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This thoroughly revised second edition of the Research Handbook on International Insurance Law and Regulation provides an updated assessment of the insurance industry in an international context, featuring 30 chapters, of which half are new for this edition, written by expert academics and practising lawyers.
Financial stability is one of the key tenets of a central bank’s functions. Since the financial crisis of 2007-2009, an area of hot debate is the extent to which the central bank should be involved with prudential regulation. This book examines the macro and micro-prudential regulatory frameworks and systems of the United Kingdom, Australia, the United States, Canada and Germany. Drawing on the regulator frameworks of these regions, this book examines the central banks’ roles of crisis management, resolution and prudential regulation. Alison Lui compares the institutional structure of the new ‘twin-peaks’ model in the UK to the Australian model, and the multi-regulatory US model and the single regulatory Canadian model. The book also discusses the extent the central bank in these countries, as well as the ECB, are involved with financial stability, and argues that the institutional architecture and geographical closeness of the Bank of England and Financial Policy Committee give rise to the fear that the UK central bank may become another single super-regulator, which may provide the Bank of England with too much power. As a multi-regional, comparative study on the importance and effectiveness of prudential regulation, this book will be of great use and interest to students and researchers in finance and bank law, economics and banking.
This series enables practitioners to stay up to date with litigation and developments in the field of entertainment law. Emphasis is placed on the practical implications of relevant legislative developments and the effects of technology on artists, rights owners and collecting societies
Corporate Finance is an area of law which is obviously of significant practical importance, but the academic analysis of this area of law has also been increasingly recognised. This book provides a discussion of the most interesting theoretical and policy issues in Corporate Finance law. This book covers both the equity and debt sides of Corporate Finance law, and seeks, where possible, to compare the two, considering the desirability of each in various circumstances and pointing to areas of convergence and overlap. The topics covered in this book include: an overview of the financing options available to companies; the relationship between debt and equity; legal capital; contractual protection for creditors; proprietary protection for creditors; single and multiple lenders; transferred debt; public offers of shares; the ongoing regulation of the capital market; the regulation of debt; takeovers; schemes of arrangement and private equity. Each chapter analyses the issues so as to enable the reader to understand the difficulties, risks and tensions inherent in this area of law, and the attempts made by the legislature and the courts, as well as the parties involved, to deal with them. This book discusses areas where the law is uncertain, including some difficult conceptual problems, and considers the present law critically, including options for possible reform. This book will be of interest to practitioners, academics and students engaged in the practice and study of corporate finance law.
This book looks at the UK banking in the context of general legal doctrines and banking regulation. It draws on Australian, US and Canadian examples and deals with the impact of the recent global financial crisis.
The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Governments around the world are responding to this impending crisis by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. These savings need to be converted into a pension at retirement, and annuities provide this function. This book is a comprehensive study of annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK which has the largest annuity market in the world. It examines how annuities are priced, and describes the techniques of mortality measurement. As a background, it provides a history of annuities, and the experience of annuity markets in a number of other countries. The book outlines the economic theory behind annuities, and explains how annuities insure consumers against longevity risks. It goes on to describes how annuities markets function: how they work, and whether they are efficient, leading onto a discussion of the annuity puzzle. The book concludes by discussing the regulatory framework, assets available to back annuity liabilities, and recent developments in annuity markets.
This book provides a comprehensive overview of the theory, functioning, management and legal background of the insurance industry. Written in accessible, non-technical style, Insurance Theory and Practice begins with an examination of the insurance concept, its guiding principles and legal rules before moving on to an analysis of the market, its players and their roles and relationships. The model is the UK insurance market which is globally recognized and forms the basis of the insurance system in a range of countries in the Middle East, Africa and the Caribbean as well as Australia and Canada. The book covers the underlying ideas behind insurance transactions, together with the legal and financial principles that permit these concepts to function in the real world. Key issues considered include: the role of the constituent parts of the insurance market the operation of both life and general insurers with special reference to the operation of the Lloyd’s market the nature and function of reinsurers, brokers and loss adjusters the influence of government, both in terms of market regulation and consumer protection alternatives to the established private sector insurers, such as government schemes, Islamic insurance and alternative risk financing.
