97312 - Insurance, Financial Law and Esg

Learning outcomes

At the end of the course, the student is able to fully understand the Law related to the insurance business as opposed to the banking one, to manage the main legal framework of the insurance sector with reference to asset/liabilities balance, solvency capital requirements, risk management, corporate governance, group undertaking and financial conglomerates. The student is also able to draw consequences from the interaction of different regulatory bodies and supervising authorities to the end of reaching a level playing field, to estimate the impact of different sets of legal rules on the insurance company, to evaluate the insurance companies’ role on systemic financial stability and the dynamics of the insurance sector facing global crisis. Through a focus on the impact of digital transformation on the insurance sector considering the pivotal role of Insurtech, the student is able to address the new legal challenge of the insurance business, namely the evolution towards personalised insurance exploiting big data and AI. Additionally, the student is able to analyze the role of ESG principles in fostering sustainable corporate governance and sustainable finance, while evaluating the impact of climate change risks on insurance companies and their strategies for mitigation and adaptation. Finally, the student is able to assess the implications of the CSRD and CSDD frameworks on insurance companies. In order to achieve these objectives more easily, the student is advised to attend the course (during which practical cases will be dealt with) and to actively participate in group work.

Course contents

The course will provide an overview of the different approaches and institutions available to identify the rules governing banking, financial and insurance relationships, given the existence of relevant differences in national legal systems. In this regard, it will provide an overview of the following topics:
- the regulation of financial conglomerates;
- the multi-level and multi-source model of the regulatory framework;
- the fundamentals of corporate governance and corporate compliance in financial institutions;
- special characteristics of the banking and insurance sectors in the light of systemic risk;
- the new regulation of the insurance market according to the Solvency II directive;
- the effects and characteristics of the 2007-08 global financial crisis;
- banking and insurance contracts;
- basic notions of Risk Management and Compliance.
- the single European market and third countries.
- supervision at national level and supervision of cross-border activities.
- insurance intermediaries.
- policyholder protection.
- international insurance programs.
- ESG & Sustainable Governance
- Climate risks and insurance companies
- Sustainable finance
- CSRD and CSDD

Some insights on data protection and privacy in commercial disputes will also be provided, as well as on Fintech, Insurtech, smart contracts and blockchain.

This course participates in the University's teaching innovation project

Readings/Bibliography

Mandatory for non attending students: Mads Andenas, Renzo G. Avesani, Paola Manes, Francesco Vella, Philip R. Wood, Solvency II: a dynamic challenge for the insurance market, 2017;

pp. 13-14, 17-22, 29-31, 49-73, 79-85, 89-90, 93-121, 175- 187.

Attending students shall study the slides uploaded on Virtuale.

Teaching methods

The teaching method will always include a brief lecture-style introduction and subsequent discussion. A Socratic method will be adopted primarily and students will be expected to prepare for and participate regularly in individual or group discussions in class. The course also relies on a case study method.

Assessment methods

The teaching method will always include a brief lecture-style introduction and subsequent discussion. A Socratic method will be adopted primarily and students will be expected to prepare for and participate regularly in individual or group discussions in class. The course also relies on a case study method.

Students attending the course:

 Closed-book written exam (4 multiple-choice questions, 15 mins) based on the slides uploaded in the course materials.

For students attending the course, 4 marks will be deducted for each incorrect answer. Only students who answer at least one question correctly will pass the exam.

USE OF GENERATIVE AI DURING THE COURSE AND FOR THE FINAL PRESENTATION:

AI can be a useful tool to support individual study through in-depth analysis, summaries, and self-assessment pathways.
With regard to group work, limited, declared, and non-substantive use of AI is permitted for support activities (such as summarization and rephrasing). Substantive use for the uncritical generation of texts, bibliographies, etc., is not allowed.
Further guidance on the responsible use of AI and its integration into the final assessment will be provided during a dedicated lecture.

Non-attending students:

Grades will be based solely on the written exam. The closed-book written exam (30 mins) will consist of 10 multiple-choice questions covering the above-mentioned chapters of the book *Solvency II: a dynamic challenge for the insurance market*.
For non-attending students, each correct answer is worth 3 marks; each missing or incorrect answer is worth 0 marks.
Only students who answer at least 6 out of 10 questions correctly will pass the exam.

Teaching tools

Excerpts, handouts, slides, contracts, case law, and documents found on online materials accessed through Paola Manes' website. Videos, clips, and films viewed in class.
Students who need compensatory tools due to disabilities or learning disabilities (SLD) should inform the teacher of their needs. They will then be referred to their liaison to arrange for the adoption of the appropriate devices.

Office hours

See the website of Paola Manes