Insurance Deregulation and the Public Interest by Scott E. Harrington

By Scott E. Harrington

This research outlines the compelling case for common deregulation of property-liability coverage charges and varieties.

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1995. ” Paper presented at National Bureau of Economic Research, Property-Casualty Insurance Group Meeting, February 10–11. 58 INSURANCE DEREGULATION AND THE PUBLIC INTEREST SCOTT E. HARRINGTON 59 About the Author SCOTT E. HARRINGTON is professor of insurance and finance and the Francis M. Hipp Distinguished Faculty Fellow in the College of Business Administration at the University of South Carolina. Previously, he was on the faculty of the University of Pennsylvania’s Wharton School. Mr. Harrington is an associate editor of the Journal of Risk and Insurance.

Pauly. New York: Macmillan. Plummer, M. 1985. The Availability and Utility of Consumer Information on Auto Insurance. : Federal Trade Commission. Rottenberg, Simon. 1989. The Cost of Regulated Pricing: A Critical Analysis of Auto Insurance Premium Rate-Setting in Massachusetts. Boston: Pioneer Institute for Public Policy Research. Smith, Eric, and Randall Wright. 1992. ” American Economic Review 82: 756–72. Special Committee on Regulatory Reengineering. 1998. A White Paper on the Streamlining of Commercial Lines Insurance Regulation.

We can also expect that a state’s rate suppression that may expropriate the value of an insurer’s investments in building its book of business will produce upward pressure on future prices because of the risk that rate suppression will recur. The possible spread of rate suppression—with its beggar thy neighbor features—to additional states could adversely affect prices and insurer investments in those states. Expenses, Profits, and Affordability The Importance of Claim Costs. The allegation that insurer inefficiency and excessive profits contribute materially to problems of insurance affordability offers a painless remedy to such problems.

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