Regulation (EU) 2015/35 (known as the Solvency 2 delegated regulation), sets out detailed requirements for applying the Solvency 2 framework. The OSFI supervises and regulates all banks and all federally incorporated or registered trust and loan companies, insurance companies, co-operative credit associations, fraternal benefit societies and pension plans with regard to financial solvency, prudential supervision, capital and governance rules, including dynamic capital testing and risk assessment. INTERNATIONAL INSURANCE REGULATION. Books . 154-175), Chapter 1 Establishment by insurance undertakings (regs. What is a KID? If you navigate away from this document, the view date will reset. 268), Part 18 Reorganisation and winding-up of insurance undertakings (regs. The latter means protecting diversity and allowing small firms to thrive and provide valuable localised services. Effective April 30, 2005, new European (EC) regulations require that all aircraft operators (both commercial and private) carry liability insurance coverage with respect to passengers, baggage, cargo, and third parties when operating within, into, out of, or over the territory of a European Union (EU) Member State. The CIRC reports to and carries out administrative functions delegated by the State Council. Directives. The rules aim to ensure that policyholders throughout the European Union enjoy the same level of protection, no matter where they buy insurance. 275-284), Regulation 275 Commencement of winding-up proceedings, Regulation 276 Information to supervisory authorities, Regulation 277 Treatment of insurance claims, Regulation 278 Provisions supplementary to Regulation 277, Regulation 279 Withdrawal of authorisation, Regulation 280 Publication of decisions on winding-up proceedings, Regulation 281 Information to known creditors, Regulation 284 Regular information to creditors, Chapter 4 Common provisions (regs. 485 of 2015] (Solvency II Regulations), Regulation 4 Exclusion of small undertakings, Regulation 5 Exclusion of mutual undertakings, Regulation 6 Exclusions: insurance forming part of social security system, Regulation 7 Exclusions: non-life operations, Regulation 8 Exclusions: assistance activity, Regulation 9 Exclusions: life operations and organisations, Regulation 11 Insurance and reinsurance undertakings closing their activity, Regulation 12 Prohibition against carrying on insurance etc. It is established under EU Regulation 1094/2010. In contrast to the sale of goods like washing-machines or clothes, insurance coverage depends on a particular legal framework and can be applied differently in different national legal environments. Pierpaolo Marano is Professor of Insurance Law in the Faculty of Banking, Finance and Insurance at the Catholic University of the Sacred Heart, Milan, Italy.A widely-sought writer and speaker on insurance law and regulation, he served as an academic member of the EIOPA Insurance and Reinsurance Stakeholder Group in 2012/13, and the EIOPA Occupational Pensions Stakeholder Group in 2013/2016. European Union (Insurance and Reinsurance) Regulations 2015 [S.I. The third-generation Insurance Directives established an "EU passport" (single licence) for insurers to operate in all member states if they fulfilled EU conditions. The required insurance includes coverage for war, terrorism, hijacking, sabotage, unlawful seizure of aircraft, and civil commotion. In the UAE insurance and reinsurance are covered by Federal Law no. 43-75), Chapter 1 Responsibilities of board of directors (reg. 285-299), Regulation 285 Effects on certain contracts and rights, Regulation 286 Rights in rem of third parties, Regulation 290 Regulations 286 to 289: savings, Regulation 292 Protection of third-party purchasers, Regulation 294 Administrators and liquidators: proof of appointment, Regulation 295 Administrators and liquidators: exercise of powers in other Member States, Regulation 296 Administrators and liquidators: exercise of powers in the State, Regulation 297 Registration in public register, Regulation 299 Treatment of branches of third-country insurance undertakings, Regulation 300 Offence of making false or misleading application for authorisation, Regulation 302 Offence of providing false or misleading information, Regulation 303 Liability of officers of undertaking for offences committed by undertaking, Chapter 2 Co-operation, fees and notices (regs. Sources and Tools of the Insurance Regulation in the European Union. Who is the regulation applicable to? European Union (Insurance and Reinsurance) Regulations 2015 [S.I. Changes to BREA's Regulations. This regime is known as ‘Solvency II’ and it involves harmonising EU insurance regulation. No. The ABI Conduct Regulation team focuses on a range of conduct policy issues of importance to our members. 76-77), Regulation 77 Exchange of information with other authorities, Part 7 Pursuit of life and non-life activity (regs. Pages 31-57. The US does not have a strong regulatory capacity in insurance, which is a state, not a federal competence. EU Regulation 1094/2010/EU established the European Insurance and Occupational Pensions Authority. Amendment to previous motor insurance EU exit SI transitional provision to account for the UK having now left the EU and entered in to the transition period, and amendment to 2002 Regulations … ... Insurance regulation relates to rule-making in the insurance sector. The European Union (EU) is a grouping of 27 European countries which have agreed to a process of cooperation and integration in economic, political and judicial affairs. Consumer protection. Insurance coverage is a service that is exclusively defined by legal terms and provisions. 1. the Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment.
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