About

Advanced Studies on Insurance Regulation - INS5033

Organised by the University of Malta, Faculty of Economics, Management and Accountancy, Department of Insurance and Risk Management

Credits: 6 ECTS. Participants will receive a certificate in “Advanced Studies on Insurance Regulation", at level 7 under the European qualification framework


Date: 01 – 05 July 2024

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

This study unit will introduce the critical trends in the EU law and 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, including the Solvency II review and the IRRD, and internationally.
  • Insurance contract at the cross rood with digital transformation to analyze the boundaries of the insurance contract.  
  • ESG and sustainability, which examines the compliance with these factors and the related liabilities.
  • The challenge of AI to the insurance market, which examines how the new AI regulation can affect insurance products, distribution, insurers’ organization and reporting, and the relevant international private law.
  • 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.

 

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.

Teaching and learning methods

Fieldwork: 6 hours

Lectures: 25 Hours

Assessment: Reflective Diary min: 2500words

Course leader: Prof. PhD. Pierpaolo Marano. 

Academic staff: International academic staff and insurance industry representatives will deliver lessons. Academic staff includes Proff. Franziska Arnold-Dwyer, Luo Can, Shu Li, Margarida Lima Rego, Marta Ostrowska, Caroline Van Schoubroeck, Karel Van Hulle. Moreover, high-level representatives of the EU and international institutions and Maltese market 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, young academics, as well as compliance officers, legal counsels,trainees in the insurance industry and anyone wishing to deepen their knowledge of EU Insurance Law.

 

Registration

The deadline for registration is: 14 June 2024 noon CET. 

Kindly click here to register 

Registration fees cover tuition; course material; coffee breaks and packed lunches and social activities.

Minimum number applies:  The course will only commence if there is a sufficient number of eligible applicants. The maximum number of students who can be admitted is 25.

 

Scholarships

A total of 10 scholarships are available to Master’s and PhD students under the age of 30 who would like to register for the 5-day programme.  These scholarships are being offered by BIPAR (European Federation of Insurance Intermediaries) and cover the registration fee only (no accommodation). 

Applicants for scholarships must send a motivation letter to Prof. Pierpaolo Marano. The selection criteria will be an excellent prior academic record and proximity of current research with the topics covered in the Summer school.  Preference will be given to applicants studying on a full-time basis.

Students can apply for a scholarship by 7 June 2024.     Scholarships awardees will receive communication about their application within five days after the deadline.


https://www.um.edu.mt/events/advancedinsurance2024/about/