Reinsurance intermediaries : a comparison of the EU and U.S. regulatory approach

Abstract

Directive 2002/92/EC on insurance mediation holds very few provisions on reinsurance intermediaries whose discipline is in the hands, in large part, of each Member State. This lack of harmonized rules is inconsistent with the transnational nature of the reinsurance market. The purpose of this investigation is to highlight possible adverse effects of this lack of harmonization by providing, at the same time, useful suggestions to counteract them for the forthcoming launch of the procedure of revising the Directive 2002/92/EC. The method of investigation used consists in the comparison of the current EU rules on reinsurance intermediaries with those applicable in the U.S. that are more detailed, while regulating intermediaries performing similar functions, in a highly sophisticated market that has the same need of protection as the European one.