The "Dematerialized" Insurance: Distance Selling and Cyber by Pierpaolo Marano, Ioannis Rokas, Peter Kochenburger

By Pierpaolo Marano, Ioannis Rokas, Peter Kochenburger

This booklet adopts a global standpoint to check how the web sale of assurance demanding situations the coverage law and the coverage agreement, with a spotlight on assurance revenues, shopper security, cyber dangers and privateness, in addition to dispute solution. this day insurers, policyholders, intermediaries and regulators have interaction in an more and more on-line global with profound implications for what has in the past been a historically working undefined. whereas the turning out to be threats to patron and enterprise facts from cyber assaults represent significant assets of chance for insurers, even as cyber assurance has turn into the quickest starting to be advertisement coverage product in lots of jurisdictions.

Scholars and practitioners from Europe, the U.S. and Asia assessment those issues from the viewpoints of insurers, policyholders and assurance intermediaries. at times, latest coverage rules look comfortably adaptable to the web global, reminiscent of prohibitions on misleading advertising of coverage items and unfair advertisement practices, which are utilized to advertisements via social media, reminiscent of fb and Twitter, in addition to to conventional written fabric. In different parts, present regulatory and enterprise practices are proving to be insufficient to the duty and new ones are rising. for instance, the coverage and coverage supervisors are exploring tips to evaluation, make the most of, take advantage of and keep watch over the explosive development of information mining and predictive analytics (“big data”), which threaten long-standing privateness defense and assurance hazard class laws.

This book’s bold foreign scope suits its subject matters. the web assurance marketplace is cross-territorial and cross-jurisdictional with insurers usually working across the world and as a part of better financial-services maintaining businesses. The authors’ exploration of those matters from the vantage issues of a few of the world’s biggest coverage markets – the united states, Europe and Japan – offers a comparative framework, that's helpful for the certainty of on-line insurance.

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Extra info for The "Dematerialized" Insurance: Distance Selling and Cyber Risks from an International Perspective

Example text

15–17. OECD (2002). Also see OECD (2013). 113 See above footnote 76. 114 See above under Sect. 2. htm) art. 5 para. 6, “notwithstanding the preceding provisions of this article, an insurance enterprise of a Contracting State shall, except in regard to (re)insurance, be deemed to have a permanent establishment in the other Contracting State if it collects premiums in the territory of that other State or insures risks situated therein through a person other than an agent of an independent status to whom paragraph 7 applies”.

2 Risks and Insurance Regulation Concerning E-commerce . . . . . . . . . . . . . . . . . 1 Risks of E-commerce and Business Conduct Regulation . . . . . . . . . . . . . . 2 Risks of E-commerce and Prudential Regulation . . . . . . . . . . . . . . . . . . . 3 Current Developed Insurance Regulatory Infrastructure . . . . . . . . . . . . . . . . . . 1 European Union .

2 United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Issues Relating to the Regulatory Structure .

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