[PDF] Distribution Of Insurance Based Investment Products eBook

Author : Pierpaolo Marano
Publisher : Springer
Page : 258 pages
File Size : 24,52 MB
Release : 2019-03-27
Category : Law
ISBN : 3030116689

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The book addresses a topic at the intersection of two heavily regulated sectors: insurance and investment services. Until recently, scholars and professionals have approached insurance and investment services as two separate categories in the financial services sector, and as being governed by separate regulatory frameworks. In practice, however, the boundaries were and are blurred, a reality that regulators have begun to recognize and address in their more recent regulatory texts. The first part of the book approaches the new standards applicable to investment products based on insurance: insurance-based investment products (IBIPs). These rules are harmonized across the EU. The rationale behind this new definition is provided, together with a description of these products’ limitations. The analysis addresses the new rules and explores the legal regime and relevant standards applicable to IBIPs. The organizational rules concerning the design and distribution of IBIPs are also examined, and the book highlights e.g. how these rules are inspired by the principles of conduct. In closing, the ADR systems are analysed, in order to ascertain whether or not they can offer an effective tool for settling disputes over these products. In turn, the second part focuses on the liability for distribution of IBIPs, which ranks as one of the most conspicuous and relatively new legal phenomena, but at the same time, represents an exceptionally important field of civil liability in today’s world. Liability is still regulated at the national level. Thus, the four largest life insurance markets in the EU are considered, along with the largest emerging market for life insurance. The chapters on national laws also consider whether, and if so, how the new harmonized rules on IBIPs are being combined with those already in force in the jurisdictions considered. The goal is to determine whether the new rules are likely to change the doctrine and case law approach to these products, or whether the European legislators’ choices have no real impact on the protection of clients.

Author : Pierpaolo Marano
Publisher : Springer Nature
Page : 439 pages
File Size : 33,57 MB
Release : 2021
Category : Bank marketing
ISBN : 3030527387

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This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD - e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences - while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.--

Author : Marta Borda
Publisher : Springer
Page : 214 pages
File Size : 41,97 MB
Release : 2021-10-23
Category : Business & Economics
ISBN : 9783030496579

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This book examines the challenges for the life insurance sector in Europe arising from new technologies, socio-cultural and demographic trends, and the financial crisis. It presents theoretical and applied research in all areas related to life insurance products and markets, and explores future determinants of the insurance industry’s development by highlighting novel solutions in insurance supervision and trends in consumer protection. Drawing on their academic and practical expertise, the contributors identify problems relating to risk analysis and evaluation, demographic challenges, consumer protection, product distribution, mortality risk modeling, applications of life insurance in contemporary pension systems, financial stability and solvency of life insurers. They also examine the impact of population aging on life insurance markets and the role of digitalization. Lastly, based on an analysis of early experiences with the implementation of the Solvency II system, the book provides policy recommendations for the development of life insurance in Europe.

Author :
Publisher :
Page : pages
File Size : 50,21 MB
Release : 2018
Category :
ISBN : 9789279667381

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The general objective of the Study is to provide facts and figures on the current features and functioning of European markets for retail investment products, analysing specifically: - The supply of retail investment products through various distribution channels; - The access to financial advice by retail investors and related risks and benefits; - The impact of on-line distribution on the retail investment offering, notably on the breadth and terms of the offer, and on investor protection; and - The risks and benefits of new distribution models developed by FinTech companies. The Study covers 15 Member States chosen based on market size, date of integration into the European Union (EU), and the variety of specific policy frameworks in place: Belgium, Czech Republic, Denmark, Estonia, France, Germany, Italy, Luxembourg, the Netherlands, Poland, Portugal, Romania, Spain, Sweden and the United Kingdom (UK). The Study covers different types of investment advice: independent advice (e.g. through an Independent Financial Advisor (IFA) in a country with a ban on inducements), non-independent advice (e.g. through an advisor of a bank or insurer) as well as robo-advice (i.e. through an automated web-based platform). Investment products in scope of the Study are investment funds, listed bonds and equities, life insurance products with investment components and pension products. The tender requirements were posing specific methodological challenges as this study had to cover different types of investments products that fall under different regulations. We were not able to identify a suitable existing methodology which would set a common framework for all types of products and related regulations across the countries in scope. As a result, we needed to develop a methodology specifically for this project that would allow for a coherent study of the distribution of different types of investment products to retail investors. A major element of the methodology was the application of two data collection methods that explicitly mimicked the behavior of a financially less sophisticated retail investor seeking for information and advice on investment products. As part of this methodology, we searched for information on investment products on the webpages of the largest distributors in each country in scope of the study and we conducted over 500 mystery shops at banks, insurance companies, independent financial advisors (IFAs) and robo-advisors across 10 out of 15 Member States in scope. Through this, we were able to collect information on the types of products actively proposed to retail investors and to assess how general suitability of the proposed investment products was established. The data collection for this project has been performed over the course of 2017, before the entry into force of several regulatory changes that are likely to impact the market.

