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Life Insurance: Regulation as Contract Enforcement

Alan Morrison ()

OFRC Working Papers Series from Oxford Financial Research Centre

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.

New Economics Papers: this item is included in nep-com, nep-ias and nep-reg
Date: 2004
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