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Life Insurance: Regulation as Contract Enforcement

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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 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.

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Paper provided by Oxford Financial Research Centre in its series OFRC Working Papers Series with number 2004fe09.

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Date of creation: 2004
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Handle: RePEc:sbs:wpsefe:2004fe09

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Web page: http://www.finance.ox.ac.uk
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  1. 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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  2. 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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  3. Richard Cantor & Frank Packer, 1994. "The credit rating industry," Quarterly Review, Federal Reserve Bank of New York, issue Sum, pages 1-26.
  4. 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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  5. 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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  6. 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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  7. 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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  8. 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)
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