Author : Douglas Bennett, FSA
Publisher : ACTEX Publications
Page : 113 pages
File Size : 36,42 MB
Release : 2014-06-01
Category : Business & Economics
ISBN : 1625422113

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This book presents a complete discussion of life insurance distribution. It begins by putting life insurance distribution within the broader context of distribution and marketing in general, thus demonstrating why life insurance distribution is different. It then goes on to discuss the history of how distribution, as we know it today, developed, and the ten primary distribution channels that exist in the business. With all of this as background, the book continues with more detail and discusses the various functions performed by distribution, and how distribution systems are managed today. It also goes into more specifics regarding the compensation and the economics of distribution. The text concludes with a discussion of managing distribution channel conflict, and how distribution of life insurance is expected to evolve in the near future. Spreadsheet models are available on the ACTEX website to assist readers in understanding the economics of distribution.

Author : Ignatius J. Horstmann
Publisher :
Page : 126 pages
File Size : 41,18 MB
Release : 1996
Category : Business & Economics
ISBN :

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A controversial aspect of proposed changes to regulations for the financial services industry in Canada is the proposal to allow banks to distribute insurance products. This publication provides an economic analysis of the forces that have brought the banks and insurance companies into direct competition. It reviews the state of the insurance industry in Canada, assesses potential costs of bank sales of insurance, examines whether the banks have a genuine economic advantage in insurance distribution, and discusses the benefits to consumers of the above proposal. Evidence is presented on consumer benefits and impact on the insurance industry from countries where banks are permitted to distribute insurance products (Europe, United States, Australia, New Zealand). Finally, policy questions facing Canadian legislators are addressed.

Author : Kathrin Glau
Publisher : Springer
Page : 434 pages
File Size : 15,5 MB
Release : 2015-01-09
Category : Mathematics
ISBN : 331909114X

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Quantitative models are omnipresent –but often controversially discussed– in todays risk management practice. New regulations, innovative financial products, and advances in valuation techniques provide a continuous flow of challenging problems for financial engineers and risk managers alike. Designing a sound stochastic model requires finding a careful balance between parsimonious model assumptions, mathematical viability, and interpretability of the output. Moreover, data requirements and the end-user training are to be considered as well. The KPMG Center of Excellence in Risk Management conference Risk Management Reloaded and this proceedings volume contribute to bridging the gap between academia –providing methodological advances– and practice –having a firm understanding of the economic conditions in which a given model is used. Discussed fields of application range from asset management, credit risk, and energy to risk management issues in insurance. Methodologically, dependence modeling, multiple-curve interest rate-models, and model risk are addressed. Finally, regulatory developments and possible limits of mathematical modeling are discussed.

Author : Pierpaolo Marano
Publisher : Springer
Page : 403 pages
File Size : 45,82 MB
Release : 2017-10-13
Category : Business & Economics
ISBN : 3319612166

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This book explores the profound transformation that has taken place in European insurance legislation since January 2016. Expert contributions discuss the changes that have taken place in the supervision of insurance and reinsurance undertakings through an economic risk-based approach. They outline the European insurance market before going on to show how Solvency II and Insurance Distribution Directive (IDD) are expected to generate significant benefits and have a positive impact on all parties involved in the insurance industry, the supervisory authorities and the insured. They also show how Solvency II is likely to benefit the economy as a whole, promoting more efficient allocation of capital and risk in a financial stability framework. This volume will be of interest to academics and researchers in the field of insurance regulation.

Author : Donald R. Chambers
Publisher : CFA Institute Research Foundation
Page : 122 pages
File Size : 18,64 MB
Release : 2018
Category : Business & Economics
ISBN : 1944960384

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Alternative Investments: A Primer for Investment Professionals provides an overview of alternative investments for institutional asset allocators and other overseers of portfolios containing both traditional and alternative assets. It is designed for those with substantial experience regarding traditional investments in stocks and bonds but limited familiarity regarding alternative assets, alternative strategies, and alternative portfolio management. The primer categorizes alternative assets into four groups: hedge funds, real assets, private equity, and structured products/derivatives. Real assets include vacant land, farmland, timber, infrastructure, intellectual property, commodities, and private real estate. For each group, the primer provides essential information about the characteristics, challenges, and purposes of these institutional-quality alternative assets in the context of a well-diversified institutional portfolio. Other topics addressed by this primer include tail risk, due diligence of the investment process and operations, measurement and management of risks and returns, setting return expectations, and portfolio construction. The primer concludes with a chapter on the case for investing in alternatives.