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Insurance in Malta has been very largely influenced by English practice and law. The influence of the English market insurance practice and law not only shaped the Maltese market but practically that of all common law jurisdictions in former members of the British empire. Since the London insurance market continues to be a very dominant force globally until today, the connection has undoubtedly served Malta well.

The origins of UK insurance principles of utmost good faith and insurable interest under contract law, date back to times which were very different from today and the need to revise the laws has now been felt in the UK as well as in other jurisdictions which were influenced by its law and practice. In Malta, minimal legislative intervention and the Maltese courts were and continue to be mostly guided by English case law, some of which has now been superseded by the updated statute law which was recently introduced in the UK by virtue of the Consumer Insurance (Disclosure and Representations) Act (2012) and Insurance Act (2015).

We herein lay out a case study of the development of utmost good faith and insurable interest in insurance contracts within the Maltese legal context, based on empirical literature findings and semi-structured interviews together with several legal experts who are specialized in the field and experienced insurance professionals.

Insurance is a dynamic business highly affected by the environment it operates in. Alongside the practice of insurance, come principles on which the business of insurance is based. One of the principles, that is not short of controversy, is the doctrine of utmost good faith which requires full disclosure of material facts by the contracting parties. The author, in this chapter, explored the need for change in the regulation of this insurance principle and discussed the drivers behind these changes and the commensurate effect on the practice of insurance. The author delved into case studies, practices and literature and traced back to the origins of the long-standing principle of utmost good faith. This principle is one on which the acceptance (or otherwise) and premium of an insurance contract is based and through which certain factors and developments in the industry have led to a major reform in some jurisdiction.

The author discussed the development and drivers leading to reform and concluded that reform is ultimately the result of public outcry, through individual cases heard predominantly in court, a well-established reform committee, the socio-political environment of that country and the advent of technology. Moreover, although, different countries have their own jurisdictions, laws and regulations as well as market practices and international trade have made it imperative to have common technical practices between market players especially in insurance, which depends on the spread of risks between countries internationally. Smooth insurance business can only be established if this reform is harmonised between jurisdictions.

Making law in America is not a simple task. It can be legislated by Congress, enforced by the executive, interpreted by the courts, and augmented by a massive body of rules created by administrative agencies such as the Securities and Exchange Commission (SEC). The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) (Dodd-Frank was passed) with an eye to preventing future financial crises. Four years later, many details of Dodd-Frank have yet to be finalized as the SEC is still in the process of developing the regulations that the legislation required them to create. Even once the regulations are finalized by the SEC, the regulations will be challenged by various parties in the courts. The regulations will be either upheld or rejected. Those that are upheld will then face numerous challenges when applied in specific cases, while those rejected will have to be redone all over again. The process of developing these regulations is cumbersome and attracts many of the special interests that were present in the legislative phase of Dodd-Frank and who will also be present in the litigation phases of testing Dodd-Frank in the courts. This paper focuses on the requirement that investment advisors and broker-dealers be deemed as owing fiduciary duties to their clients as a case study for the entangled political economy theory. The paper shows how the development of a simple rule such as whether these fiduciary duties should be owed or not requires years of back and forth between the legislative, executive, administrative, and judicial branches.

The area of law where the principle of transparency is applicable is expanding fast. Also many financial markets have recently become subject to new regulations requiring transparency, such as EU directives MIFID II or Solvency II. Here, what is expanding is not just the applicability of the principle as such, but also the scope of issues which are affected by transparency, that is, remuneration or conflict of interests. In the light of these regulations, it may seem that transparency has simply become a sole legislative measure assuring values such as consumer protection, market stability or – most of all – high-quality governance. Indeed, transparency is thought to contribute to the quality of governance in several different ways, although its implementation must meet certain standards if it is to produce the desired results, especially when it comes to financial institutions. Financial institutions are commonly required to be particularly transparent due to the fact they often act as public trust entities. As the activity of financial institutions is of such importance, the issue of transparency efficiency is worth discussing. Although it is said that the emergence of the principle of transparency in the EU law is a fairly new phenomenon, the existence of transparency obligation is not. Therefore, some doubts may arise as to the question whether the principle of transparency actually adds much to existing rules and principles. In this chapter the author explored and discussed how mandatory transparency affects financial institutions’ activity, and whether it performs its function efficiently.