Many international norms that have emerged in recent years are not set out in formal treaties. They are not concluded in formal international organizations. They frequently involve actors other than formal state representatives. In the realm of finance, health, security, or the environment, international lawmaking is increasingly 'informal': It takes place in networks or loosely organized fora; it involves a multitude of stakeholders including regulators, experts, professional organizations and other non-state actors; it leads to guidelines, standards or best practices. This book critically assesses the concept of informal international lawmaking, its legal nature, and impact at the national and international level. It examines whether it is on the rise, as is often claimed, and if so, what the implications of this are. It addresses what actors are involved in its creation, the processes utilized, and the informal output produced. The book frames informal international lawmaking around three axes: output informality (novel types of norms), process informality (norm-making in networks outside international organizations), and actor informality (the involvement of public agencies and regulators, private actors, and international organizations). Fundamentally, the book is concerned with whether this informality causes problems in terms of keeping transnational lawmaking accountable. By empirically analysing domestic processes of norm elaboration and implementation, the book addresses the key question of how to benefit from the effectiveness of informal international lawmaking without jeopardizing the accountability necessary in the process of making law.
Since the publication of the first edition of this book in 2005, the world of financial investment has experienced an unprecedented boom followed by a spectacular bust. Significant changes have been proposed and in some cases implemented in areas such as the structure of regulation, the organisation of markets, supervision of market participants and the protection of consumers. The second edition takes account of these developments, integrating them into an analytical framework that enables the reader to develop a critical overview of the role of general legal rules and specialised systems of regulation in financial investment. The framework focuses on the role of contract, trusts and regulation as the primary legal influences for financial investment. The first part explores the relationship between investment, law and regulation. The second part examines the nature of investments and investors, both professional and private. The third part discusses the central role of corporate finance and corporate governance in linking investors with enterprises that require external capital. The fourth part examines the nature, operation and regulation of markets and the participants that support the functioning of the markets. The objective remains to provide a broadly-based and critical account of the role of law in financial investment. "MacNeil's eloquent and informative distillation of the regulatory fundamentals of investment law gives his book much international relevance...a timely contribution to help readers decipher the seemingly inextricable maze of financial regulation...Practitioners and legal policy advisers will..welcome it. They should find enlightening the book's careful scrutiny of the trust and contractual foundations of investment law and practice." Benjamin J Richardson Journal of International Banking Law and Regulation, Vol 22 Issue 1, 2007 ...a fascinating and informative book...thoroughly recommended as a learned but at the same time very readable introduction to the law of financial investment Gerard McCormack Banking and Finance Law Review, Volume 21 No 2, June 2006 ...very informative tool that introduces in a very friendly and accessible manner the nearly inextricable world of financial investment laws. Fadi Moghaizel International Company and Commercial Law Review, Vol. 17 No 2, February 2006
The unique features of the Lloyd’s Corporation and Market and their governing rules are complex and are often difficult to navigate even for the most seasoned practitioner. This book provides the reader with a definitive and detailed guide, and is essential for any practitioner dealing with Lloyd’s Insurance. After a brief historical account, the book provides a thorough legal description and analysis of Lloyd’s, which includes topics ranging from the constitution and membership requirements of Lloyd’s, UK and overseas regulation, the processes for placing and underwriting business and handling claims, chain of security, enforcement and disciplinary matters, compensation and the reconstruction and the renewal of the Lloyd’s market between 1990 and 1996. The book will be an invaluable reference tool for insurance practitioners and professionals dealing with Lloyd’s. Julian Burling is a barrister at Serle Court, and has been involved in advising on and implementing nearly all significant legal developments at Lloyd’s in the last 25 years.