The Role of Governments in the Insurance Industry
The Role of Governments in the Insurance Industry
Royal Institute for International Affairs
London, U.K. 2 December 2002
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Robert P. Hartwig, Ph.D., CPCU, Senior Vice President & Chief Economist Insurance Information Institute 110 William Street New York, NY 10038 Tel: (212) 346-5520 Fax: (212) 732-1916 bobh@
Presentation Outline
Changing Role of Government in Insurance ? Historical/Traditional Role of Government ? Is Role of Government Expanding/Contracting? ? Role & Rule of Government Beyond Direct Regulation ? Is `Insurance Regulation' Obsolete or Marginalized? ? Summary & Conclusions ? Q&A
HISTORICAL ROLE OF GOVERNMENT IN INSURANCE
yFundamentals of Insurance Regulation
Traditional Solvency
Rate/Form Consumer Protection
Expanded View of Insurance Regulation
Ancillary
Pools
Guarantee Funds
(Re)insurer of Last Resort Mitigation/ Safety
Fiscal Taxes/Fees & Assessments
Stimulative
Income Redistribution
Political
Public Policy Political Agenda
Source: Insurance Information Institute
Rationale for Insurance Regulation
Why Should Insurance be Regulated? ? Contrary to public belief, there is no "right" to insurance
? Therefore need justification for existence of regulation
? Frequently cited reasons are market imperfections (e.g., ruinous competition), consumer protection (licensing), systematic risks (e.g., investment risk)
? Regulation has probably extended well-beyond these bounds in some jurisdictions
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