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Life Insurance: Regulation as Contract Enforcement


Alan D. Morrison


University of Oxford - Said Business School; University of Oxford - Merton College
April 19, 2004

Oxford Financial Research Center Working Paper No. 2004-FE-09

Abstract:     
Debating the minutiae of insurance regulation without a clear understanding of why insurance companies are regulated is futile. In this non-technical essay I discuss the economic rationale for insurance business regulation. I conclude that the appropriate role of the regulator in this industry is to enforce contracts which would otherwise be broken. This implies that regulation should be optional, and that regulation need not be a monopoly activity.

Number of Pages in PDF File: 11

Keywords: Insurance regulation, contract enforcement

JEL Classification: G22, G28

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Date posted: April 19, 2004  

Suggested Citation

Morrison, Alan D., Life Insurance: Regulation as Contract Enforcement (April 19, 2004). Oxford Financial Research Center Working Paper No. 2004-FE-09. Available at SSRN: http://ssrn.com/abstract=532422 or http://dx.doi.org/10.2139/ssrn.532422

Contact Information

Alan Morrison (Contact Author)
University of Oxford - Said Business School ( email )
Department of Finance
Park End Street
Oxford OX1 1HP
United Kingdom
+44 18 6527 6343 (Phone)
+44 18 6527 6310 (Fax)
University of Oxford - Merton College
Merton Street
Oxford OX1 4JD
United Kingdom
+44 18 6527 6343 (Phone)
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