The book addresses a topic at the intersection of two heavily regulated sectors: insurance and
investment services. Until recently scholars and professionals have approached insurance and
investment services as two separate categories in the financial services sector and as being
governed by separate regulatory frameworks. In practice however the boundaries were and are
blurred a reality that regulators have begun to recognize and address in their more recent
regulatory texts. The first part of the book approaches the new standards applicable to
investment products based on insurance: insurance-based investment products (IBIPs). These
rules are harmonized across the EU. The rationale behind this new definition is provided
together with a description of these products' limitations. The analysis addresses the new
rules and explores the legal regime and relevant standards applicable to IBIPs. The
organizational rules concerning the design and distribution of IBIPs are also examined and the
book highlights e.g. how these rules are inspired by the principles of conduct. In closing the
ADR systems are analysed in order to ascertain whether or not they can offer an effective tool
for settling disputes over these products. In turn the second part focuses on the liability
for distribution of IBIPs which ranks as one of the most conspicuous and relatively new legal
phenomena but at the same time represents an exceptionally important field of civil liability
in today's world. Liability is still regulated at the national level. Thus the four largest
life insurance markets in the EU are considered along with the largest emerging market for
life insurance. The chapters on national laws also consider whether and if so how the new
harmonized rules on IBIPs are being combined with those already in force in the jurisdictions
considered. The goal is to determine whether the new rules are likely to change the doctrine
and case law approach to these products or whether the European legislators' choices have no
real impact on the protection of clients.
