Life Insurance: Regulation as Contract Enforcement
Alan D. Morrison
University of Oxford - Said Business School; University of Oxford - Merton College
Economic Affairs, Vol. 24, No. 4, pp. 47-52, December 2004
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.
Number of Pages in PDF File: 6Accepted Paper Series
Date posted: December 27, 2004
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