The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation
This article considers the role of American International Group (AIG) and the insurance sector in the 2007-2009 financial crisis and the implications for insurance regulation. Following an overview of the causes of the crisis, I explore the events and policies that contributed to federal government intervention to prevent bankruptcy of AIG and the scope of federal assistance to AIG. I discuss the extent to which insurance in general poses systemic risk and whether a systemic risk regulator is desirable for insurers or other nonbank financial institutions. The last two sections of the article address the financial crisis's implications for proposed optional and/or mandatory federal chartering and regulation of insurers and for insurance regulation in general. Copyright (c) The Journal of Risk and Insurance, 2009.
Year of publication: |
2009
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Authors: | Harrington, Scott E. |
Published in: |
Journal of Risk & Insurance. - American Risk and Insurance Association - ARIA, ISSN 0022-4367. - Vol. 76.2009, 4, p. 785-819
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Publisher: |
American Risk and Insurance Association - ARIA |
Saved in:
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