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
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, G28working papers series
Date posted: April 19, 2004
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