Since its inception, the effectiveness of no-fault legislation has been highly debated. While some research suggests that no-fault laws are effective in reducing costs, other evidence suggests that the current no-fault systems may not meet the original objectives. This study takes a closer look...

Criminal investigation into "mis-sold" financial products in the UK is rare. Prosecution is rarer still. This is despite the fact that mis-selling - whether it be pensions, endowment mortgages or payment protection insurance - is a widespread and recurring phenomenon. The absence of criminal...

Prior to the financial crisis, insurance was the only financial service that did not have a federal regulator but relied almost exclusively on state insurance regulators. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) began a process to address this lack of...

In choosing financial products and services, consumers often rely on financial advisers to recommend products or services. With surprising frequency, these advisers receive side payments or other forms of compensation from the firms that provide the products or services the advisers recommend....

Federal government support for the terrorism insurance industry has a very brief history. Prior to 9/11, insurers did not take terrorist-related losses into account when underwriting risks. The industry did not even conceive of an attack that could generate such significant losses. The dramatic...

The present study focuses on the defined financial benefits capital investors have undertaken to pay to their contracting parties during the withdrawal phase under contracts making provision for old age (also referred to as Riester contracts in Germany). The Alterszertifizierungsgesetz requires...

Much of the current call for Federal regulatory reform of insurance is based on fundamental misunderstandings regarding American International Group (AIG) and the financial crisis, and because insurance, which is regulated predominately at the state level, provides a different, and potentially...

This research examines the effects of rate regulations and compulsory insurance laws on insurance purchases. Three stage least squares (3sls) regressions have been employed to control for the endogeneity of the main variables, which are premiums, regulations, and insurance purchases. The...

In this paper we compare the main regulatory frameworks: American (US RBC, Risk-Based-Capital), Swiss (SST, Swiss Solvency Test) and European (Solvency II). We improve on the existing literature by focusing on technical aspects of regulation schemes, particularly the capital requirements’...

The Indian financial system has changed considerably since the 1990s. Interest rates have been deregulated and new entrants allowed in the banking and the securities business. The Indian equity market has become world-class. New private banks have emerged that are more customer-oriented than the...