Control of the Australian life insurance industry: an example of regulatory externalities within the Australian financial sector 1870-1945

Keneley, Monica 2005, Control of the Australian life insurance industry: an example of regulatory externalities within the Australian financial sector 1870-1945, Australian economic history review, vol. 45, no. 1, pp. 1-22.

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Title Control of the Australian life insurance industry: an example of regulatory externalities within the Australian financial sector 1870-1945
Author(s) Keneley, Monica
Journal name Australian economic history review
Volume number 45
Issue number 1
Start page 1
End page 22
Publisher Blackwell Publishing Asia Pty Ltd
Place of publication Melbourne, Vic.
Publication date 2005-03
ISSN 0004-8992
1467-8446
Keyword(s) insurance
business
regulation
Australia
Summary The regulatory environment in which the Australian life insurance industry operates has its antecedents in two major periods of legislative intervention. The first established the principle of ‘freedom with disclosure’ in the 1870s, which has since formed the basis of the regulatory approach. In the 1940s, the second refined the concept in the context of a general recognition of an interventionist approach to financial markets. It is suggested that regulation of the life insurance market in Australia came about not in response to problems associated with market failure but in reaction to external influences not directly related to conditions in the Australian life insurance industry. This was impacted not only on the timing of intervention but on the approach taken as well.
Language eng
Field of Research 140203 Economic History
Socio Economic Objective 970114 Expanding Knowledge in Economics
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2005, Blackwell Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand
Persistent URL http://hdl.handle.net/10536/DRO/DU:30002895

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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