The Dematerialized Insurance Distance Selling and Cyber Risks from an International Perspective 1st Edition by Pierpaolo Marano,Ioannis Rokas,Peter Kochenburger 9783319284101 331928410X

Part I: On-Line Distribution

European and International Online Distribution of Insurance Products

1 Professional Insurance Intermediaries, the Distribution of Insurance Products and the Internet

1.1 General European Issues

1.1.1 Overview

1.2 IMD 2, ECD and the EU Law on Information Duties to Customers in the Online Business

1.3 From a Law on Intermediation to a Law on Sales of Insurance Products

1.3.1 Intermediaries Under EU Secondary Legislation

1.3.2 Marketing of Insurance Products with Investment Elements

1.3.3 Conclusion

2 The Impact of Electronic Commerce on the Distribution of Insurance Products

2.1 E-Commerce and Insurance Intermediaries

2.1.1 E-Commerce Does Not Aim to Replace Insurance Intermediaries

2.1.2 E-Commerce Favours the Distribution of Simple Insurance Products

2.1.3 Comparison Websites

2.1.4 Conclusions

2.2 E-Insurance Intermediation and Cross-Border Transactions

2.2.1 Freedom of IIM Services

2.2.2 When Is a FoS Notification Necessary? Should Notification Cover All MSs Where the Site of the

2.2.3 Cross-Border Online Business and the FoE of the Intermediary

2.2.4 Cross-Border Transactions via a Representative in the Country Where the Service Is Rendered

2.2.5 Procedural Matters

2.2.6 Priorities of the EU Which Affected E-Insurance Intermediation

2.3 Online Freedom of Services vs “Traditional´´ (Offline) Freedom of Services

2.4 Communications via E-Mail with Insurance Intermediaries and Online Selling of Insurance Products

3 Worldwide Aspect

3.1 The Borders of the Online Market: Geographical, Technological and Regulatory Means

3.2 Third Country Online v EU Online Insurance Intermediaries

3.3 E-Commerce Within Non-EU Countries

4 Final Remarks

References

E-commerce and Distribution of Insurance Products: A Few Suggestions for an Appropriate Regulatory I

1 Introduction

2 Risks and Insurance Regulation Concerning E-commerce

2.1 Risks of E-commerce and Business Conduct Regulation

2.2 Risks of E-commerce and Prudential Regulation

3 Current Developed Insurance Regulatory Infrastructure

3.1 European Union

3.2 United States

3.3 Canada

3.4 China

3.5 Issues Relating to the Regulatory Structure

4 Consumer Protection and Disclosure Regulation

4.1 Fundamental Limitations of Disclosure Regulation

4.2 Some Suggestions for Current Information-Based Regulation Based on the Behavioural Biases

4.2.1 Information Asymmetric and Complexity of Insurance Products

4.2.2 Information Overload and E-Commerce

5 Concluding Observation

References

Journal Articles

Book and Book Chapter

Online Documents and Articles

The EU Regulation on Comparison Websites of Insurance Products

1 Introduction

2 The Consumers Associations perception of Comparison Websites

3 The Supervisory Authorities perception of Comparison Websites

4 The EU Rules Applicable to the Comparison Websites

4.1 The Insurance Mediation Directive

4.2 The Unfair Commercial Practices Directive

4.3 The Enforcement of the Unfair Commercial Practices Directive. A 2015 Case on Comparison Websites

5 The Upcoming EU Rules Applicable to Comparison Websites

5.1 The Insurance Distribution Directive

5.2 The Product Oversight and the System of Governance: The Monitoring Role of the Insurance Underta

5.3 The Good Practices on Comparison Websites Issued by EIOPA

6 Possible Developments in the Comparison of Insurance Products and New Challenges for Regulators

Insurance Companies and E-Marketing Activities: An Empirical Analysis in the Italian Market

