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Life Insurance: Regulation as Contract Enforcement

Author

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  • Alan 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 Morrison, 2004. "Life Insurance: Regulation as Contract Enforcement," Economics Series Working Papers 2004-FE-09, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:2004-fe-09
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    File URL: https://ora.ox.ac.uk/objects/uuid:2a444944-4d5a-4062-8739-f4b80b5c17e7
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    More about this item

    Keywords

    Insurance regulation; contract enforcement;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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