Český finanční a účetní časopis 2010(2):52-62 | DOI: 10.18267/j.cfuc.67

The Implementation of Self-Regulation in Praxis

Ondřej Poul
Ing. Ondřej Poul, Ph.D. - externí spolupracovník; Katedra bankovnictví a pojišťovnictví, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <ondrej.poul@vse.cz>.

The article deals with current issues of the self-regulation in the insurance market and demonstrates on the example the consequences of its improper implementation. The introductory essay brings the author's view of self-regulation definition. Further, the article deals with the environment in which the publication of "Ampelcheck Geldanlage" was issued by the Association of Consumer Hamburg. The publication was issued mainly to reduce information asymmetry from the side of insurance brokers and correct behavior of clients in the selection of suitable investment instruments for the creation of financial reserves for lately term of life. However, since it has several simplifications that have led to the erroneous conclusions for the insurance products, therefore the main part of the article concentrates on the analysis of conclusions from the publication and their confrontation with the current state of science. The article confirmed the importance of self-regulation and declared the requirements on its correct usage in practice. Mainly forward mutual communication and coordination of all concerned parties are necessary for effective implementation of any tool of self-regulation.

Keywords: Self-regulation; Insurance; Endowment Life Insurance; German Insurance Market; Pension products.
JEL classification: G32, G39

Published: June 1, 2010  Show citation

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Poul, O. (2010). The Implementation of Self-Regulation in Praxis. Czech Financial and Accounting Journal, 2010(2), 52-62. doi: 10.18267/j.cfuc.67
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