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Regulatory competition and life insurance solvency regulation in the European Union and United States

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008  071205e20071001usa|||| | |00010|eng d
040  ‎$a‎MAP‎$b‎spa
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1001 ‎$0‎MAPA20080063030‎$a‎Booth, Philip
24510‎$a‎Regulatory competition and life insurance solvency regulation in the European Union and United States‎$c‎Philip Booth and Alan D. Morrison
5208 ‎$a‎The economic reasons for life insurance regulation have not been well developed in the finance literature. In this paper authors discuss some justifications that have been advanced for regulation and argue that they are not persuasive. The most rigorous arguments in favor of the regulation of life insurance companies are as follows. First, regulation can prevent the adverse affects of information asymmetries in markets fo illiquid contracts. Second, regulation can be used to ensure that insurers commit to contracts. In the case of life insurers these contracts may be incomplete, and it may be difficult to determine the terms of the contracts objectively; this is particularly so with U.K. with-profit contracts, for example. Finally, the authors propose a method of moving toward such a regulatory framework starting from the current regulatory institutions in the United States and the European Union
65001‎$0‎MAPA20080590567‎$a‎Empresas de seguros
65001‎$0‎MAPA20080584351‎$a‎Control de seguros
65011‎$0‎MAPA20080552701‎$a‎Solvencia
65011‎$0‎MAPA20080627966‎$a‎Control de entidades financieras
65011‎$0‎MAPA20080561895‎$a‎Contabilidad
65011‎$0‎MAPA20080580452‎$a‎Europa Occidental
65001‎$0‎MAPA20080568863‎$a‎Estados Unidos
65001‎$0‎MAPA20080570590‎$a‎Seguro de vida
65001‎$0‎MAPA20080567613‎$a‎Unión Europea
65001‎$0‎MAPA20080560409‎$a‎Reino Unido
650  ‎$0‎MAPA20190001342‎$a‎Administración de la empresa de seguros
7001 ‎$0‎MAPA20080201449‎$a‎Morrison, Alan D.
7001 ‎$0‎MAPA20080108601‎$a‎Merrill, Craig
7102 ‎$0‎MAPA20080441173‎$a‎Morrison, Philip
7730 ‎$w‎MAP20077000239‎$d‎Schaumburg, Illinois‎$g‎Volume 11, number 4, October 2007 ; p. 23-41‎$t‎North American Actuarial Journal