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Life Insurance: Regulation As Contract Enforcement

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Author Info
Alan D. Morrison

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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." Copyright (c) Blackwell Publishing 2004.

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Article provided by Blackwell Publishing in its journal Economic Affairs.

Volume (Year): 24 (2004)
Issue (Month): 4 (December)
Pages: 47-52
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Handle: RePEc:bla:ecaffa:v:24:y:2004:i:4:p:47-52

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References listed on IDEAS
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  1. Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 401-19, June. [Downloadable!] (restricted)
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  2. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June. [Downloadable!] (restricted)
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  3. Bhattacharya, Sudipto & Boot, Arnoud W A & Thakor, Anjan V, 1998. "The Economics of Bank Regulation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 745-70, November.
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  4. Janos Kornai & Eric Maskin & Gerard Roland, 2003. "Understanding the Soft Budget Constraint," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1095-1136, December.
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  5. Alan D. Morrison, 2003. "The Economics of Capital Regulation in Financial Conglomerates," The Geneva Papers on Risk and Insurance, The International Association for the Study of Insurance Economics, vol. 28(3), pages 521-533, 07. [Downloadable!] (restricted)
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  6. Richard Cantor & Frank Packer, 1994. "The credit rating industry," Quarterly Review, Federal Reserve Bank of New York, issue Sum, pages 1-26.
  7. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring. [Downloadable!] (restricted)
  8. Lucy White & Alan D. Morrison, 2002. "Crises and Capital Requirements in Banking," OFRC Working Papers Series 2002fe05, Oxford Financial Research Centre. [Downloadable!]
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