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‘Freedom with Publicity’ — The Actuarial Profession and United Kingdom Insurance Regulation from 1844 to 1945

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  • Booth, P. M.

Abstract

From 1870, in the United Kingdom, a generally liberal legal framework for life insurance existed which commanded wide support, particularly from the actuarial profession. Despite its apparent liberalism, however, it is likely that the regulatory framework impeded market entry, particularly of mutual companies. The liberal framework broke down in a number of incremental steps from 1946. This paper traces the development of U.K. life assurance regulation for 101 years from the mid-Victorian period, analyses contemporary reflections on the legal framework within the actuarial profession, and examines the appropriateness of the legal framework for achieving specific economic objectives for long-term insurance regulation.

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  • Booth, P. M., 2007. "‘Freedom with Publicity’ — The Actuarial Profession and United Kingdom Insurance Regulation from 1844 to 1945," Annals of Actuarial Science, Cambridge University Press, vol. 2(1), pages 115-145, March.
    • Handle: RePEc:cup:anacsi:v:2:y:2007:i:01:p:115-145_00
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    Cited by:

    1. Booth Philip, 2014. "Stock Exchanges as Lighthouses," Man and the Economy, De Gruyter, vol. 1(2), pages 1-17, December.
    2. van der Heide, Arjen & Kohl, Sebastian, 2022. "Private insurance, public welfare, and financial markets: Alpine and Maritime countries in comparative-historical perspective," MPIfG Discussion Paper 22/4, Max Planck Institute for the Study of Societies.

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