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Life Insurance: Regulation as Contract Enforcement

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  • Alan D. Morrison

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.

Suggested Citation

  • Alan D. Morrison, 2004. "Life Insurance: Regulation as Contract Enforcement," OFRC Working Papers Series 2004fe09, Oxford Financial Research Centre.
    • Handle: RePEc:sbs:wpsefe:2004fe09
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    File URL: http://www.finance.ox.ac.uk/file_links/finecon_papers/2004fe09.pdf
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    Cited by:

    1. Benjamin Lorent, 2006. "Raisons fondamentales d'une régulation prudentielle du secteur des assurances," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 49(3), pages 203-244.

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