Description
Book SynopsisThis thoroughly revised second edition of the
Research Handbook on International Insurance Law and Regulation provides an updated assessment of the insurance industry in an international context, featuring 30 chapters, of which half are new for this edition, written by expert academics and practising lawyers.
Produced in association with Lloyd’s of London, chapters provide in-depth studies on key areas including judicial interpretation of insurance contract clauses and transnational regulatory recognition, as well as overviews on important international jurisdictions such as the EU, Japan and the US. This comprehensive second edition critically analyses how insurance law and regulation have responded to the growth in sophisticated technology, the burgeoning climate crisis, and the development of new insurance structures.
This Research Handbook will appeal to legal students and academics, particularly those with an interest in commercial law, finance and banking law, and insurance law. This book will also be beneficial for policymakers and private practice lawyers working in the commercial legal sector.
Table of ContentsContents: Foreword xii Introduction to the second edition xiv Introduction to the first edition xxv PART I INSURANCE CONTRACT LAW 1 The shape of insurance contract law 2 James Davey 2 Methodology: how a law and economics approach has shaped insurance law 24 Peter Molk 3 Definition: the general and the parametric 36 Laura Burgoyne 4 Pre-contractual duties: the fair presentation of the risk – an English law approach 76 Peter MacDonald-Eggers KC 5 Contract terms: judicial approaches to the interpretation of insurance contracts 103 Oliver Brand 6 Claims: an overview of the US tort of ‘bad faith’ – a common law approach to regulating insurer claims-handling and settlements 133 Suzanne C. Midlige and William J. Metcalf 7 Reinsurance: finding the balance between reinsurers’ and reinsureds’ interests 165 Michael Mendelowitz and Rob Merkin KC 8 Closing books of business: the challenge of fairness and finality 192 Bob Haken and Simon Baker 9 Choice of law: New York and English approaches to insurance and reinsurance contracts 221 Raymond Cox KC PART II INSURANCE REGULATION 10 An introduction to insurance regulation 247 Peter Kochenburger and Patrick Salve 11 Systemic risk regulation: evolving approaches in insurance 281 Jeremy C. Kress, Patricia A. McCoy and Daniel Schwarcz 12 Competition: the insurance sector and the application of competition law – an overview 308 Edward W. Batchelor 13 Transnational supervisory recognition: a macro-jurisdictional overview 342 Hermann Geiger 14 Prudential supervision: capital standards in a risk-based solvency regime 367 Karel Van Hulle 15 Conduct of business regulation: a survey of the UK regime and a comparison with the US, German, French and Hong Kong approach 404 James Smethurst, Wessel Heukamp, Marc Perrone, Matthew O’Callaghan, Priti Lancaster and John Mulhern 16 Enforcement: a survey of the approaches taken to insurance regulatory enforcement in the United States of America and in the United Kingdom 438 Aviva Abramovsky, Dan D. Kohane, Farhaz Khan KC and Paul Bonner Hughes 17 Lloyd’s: the authorisation of Lloyd’s in the United Kingdom and overseas 467 Julian Burling 18 Lloyd’s: the development of performance management 499 Kevin Lazarus PART III DEVELOPING AREAS OF INSURANCE LAW AND REGULATION 19 Alternative risk transfer: insurance linked securities – their evolution, structures and regulation 523 Joseph Ferraro, Jennifer Tait and David Griffiths 20 Sustainability: the climate and nature crisis – a leadership role for insurance 551 Geoff Summerhayes, Laura Waterford, Nigel Brook, Wynne Lawrencea, and Zaneta Sedilekova 21 Data: the growth of risk-related data in insurance and protecting privacy 590 Brendan McGurk 22 Smart contracts: balancing innovation and consumer protection in insurance law and regulation 621 Miriam Goldby and Jeremmy Okonjo 23 Artificial intelligence: attempts at developing an ethical approach for its use in insurance 647 Anya Prince and Seamus Taylor PART IV REGIONAL STUDIES IN INSURANCE LAW AND REGULATION 24 Europe: the architecture and content of EU insurance regulation 675 Robert Purves 25 USA: A regulatory overview of the world’s largest insurance market 708 John Mulhern, Sara Manske and Robert Mancuso 26 Bermuda: regulating big insurance on a small island 728 Alex Potts KC and Jonathon O’Mahony 27 United Arab Emirates: developing insurance on the Arabian Peninsula 759 Sam Wakerley, John Barlow, Thomas Neighbour and Shane Gibbons HFW 28 China: insurance regulation in a rapidly evolving market 787 Carrie Yang 29 Japan: the insurance concept in the Insurance Act and the Insurance Business Act 810 Seiichi Ochiai, Shinichi Takahashi and Ryoko Takeda 30 The Republic of Korea: an overview of insurance law and regulation 835 Jae Hong Ahn, Partner, Kim, Chang, Sung Woo Huh, Kim Chang and Younghwa Paik Index 856
