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Management of Distribution Risks and Digital Transformation of Insurance Distribution—A Regulatory Gap in the IDD

Authors: Pierpaolo Marano;

Management of Distribution Risks and Digital Transformation of Insurance Distribution—A Regulatory Gap in the IDD

Abstract

The Insurance Distribution Directive (IDD) aims to regulate insurance distribution in the EU regardless of distribution channels and means. Although new technologies affect insurance distribution, the IDD does not explicitly regulate this digital transformation. Insurers and intermediaries must comply with detailed business conduct rules that aim to counteract distribution risks. However, the IDD exempts ancillary insurance intermediaries from its scope when they meet certain conditions. The article highlights the regulatory framework on insurance, requiring insurers and intermediaries to address distribution risks, and analyses how this exemption affects the management of distribution risks in online distribution from a legal perspective. The focus on online distribution depends on the scale such distribution can achieve. The consideration of the scale allows for challenging the political choice behind the exemption of ancillary insurance intermediaries, which consists of the principle of proportionality. A regulatory proposal to counteract these adverse effects is to remove the exemption from the IDD rules for ancillary intermediaries in online distribution. Such a proposal is compliant with the principle of technological neutrality and is in line with the new legislative proposals in the Digital Services Act and Digital Markets Act. ---//--- This article is an open access article distributed under the terms andconditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/)

Publikācija uzrakstīta un izdota Fundamentālo un lietišķo pētījumu programmas ietvaros: lzp-2020/2-0061 "Mazo un vidējo uzņēmumu (MVU) digitālā transformācija un ilgtspēja Latvijas ekonomikas restartēšanai un modernizācijai (DigiSMEs)"

Countries
Malta, Latvia
Related Organizations
Subjects by Vocabulary

Microsoft Academic Graph classification: Emerging technologies Distribution (economics) Intermediary Actuarial science Scope (project management) business.industry Digital transformation Legislature Directive Scale (social sciences) Business

Dewey Decimal Classification: ddc:330

Keywords

Insurance law -- European Union countries, Insurance policies -- European Union countries, Law -- Europe, insurance distributors, Strategy and Management, Economics, Econometrics and Finance (miscellaneous), Insurance, Accounting, HG8011-9999, Insurance Distribution Directive, principle of technological neutrality, product governance, Finance -- Technological innovations, principle of proportionality, distribution risks, insurance distribution, :SOCIAL SCIENCES::Business and economics::Business studies [Research Subject Categories], Insurance -- Risk management, nsurance Distribution Directive, digital transformation, Insurance -- Finance

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    influence
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    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
    Average
  • citations
    This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    4
    popularity
    This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
    Top 10%
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    Average
    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
    Average
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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
4
Top 10%
Average
Average
Green
gold
Related to Research communities
Assessing the socio-economic impact of digitalisation in rural areas
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