Sources and tools of the insurance regulation in the European Union

Abstract

The regulation exists to get industry, organizations and individuals to modify their behaviour to gain compliance with the law, and ultimately to achieve desired outcomes. Modern regulation is a complex interaction between politicians, civil servants, industry, interested groups, regulatory bodies and—occasionally—consumers. The regulation of financial services has dramatically increased in the last decade. Since the financial crisis in 2007–2008, a large supervisory and regulatory reform has been put forward in the European Union (EU). These reforms, albeit in different ways, are based on the recommendations of transnational bodies, primarily the G-20, where the EU itself and some of its Member States are actively engaged. [Excerpt from the Introduction]