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date: 23 January 2021

Abstract and Keywords

This Chapter examines the regulatory regime for insurance. It begins with an overview of the peculiar nature of insurance and the rationales for its regulation, along with a history of insurance market integration in the EU. In particular, it considers the tensions between liberalization of insurance markets and the traditional regulatory and macro-economic demands made of the industry at the national level. It then looks at judicial activism with regard to supervision of insurance services, the Single European Insurance Passport, the Solvency II Directive, and the European System for Financial Supervision. The Chapter also evaluates the current regulatory environment as it broadly applies to insurers, before concluding with a discussion of the conflict between the social and economic purposes of insurance and its provision by means of a private market.

Keywords: insurance, regulation, market integration, EU, liberalization, judicial activism, Single European Insurance Passport, Solvency II Directive, private market, European System for Financial Supervision

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