Regulation of the EU Insurance Market. Impact of the Lamfalussy Structure on EU Insurance Acts

Kunertová, Tereza

Abstract

Financial services represent a highly regulated area under the law of the European Union. Insurance industry is not an exception. Day by day Member States, insurers and as a consequence consumers as well, have to deal with an avalanche of coming bylaws harmonising extensively fragmented market within Europe. The article focuses on the so-called Lamfalussy structure which was supposed to help with the adoption and implementation of the legislative bulk. Subsequent years following its development have shown that Lamfalussy structure has certain gaps and huge manoeuvre for improvement. Thus, the author refers to few particular problematic aspects thereof and tries to provide a reader with an insight how the intricate and fascinating EU (non)legislative process really works in practice. The recently adopted legislative acts in the field of insurance distribution and the pursuit of insurance business as such serve as good examples.

Citation

Kunertová, T. (2017). Regulation of the EU Insurance Market. Impact of the Lamfalussy Structure on EU Insurance Acts. The Lawyer Quarterly, 7(2),

• Journal Article Type: Article
• Publication Date: 2017
• Deposit Date: Feb 20, 2024
• Print ISSN: 1805-8396
• Electronic ISSN: 1805-840X
• Publisher: Ústav státu a práva Akademie věd České republiky (ÚSP AV ČR)
• Peer Reviewed: Peer Reviewed
• Volume: 7
• Issue: 2
• Keywords: EU, legislative process, Lamfalussy, insurance industry, distribution, PRIIPs, Solvency II
• Public URL: http://researchrepository.napier.ac.uk/Output/3518960
• Publisher URL: https://tlq.ilaw.cas.cz/index.php/tlq/article/view/235