scholarly journals Italy

2020 ◽  
Vol 20 (233) ◽  
Author(s):  
Keyword(s):  
International Association ◽  
Solvency Ii ◽  
Technical Note ◽  
Group Supervision ◽  
The European Union ◽  
Insurance Sector ◽  
Regulation And Supervision ◽  
Insurance Group ◽  
Governance Risk ◽  
The Eu

This technical note (TN) provides an update and an assessment of the supervisory framework and practices for the Italian insurance sector since the last assessment concluded in 2013. The mission conducted a target review focusing on the implementation of Solvency II, the financial resilience of insurers, the effectiveness of supervision, and previously identified weaknesses without a full assessment of Italy’s observance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICPs). Implementation of the European Union (EU) Solvency II Directive in 2016 has significantly strengthened regulation and supervision since the last FSAP, introducing risk-based capital standards, comprehensive insurance group supervision and new requirements on governance, risk management and controls. The supervision of intermediaries has also been strengthened in line with the EU Insurance Distribution Directive in 2018.

scholarly journals Globalization on the Romanian insurance market in terms of competition

2018 ◽  
Vol 12 (1) ◽  
pp. 311-323
Author(s):  
Aurora Elena Dina
Keyword(s):  
Insurance Industry ◽  
Market Competition ◽  
Solvency Ii ◽  
Insurance Market ◽  
The European Union ◽  
High Concentration ◽  
Major Step ◽  
Insurance Sector ◽  
Competition Level ◽  
Legislative Framework

Abstract This article proposes an analysis of the globalization process impact on the Romanian insurance industry in the last decade, after accession of Romania to the European Union, in terms of competition. One of the main lines of change caused by globalization includes changes in the legislative framework, which are considered to be forced by globalization. The introduction of Solvency II directive to the beginning of 2016 year to ensure for all European insurers, the integration, globalization and the unitary functioning on the same insurance market and the recent measures taken by several Romanian insurance undertakings to strengthen their financial position could be consider a major step to further encourage the improvement of market competition and better policyholder protection. In the last ten years, the Romanian insurance sector has been faced with changes such as mergers & acquisitions and bankruptcies that have modified the local landscape of the industry, so the majority of active companies in the market are now owned by the biggest financial groups worldwide. The results of the research reveal that the Romanian insurance market is characterised by a high concentration and competition level and in spite of the present risks, it is still attractive for foreign investors.

scholarly journals CONSTITUTIONAL GUARANTEES FOR THE TRANSFER BY MEMBER STATES OF THE AUTHORITY TO THE EURASIAN ECONOMIC UNION AND EUROPEAN UNION

2016 ◽  
Vol 2 (4) ◽  
pp. 0-0
Author(s):  
Лидия Щур-Труханович ◽  
Lidiya Shchur-Trukhanovich
Keyword(s):  
European Union ◽  
Regional Integration ◽  
International Association ◽  
The State ◽  
Kyrgyz Republic ◽  
The European Union ◽  
Member States ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Eu

This article presents an analysis of constitutional grounds for the transfer of certain powers of the state by Member-States of the European Union (EU) and the Eurasian Economic Union (EAEU). The focus of the legal analysis is the EAEU, a regional integration grouping which is operating since 1 January 2015. This new international organization, comprising Armenia, Belarus, Kazakhstan, the Kyrgyz Republic and Russia is rapidly developing , making the use of the powers vested into it by its Member-States. However, only one Member-State of the EAEU has a constitutional act that contains norms allowing the transfer of certain powers to an international association — namely, the Constitution of the Russian Federation. The constitutional acts of other Member-States of the EAEU do not contain such provisions, and the relevant analysis was left to the constitutional judiciary authorities of those states. In contrast, constitutional acts of most European states contain norms that generally establish the right of the state to transfer certain powers to international organizations and associations, and, moreover, that specifically refers to the EU as a subject of such a transfer, while at the same time outlining procedures for the interaction between governmental bodies of those states and the institutions of the EU. By making a comparative analysis of international norms and national constitutional provisions in the EU and EAEU, the article attempts to estimate the relevant risks for the EAEU, and identify the conditions in which they may occur.

Sign in / Sign up

Export Citation Format

Share Document