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Regulation in the Insurance Industry

In: Fundamentals of Managing Risk and Insurance

Author

Listed:
  • Charles Andoh

    (University of Ghana Business School, Department of Finance)

Abstract

The regulation of insurance companies by governmental and other regulatory bodies is essential for ensuring the orderly functioning of the insurance sector and for mitigating the market imperfections inherent in the industry. In the absence of such regulations, insurers may exploit policyholders, and conversely, policyholders may engage in practices detrimental to insurers. This chapter provides a comprehensive analysis of insurance regulation, including the rationale for regulatory oversight, the entities responsible for enforcing regulations, and the justification for compulsory insurance, highlighting why certain insurance products must be mandated. The chapter further examines strategies for aligning the objectives of regulators with the interests of policyholders and explores mechanisms for ensuring accountability and oversight of regulatory authorities themselves.

Suggested Citation

  • Charles Andoh, 2026. "Regulation in the Insurance Industry," Springer Books, in: Fundamentals of Managing Risk and Insurance, chapter 9, pages 179-193, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-4581-0_9
    DOI: 10.1007/978-981-95-4581-0_9
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