By Pierpaolo Marano, Ioannis Rokas, Peter Kochenburger
This ebook adopts a world standpoint to check how the web sale of coverage demanding situations the coverage rules and the assurance agreement, with a spotlight on assurance revenues, patron safety, cyber hazards and privateness, in addition to dispute answer. at the present time insurers, policyholders, intermediaries and regulators have interaction in an more and more on-line international with profound implications for what has during the past been a historically working undefined. whereas the becoming threats to purchaser and company info from cyber assaults represent significant assets of probability for insurers, whilst cyber coverage has develop into the quickest transforming into advertisement assurance product in lots of jurisdictions.
Scholars and practitioners from Europe, the us and Asia assessment those subject matters from the viewpoints of insurers, policyholders and assurance intermediaries. at times, present coverage rules seem effectively adaptable to the net global, akin to prohibitions on misleading advertising and marketing of assurance items and unfair advertisement practices, which are utilized to advertisements via social media, comparable to fb and Twitter, in addition to to conventional written fabric. In different parts, present regulatory and company practices are proving to be insufficient to the duty and new ones are rising. for instance, the assurance and assurance supervisors are exploring easy methods to overview, make the most of, take advantage of and keep watch over the explosive development of knowledge mining and predictive analytics (“big data”), which threaten long-standing privateness defense and assurance hazard type laws.
This book’s formidable overseas scope suits its themes. the net coverage industry is cross-territorial and cross-jurisdictional with insurers usually working the world over and as a part of higher financial-services protecting businesses. The authors’ exploration of those concerns from the vantage issues of a few of the world’s biggest coverage markets – the united states, Europe and Japan – offers a comparative framework, that's priceless for the knowledge of on-line insurance.
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This ebook adopts a global standpoint to ascertain how the net sale of coverage demanding situations the assurance legislation and the assurance agreement, with a spotlight on coverage revenues, shopper defense, cyber dangers and privateness, in addition to dispute solution. at the present time insurers, policyholders, intermediaries and regulators engage in an more and more on-line international with profound implications for what has in the past been a historically working undefined.
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Extra resources for The "Dematerialized" Insurance: Distance Selling and Cyber Risks from an International Perspective
2 Some Suggestions for Current Information-Based Regulation Based on the Behavioural Biases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Concluding Observation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 41 42 43 44 44 46 47 49 50 51 52 53 56 56 Abstract After the global financial crisis caused by sub-prime mortgage market, electronic commerce in insurance becomes one of the essential components for insurers to improve their competitiveness and performance.
In addition, the IIM must provide the contracting party (who according to EU law is the customer) with appropriate, effective and accessible technical means allowing for the identification and the correction of errors, prior to the placement of the order. The IIMs have to maintain the information and insurance documents in a durable medium, which will enable customers to store the information addressed personally to the customer in any form that may be accessible for future reference, for a period of time sufficient for the purposes of the given information, and which will allow for the unaltered reproduction of the information stored.
57 TFEU and, based on ECJ case law, defines additionally the borderline between FoS and FoE of an insurance undertaking as to the way the latter’s representative in the host MS conducts its work. The Commission’s view is that an IIM that provides its services via an independent representative in another MS is conducting business under establishment if such representative works under its control and direction. 74 To sum up, the obligation of establishment exists when the IIM works in the host MS with a representative who cumulatively satisfies the above-said three criteria (being subject to the direction and control of the parent IIM, having received a permanent brief and being able to commit the IIM75) regardless of its services’ lasting duration and/or the regularity and/or the periodicity and/or the continuity or if this representative is an independent person.