| CODE | CML5032 | ||||||||
| TITLE | The Legal Framework for Insurance Business | ||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||
| MQF LEVEL | 7 | ||||||||
| ECTS CREDITS | 5 | ||||||||
| DEPARTMENT | Commercial Law | ||||||||
| DESCRIPTION | Lectures in this study-unit examine the legal framework and mechanisms that regulate insurance companies and insurance intermediaries and promote the protection of policyholders and the consumer in this sector. The lectures shall provide an introduction of the historical development of the Maltese regulatory framework including the sources of the Maltese legal framework and will provide an overview of the various types of insurance players in the market and the intermediaries activities that these players carry on. The study-unit then focuses in detail on the regulatory and supervisory framework governing the local insurance industry; and the regulation and supervision of business of insurance and reinsurance. Special focus is given to the following subjects: 1. Composition and overview of Maltese insurance market 2. General Supervisory Powers 3. Authorisation for carrying on Business of Insurance 4. Financial Requirements i. Own Funds ii. Solvency Capital Requirements iii. Minimum Capital Requirements iv. Valuation of Assets and liabilities v. Technical Provisions vi. Capital Add-on 5. Financial Reporting including IFRS 17 6. Supervision of Authorised Insurance and Reinsurance Undertakings i. Systems of Governance ii. Group Supervision iii. Transfer of Business of Insurance iv. Acquisition and Disposal of Shares, Withdrawal, Dissolution and Winding up 7. Powers of Intervention, Sanctions and Appeals 8. Protection and Compensation Fund 9. Overview of Maltese Insurance Distribution legislation Learning Outcomes: This study-unit has been designed to cover the areas in which insurance business’ and insurance intermediaries’ activities have been regulated and the need for regulation. It will help students achieve a better understanding of the regulatory and supervisory regime applicable to business of insurance and insurance intermediaries, in particular the prudential regulations relating to capital, solvency, investment, and reserving requirements. This unit will provide students with an in-sight of the supervisory tools available to the supervisory authority so as to avoid entry of unsound operators in the market and to follow effective supervision of the sector. Skills Acquired: By the end of the study-unit, students will be in a better position to give advice on insurance law and regulation; and to occupy senior and leadership roles in the insurance and in the financial services sector more generally. Reading List: 1. Insurance Business Act (Chapter 403 Laws of Malta) Subsidiary legislation: Regulations issued under the Insurance Business Act and Insurance Rules Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) delegated acts and any technical standards that have been issued thereunder. EIOPA Guidelines, Opinions and Other Publications Insurance Distribution Act (Chapter 487 of the Laws of Malta) 2. Selected University of Malta Theses Students are expected to consult the considerable number of dissertations and theses on various aspects of insurance law and regulation submitted to the Faculty of Law and to the Faculty of Economics, Management and Accountancy (FEMA). Of particular interest are those submitted for the Doctor of Laws and the Master of Arts in Financial Services Programmes. |
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| STUDY-UNIT TYPE | Lecture | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Marisa Attard (Co-ord.) Bertha Toledo |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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