Osprey Campaign 161 - Third Crusade 1191 Richard the by David Nicolle Osprey

By David Nicolle Osprey

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Since insurer solvency is against the public interest, it must be prevented through insurance regulation. Examples of insurance regulation aimed at preventing insurer insolvency include the following: • • • Insurance companies are required to maintain reserves to be used to pay for losses and to cover unearned premiums. Insurance companies are required to undergo periodic financial conditions examinations. Insurers’ investments are restricted to primarily low risk securities. Public Choice Theories The inability of the public interest theories to explain observed phenomena in regulated industries led to the development of a second body of economic theory of regulation.

Joskow, “Inflation and Environmental Concern,” p. 298. 23. Joskow, “Inflation and Environmental Concern,” pp. 296-297. 24. George W. Hilton, “The Basic Behavior of Regulatory Commissions,” The American Economic Review, vol. 62, May 1972, p. 48. 25. Stephen P. D’Arcy, “Application of Economic Theories of Regulation to the Property-Liability Insurance Industry,” Journal of Insurance Regulation, vol. 7, September 1988, p. 24. 32 The Regulation of Insurance 26. Kenneth J. Meier, “The Politics of Insurance Regulation,” The Journal of Risk and Insurance, vol.

Examples of insurance regulation aimed at preventing insurer insolvency include the following: • • • Insurance companies are required to maintain reserves to be used to pay for losses and to cover unearned premiums. Insurance companies are required to undergo periodic financial conditions examinations. Insurers’ investments are restricted to primarily low risk securities. Public Choice Theories The inability of the public interest theories to explain observed phenomena in regulated industries led to the development of a second body of economic theory of regulation.

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