Corporate social responsibility describes the role that society expects of business organizations. Because it is difficult to see societal norms in one's own society, comparative law can help us increase the salience of those norms in our own community. Looking at how a set of business laws uniform across 16 West and Central African countries lives in one of the member states, Cameroon, we see that society expresses its norms not only when behavior tracks the positive law, but also, and very importantly, when it diverges from that law. After studying examples of divergence in the South, specifically in the African country Cameroon, the chapter turns to the North. Using the United States as the illustration, and focusing on the role of business entities, the chapter identifies ways of opening the discussion among all political constituents, even those outside the traditional business community.

Climate change is one of the most major risks facing today’s companies. Evaluating the climate change risks and opportunities which are related to a company’s operations is important for both the companies and their stakeholders’ sustainability, as a whole. Thereby, from theoretical perspectives, the primary objective of the chapter is to illustrate the role of integrated reporting for business in climate change and the management of the risks and opportunities associated with climate change.

An extensive literature research is conducted in order to understand the relationship between integrated reporting and business role in climate change and also the role of reports in managing the risks and opportunities associated with climate change.

A company that successfully addresses the way in which it affects and is affected by climate change could manage its risk properly and also provide a positive contribution to the creation of more sustainable world and governments’ climate change goals.

The research is a theoretical study; for further studies, empirical studies can be conducted to understand the role of integrated reporting to manage the risks and opportunities associated with climate change.

This study may be useful for managers and governmental agencies in realizing the role between integrated reporting and its contribution to being a sustainable firm and in managing effects of climate change.

There is lack of studies that analyze the role of integrated reporting and the managing of risks and opportunities associated with the climate change. Examining the issue will add value to the literature in this area.

This chapter focuses on a critical issue in cyber intelligence in the United States (US) that concerns the engagement of state-owned or state-controlled entities with overseeing citizen’s activity in cyberspace. The emphasis in the discussion is placed on the constitutionality of state actions and the shifting boundaries in which the state can act in the name of security to protect its people from the nation’s enemies. A second piece of this discussion is which state actors and agencies can control the mechanisms by which this sensitive cyber information is collected, stored, and if needed, acted upon. The most salient case with regard to this debate is that of Edward Snowden. It reveals the US government’s abuses of this surveillance machinery prompting major debates around the topics of privacy, national security, and mass digital surveillance. When observing the response to Snowden’s disclosures one can ask what point of view is being ignored, or what questions are not being answered. By considering the silence as a part of our everyday language we can improve our understanding of mediated discourses. Recommendations on cyber-intelligence reforms in response to Snowden’s revelations – and whether these are in fact practical in modern, high-technology societies such as the US – follow.

The purpose of this paper is to discuss the concept and the content of courses on ‘social ethics’. It will present a dilemma that arises in the design of such courses. On the one hand, they may present versions of ‘applied ethics’; that is, courses in which moral theories are applied to moral and social problems. On the other hand, they may present generalised forms of ‘occupational ethics’, usually professional ethics, with some business ethics added to expand the range of the course. Is there, then, not some middle ground that is distinctively designated by the term ‘social ethics’? The article will argue that there is such a ground. It will describe that ground as the ethics of ‘social practices’. It will then illustrate how this approach to the teaching of ethics may be carried out in five domains of social practice: professional ethics, commercial ethics, corporate ethics, governmental ethics, and ethics in the voluntary sector. The aim is to show that ‘social ethics’ courses can have a clear rationale and systematic content.