1 Introduction

2 Marketing, Technology, and Insurance Framework

3 Studies Related to E-Marketing and E-Service

4 Service and E-Service Quality Dimensions and Management

5 Previous Research Hypotheses Related to Current Study

6 Research Gap and Study Objectives

7 Research Design and Methodology

8 Model Design

9 Sample and Questionnaire Design

10 The Model: Hypotheses Testing

11 Comparison Model: Benchmarking

12 Conclusion and Management Implications

References

Part II: Distance Selling

Insurance Online: Regulation and Consumer Protection in a Cyber World

1 Introduction

2 The Growth of Online Sale and Distribution of Insurance in the United States

2.1 Life Insurance

2.2 Property Casualty Insurance

3 Insurance Regulation in the United States

4 Regulation of Insurance Sales and the Internet

4.1 Applicability of Regulatory Scheme to Online Marketing

4.2 The Can-Spam Act and Regulation of Commercial Email

4.3 Insurer Data Security and Consumer Protection

5 Cybersecurity, Cyber Risk, and Cyber Insurance

5.1 Data Management and Cyber Breaches

5.2 Cyber Insurance

5.2.1 Market Growth

5.2.2 Types of Cyber Insurance

5.3 Regulation of Cyber Risks and Cyber Insurance

References

Online Sales of Insurance Products in the EU

1 Online Sales from a Marketing Point of View

1.1 The Impact of Online Sales

1.1.1 Reduction of Distribution Costs

1.1.2 Purchasing Experience

1.1.3 Niche Market

1.2 Benefits of Online Sales

1.3 Maximizing Online Sales Effects

1.3.1 Search Engines

1.3.2 Constant Direct Communication with Prospective Clients

1.3.3 Clientele Analysis

1.3.4 Diffusion of General Market Information

1.3.5 Exchange of Information

1.3.6 Retaining a Level of Communication and Reaching Mass Audiences

1.3.7 Use of Databases

1.4 Insurance Online Sales in Particular

2 The EU Policy for E-Commerce

3 Online Sales of Insurances in EU Law

3.1 The Philosophy Behind Distance Sales Regulation

3.2 The EU Legislation

3.3 Directive 2006/123 EC Not to Apply

3.4 Directive 2000/31 EC on E-Commerce

3.5 When Does Directive 2011/83 EU Apply?

3.6 Scope of Directive 2002/65 EC

3.7 Full Harmonization

3.8 Consumer Rights

3.8.1 Information Right

3.8.2 Right to Receive Contract Terms and Precontractual Information in Durable Form

3.8.3 Withdrawal (Cancelation) Right

3.9 Directive 2011/83 EU and 2002/65 EC Compared

4 Conclusion

References

Books

Journals

Studies

Online Documents

Insurance Contracts Online and Consumer Protection Under the European and Greek Laws

1 Empirical Observations on the Sale of Insurance Products Online

2 Legislative Framework for the Insurance Contracts Online

3 The Term of the Insured Consumer, According to the Provisions of European and Greek Laws

4 Information Duties of the Policy Holder

5 Withdrawal Right of the Policy Holder

6 Consumer Protection in the Sector of the Insurance Online. Information and Unfair B2C Commercial P

7 Final Remarks

Part III: Cyber Risks

Cyber Insurance: Underwriting, Scope of Cover, Benefits and Concerns

1 The Context

2 Demand Side Triggers

2.1 High Publicity, Reputational Risk and Remediation Costs

2.2 Cyber Threats Targets and In-House Expertise

2.3 Data Privacy Regulatory Developments

2.4 Other Regulatory Action and Initiatives

3 Supply Side Response

3.1 The Challenges to the Development of the Cyber Insurance Market

3.2 Traditional Insurance Policies Against New Risks and Client Needs

3.3 Towards a More Comprehensive Risk Management Tool

4 The Specialist Product

4.1 Data Protection Breaches and Third Party Liability

4.2 Network Damage

4.3 Business Interruption from Network Failure/Shut Down

4.4 Cyber Extortion

4.5 Reputational Risk and Event Management

5 Conclusion

References

The Cyber Insurance in Japan

1 Introduction

2 The Recent Occurrences in Japan

3 The Cyber Insurance in Japan

3.1 The Definition: What Is Cyber Insurance in Japan?

3.2 Liability Insurance and General Property Insurance in Japan

3.2.1 Liability Insurance for Business Enterprises

3.2.2 General Property Insurance for Business Enterprises

3.3 The Nature of the Cyber Insurance

3.4 The Structure and Contents

3.4.1 The Cyber Insurance as Liability Insurance

3.4.2 The Cyber Insurance as Property Insurance

4 The Legal Issues on Cyber Insurance

4.1 The Cyber Insurance as Liability Insurance: General Liability Insurance and Special Policy for L

4.1.1 Who Is the Policyholder?

4.1.2 Who Is Covered by Cyber Insurance?

4.1.3 What Is Covered Information?

4.1.4 What Is “The Accident´´?

4.1.5 The Limited Compensation

4.1.6 The Exclusion Clauses

4.2 The Cyber Insurance as Property Insurance: The Computer Comprehensive Insurance

4.2.1 Who Is the Policyholder?

4.2.2 What Risk Is Covered by the Cyber Insurance?

4.2.3 What Is “The Accident´´?

4.2.4 Can “Damages´´ Be Calculated?

4.2.5 The Exclusion Clauses

4.2.6 The Subrogation Clauses

5 The Conclusion

References

Data Protection in the Insurance Sector Under EU Law

1 An Overview of EU Law on Data Protection

1.1 The European Commission´s Proposal for a Data Protection Reform

2 “Local´´ Policies, “Master/Euro´´ Policies, “Global/Multinational´´ Policies: The Initial

3 The Claims Handling Process

3.1 Dispatching the Loss Report: Is the Broker a Data Controller or a Data Processor?

3.2 Receiving the Loss Report: Data Protection Issues Concerning Third Parties

3.2.1 The Information

3.2.2 The Consent of the Data Subject

3.2.3 “Sensitive´´ Data

3.3 Disclosing Data to Other Offices of the Insurance Company and/or to Co-Insurers

3.4 Data Inputting in the Insurance Company´s Information System

3.4.1 Accessible to All Branches of the Insurer in the World?

3.5 Appointing of Adjuster(s) or Medical Experts

3.6 The Assessment of the Loss and the Right of the Data Subject to Access Documents and Evaluations

4 Final Remarks

Reference

Requirements for Privacy and Protection of Consumer Information in the U.S.: Implications for the In

