The development of the insurance industry in Australia in the twentieth century was fundamentally shaped by a collusive code of conduct called the tariff. This arrangement, established to overcome problems of uncertainty, initially benefited both tariff and non-tariff firms by enhancing market stability. It also reduced competition. The collusive agreements gradually broke down, however, as new entrants and products entered the market in the 1950s. Self-regulation gradually gave way as the 'rules of the game' changed. The result was a period of instability before new competitive practices, and more direct and specific regulatory requirements emerged in the 1970s. Copyright 2007 The Authors; Journal compilation Blackwell Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand 2007.
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Article provided by Blackwell Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand in its journal Australian Economic History Review.
Volume (Year): 47 (2007) Issue (Month): 3 (November) Pages: 278-299 Download reference. The following formats are available: HTML
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