably in the last decade at the international and EU level. Moreover, the insurance industry is becoming vital also for the Maltese economy. Over 70 insurance undertakings are headquartered in Malta, and most are carrying out their business mainly abroad. Knowledge of the most advanced trends in insurance regulation at the EU level can give participants a better understanding of the regulation of insurance activities and train the people who must manage them.Furthermore, the more sophisticated the knowledge transferred to participants on this topic, the more the insurance industry, including regulators, can benefit from highly skilled potential trainees.

Course description

Executive Director of EIOPA, Mr. Fausto Parente, will deliver the initial speech (remotely) at the course.

This study unit will introduce the critical trends in the EU 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
• Risk and insurance, which highlights how insurance is a risk management tool and can complement insurance markets
• Customer protection, which focuses on the the trends arising from customer law and the new third-party motor liability insurance directive
• Insurtech and Sustainability, which examines the liabilities arising from AI and new business models, and the compliance with the ESG factors.
• 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.

Study-unit aims

The study unit aims to provide students with a better understanding of the regulation of insurance activities, Thus, regulatory issues will be approached from an interdisciplinary point of view. Moreover, participants will understand the concept of risk, tools used to neutralize it, and avoid insurance practices detrimental to customers.Also, participants will familiarize themselves with new technologies increasingly used in insurance and disruptive business models such technologies allow. In addition, they will learn how insurance can interact with other trends of modern society

Knowledge and Understanding

By the end of the study unit, the participants 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.

Skills (including transferable [generic] skills): By the end of the study unit, the participants will be able to: (i) Evaluate the challenges required from the EU regulation on insurance to national laws and markets, including supervisory authorities(ii) Interpret regulatory requirements (iii) Identify the expected behaviours from these standards and analyse the impact in terms of organizational and conduct requirements

Teaching and learning methods

Fieldwork: 6 hoursLectures: 25 HoursAssessment: Reflective Diary min: 2500wordsCourse leader: Prof. PhD. Pierpaolo Marano.Academic staff: International academic staff and insurance industry representatives will deliver lessons. Academic staff includes Proff. Franziska Arnold-Dwyer, Christian Bonnici West, Simon Grima, Margarida Lima Rego, María Luisa Muñoz Paredes, Livashnee Naidoo, Kyriaki Noussia, Marta Ostrowska, Caroline Van Schoubroeck, Piotr Tereziewicz, Abel Veiga Copo. Moreover, high-level representatives of the EU and Maltese markets will share their experience and knowledge with participants. PhD candidates will present their thesis or idea to participants.Target group: The program is designed for Law, Insurance, Banking and Finance, Risk Management, Accountancy, Economics, or Business PhD students and master's students, as well as compliance officers, legal counsels, and trainees in the insurance industry.Available places: The minimum number required for this study unit to run is ten (10) eligible students. The maximum number of students admitted is 25.Deadline for the application: 15 June 2023 noon CET.If you would like more info feel to send an email.Registration fee of EUR 750 includes:

• Lectures
• Course material
• Coffee breaks and packed lunches
• Welcome reception
• Farewell reception
• Social activities

Scholarships: 10, which will cover the registration fee only (no accommodation)Scholarships are offered by BIPAR (European Federation of Insurance Intermediaries)Students (both master’s and PhD students) under 30 years old and preferably full-time can apply for scholarships by 15 June 2023. Scholarships applicants will receive communication about their application within five days after the deadline.Applicants for scholarships must send a motivation letter to Prof. Pierpaolo Marano. Selection criteria will be an excellent prior academic record and proximity of current research with the topics covered in the Summer school.The course coordinator would also like to announce that the course is now recognised as part of the Get Qualified scheme.Deadline for application: 15 June 2023 noon CETDiscounted Category:Members of BIPAR can be granted a 50% discount (375 E) upon request to Prof. Pierpaolo Marano.