1 Introduction to the U.S. Legal and Regulatory Regime for Protecting Consumer Information and Priva

2 Types of Consumer Information Subject to Protection in the U.S.

2.1 Financial Information

2.2 Identification and Credentials

2.3 Health and Medical Information

2.4 Employment Information

2.5 Educational Records

3 Types of Activities Subject to Privacy Protections

3.1 Online Behavior Generally

3.2 Children´s Online Behavior

3.3 Marketing Contacts

3.4 Video Viewing History

3.5 Background Checking and Other Employment Issues

4 Prevention of Identity Theft and the “Red Flags´´ Rule

5 SEC Disclosures and Reporting

6 Record Retention and Disposal

7 Data Breach Notification Requirements

8 Insurance of Privacy and Data Protection Risks

Reference

Part IV: Dispute Settlement and Litigation

Online Dispute Resolution and Insurance

1 ODR and Insurance

2 Introduction and History of ODR

3 What is ODR?

3.1 The Notion of ODR

3.2 Technology: The “Fourth Party´´ to the Dispute

3.3 ODR Characteristics

4 Insurance and Online Settlement

4.1 ODR and Insurance

4.2 Fully Automated Systems

4.3 Systems with Human Interaction

4.4 Mediation, Med-Arb, Arbitration

5 ODR Penetration in Europe

5.1 FIN-NET

5.2 The Consumer ADR/ODR Package

5.3 The Directive on Consumer ADR

5.4 The Regulation on Consumer ODR

5.5 Prospects of the Scheme with Regard to Insurance

6 Justice Requirements

7 The Example of Benoam

8 Summary and Conclusions

References

Private International Law and On-Line Insurance Contracts

1 Introduction: General Remarks

2 Online Insurance Contracts in International Legal Perspective

2.1 Online Contracts: Notion and Specifics

2.1.1 Outline

2.1.2 The European Union

2.1.3 North America

2.1.4 Asia

2.1.5 Arabic Countries

2.1.6 International Works on E-Commerce Law

2.1.7 Conclusions

2.2 Notion and Specifics of Online Insurance

2.2.1 Outline

2.2.2 Forming Online Insurance

2.2.3 Performing Insurance Contract Online

2.2.4 Insurance as “Information Product´´

2.2.5 Insurance as an Electronic Financial Service

2.2.6 Conclusions

2.3 Cross-Border Online Insurance

2.3.1 Outline

2.3.2 Universality of Insurance versus Regulatory Impediments

2.3.3 “Cross-Border´´ Notion

2.3.4 Cross-Border Electronic Finance

2.3.5 Conclusions

3 International Private Law Rules for Online Insurance Contracts

3.1 Private International Law and Online Contracts

3.1.1 Outline: Notion of “PIL´´

3.1.2 “Extraterritoriality´´ of Online Contracts

3.1.3 Lex Electronica

3.1.4 PIL in Electronic Finance

3.1.5 Conclusions

3.2 Role and Character of PIL Rules in Insurance

3.2.1 Outline

3.2.2 Protective Insurance Law and PIL

3.2.3 Conclusions

3.3 Autonomy of Parties´ Will in PIL Insurance Rules

3.3.1 Outline

3.3.2 Parties´ Disparity and Autonomy of Will

3.3.3 Conclusions

3.4 Connecting Factors (Contacts) in Online Insurance Contracts

3.4.1 Outline

3.4.2 Concept of Connecting Factors

3.4.3 Connecting Factors in Online Contracts

3.4.4 Connecting Factors in Insurance

3.4.5 Conclusions

4 PIL versus Integration of the Substantive Laws

4.1 Outline

4.2 Divergence of Contract Law

4.3 PIL as Integration Tool

4.4 Integration of Substantive Rules

4.4.1 Europe

4.4.2 Outside Europe: Note

5 Conclusions

6 Final Remarks: The Modern Role of PIL in Online Insurance Contracts

References

Cases

European Private Law (Regulation Rome I) and On-Line Insurance Contracts

1 Introduction

2 Legislative Background of Rome I

2.1 Unification of Laws

2.2 Protection of a Weaker Party to the Contractual Relationship

3 Applicability of the Rome I Regulation to On-Line Insurance Contracts

3.1 Relation to Provisions Regulating the Insurance Contract

3.2 Relation to the Provisions Regulating Sale at a Distance and Contracts Concluded by Way of Elect

4 Factors Determining the Applicable Law for On-Line Insurance Contracts

4.1 Types of Contracts

4.1.1 Large Risks

4.1.2 Mass Risks Within the EU

4.1.3 Life Insurance

4.1.4 Reinsurance

4.1.5 Compulsory Insurance

4.1.6 Contracts with Policyholders That Are Considered Consumers Under National Legislation

4.2 Location of a Risk

5 Experience of Non-EU Member States

6 Conclusions