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Life Insurance: Regulation as Contract Enforcement

Abstract:
Debating the minutiae of insurance regulation without a clear understanding of why insurance companies are regulated is futile. In this article I discuss the economic rationale for insurance business regulation and conclude that the appropriate role of the regulator is to enforce contracts which might otherwise be broken. I argue that if this is the case, regulation should be optional, and that it need not be a monopoly activity.

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Publication date:
2004-01-01
URN:
uuid:6ea4f2f7-a700-48c4-98e6-41c67a1e43b6
Local pid:
oai:eureka.sbs.ox.ac.uk:1688

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