Distribution of Insurance-Based Investment Products The EU Regulatio
The book addresses a topic at the intersection of two heavily regulated sectors: insurance and investment services. Until recently, scholars and professionals have approached insurance and investment services as two separate categories in the financial se
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stribution of Insurance-Based Investment Products The EU Regulation and the Liabilities
Distribution of Insurance-Based Investment Products
Pierpaolo Marano • Ioannis Rokas Editors
Distribution of Insurance-Based Investment Products The EU Regulation and the Liabilities
Editors Pierpaolo Marano Law Department Catholic University of the Sacred Heart Milan, Milano, Italy
Ioannis Rokas Department of Business Administration (em.) Athens University of Economics and Business Athens, Attiki, Greece
ISBN 978-3-030-11667-5 ISBN 978-3-030-11668-2 (eBook) https://doi.org/10.1007/978-3-030-11668-2 © Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
Insurance-based investment product (IBIP) is a new name for an old product. It is an insurance product falling under class III of life insurances. Class III of life insurances, according to new and old European insurance regulatory laws, includes life insurance against the “risk” of survival over a certain time, or the risk of death; combined (survival or death); life insurance with return of premiums; annuities insurance; as well as marriage insurance and birth insurance, when all these life insurances are linked to “investment funds”. On a European level, this class was introduced by the first life insurance Directive 1979/267/EEC on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance. European legislation has not further defined the structure of the class III products, neither has it provided any rules or guidelines as regards the notion of investment funds to which that product is linked or any rules on the
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