Edited by Julian Burling, Barrister, Serle Court, Lincoln’s Inn (formerly Counsel to Lloyd’s) and Kevin Lazarus, Solicitor, Lloyd’s, UK

• Contents: Foreword xii Introduction to the second edition xiv Introduction to the first edition xxv PART I INSURANCE CONTRACT LAW 1 The shape of insurance contract law 2 James Davey 2 Methodology: how a law and economics approach has shaped insurance law 24 Peter Molk 3 Definition: the general and the parametric 36 Laura Burgoyne 4 Pre-contractual duties: the fair presentation of the risk – an English law approach 76 Peter MacDonald-Eggers KC 5 Contract terms: judicial approaches to the interpretation of insurance contracts 103 Oliver Brand 6 Claims: an overview of the US tort of ‘bad faith’ – a common law approach to regulating insurer claims-handling and settlements 133 Suzanne C. Midlige and William J. Metcalf 7 Reinsurance: finding the balance between reinsurers’ and reinsureds’ interests 165 Michael Mendelowitz and Rob Merkin KC 8 Closing books of business: the challenge of fairness and finality 192 Bob Haken and Simon Baker 9 Choice of law: New York and English approaches to insurance and reinsurance contracts 221 Raymond Cox KC PART II INSURANCE REGULATION 10 An introduction to insurance regulation 247 Peter Kochenburger and Patrick Salve 11 Systemic risk regulation: evolving approaches in insurance 281Jeremy C. Kress, Patricia A. McCoy and Daniel Schwarcz12 Competition: the insurance sector and the application of competition law – an overview 308Edward W. Batchelor13 Transnational supervisory recognition: a macro-jurisdictional overview 342Hermann Geiger14 Prudential supervision: capital standards in a risk-based solvency regime 367Karel Van Hulle15 Conduct of business regulation: a survey of the UK regime and a comparison with the US, German, French and Hong Kong approach 404James Smethurst, Wessel Heukamp, Marc Perrone, Matthew O’Callaghan, Priti Lancaster and John Mulhern16 Enforcement: a survey of the approaches taken to insurance regulatory enforcement in the United States of America and in the United Kingdom 438Aviva Abramovsky, Dan D. Kohane, Farhaz Khan KC and Paul Bonner Hughes17 Lloyd’s: the authorisation of Lloyd’s in the United Kingdom and overseas 467Julian Burling18 Lloyd’s: the development of performance management 499Kevin LazarusPART III DEVELOPING AREAS OF INSURANCE LAW AND REGULATION19 Alternative risk transfer: insurance linked securities – their evolution, structures and regulation 523Joseph Ferraro, Jennifer Tait and David Griffiths20 Sustainability: the climate and nature crisis – a leadership role for insurance 551Geoff Summerhayes, Laura Waterford, Nigel Brook, Wynne Lawrencea, and Zaneta Sedilekova21 Data: the growth of risk-related data in insurance and protecting privacy 590Brendan McGurk22 Smart contracts: balancing innovation and consumer protection in insurance law and regulation 621Miriam Goldby and Jeremmy Okonjo23 Artificial intelligence: attempts at developing an ethical approach for its use in insurance 647Anya Prince and Seamus Taylor PART IV REGIONAL STUDIES IN INSURANCE LAW AND REGULATION24 Europe: the architecture and content of EU insurance regulation 675Robert Purves25 USA: A regulatory overview of the world’s largest insurance market 708John Mulhern, Sara Manske and Robert Mancuso26 Bermuda: regulating big insurance on a small island 728Alex Potts KC and Jonathon O’Mahony27 United Arab Emirates: developing insurance on the Arabian Peninsula 759Sam Wakerley, John Barlow, Thomas Neighbour and Shane Gibbons HFW28 China: insurance regulation in a rapidly evolving market 787Carrie Yang29 Japan: the insurance concept in the Insurance Act and the Insurance Business Act 810Seiichi Ochiai, Shinichi Takahashi and Ryoko Takeda30 The Republic of Korea: an overview of insurance law and regulation 835Jae Hong Ahn, Partner, Kim, Chang, Sung Woo Huh, Kim Chang and Younghwa PaikIndex 856