The curious case of the Occidental and Regal : the evolution of solvency and disclosure standards in the Australian life insurance industry

Keneley, Monica 2008, The curious case of the Occidental and Regal : the evolution of solvency and disclosure standards in the Australian life insurance industry, Accounting history, vol. 13, no. 3, pp. 313-332.

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Title The curious case of the Occidental and Regal : the evolution of solvency and disclosure standards in the Australian life insurance industry
Author(s) Keneley, Monica
Journal name Accounting history
Volume number 13
Issue number 3
Start page 313
End page 332
Publisher SAGE Publications Ltd
Place of publication London, England
Publication date 2008-08
ISSN 1032-3732
1749-3374
Keyword(s) Corporate governance
directors' responsibilities
disclosure standards
life insurance
regulation
solvency
Summary In 1990, the Australian life insurance industry was rocked by a scandal that threatened to destabilize consumer confidence in the ability of insurance providers to meet policyholder liabilities. The incident highlighted the nature of the agency problems that arise when conditions of asymmetric information exist. It revealed systemic weaknesses in accounting, solvency and disclosure standards as they applied to life insurers. This article uses an evolutionary concept of agency to analyse government and industry responses to this event. It is argued that initial adaptive responses stabilized the industry and averted a more serious crisis. Longer term innovative responses led to the introduction of a new and more rigorous approach to reporting and solvency standards, which has improved information flows and agency outcomes.
Language eng
Field of Research 150204 Insurance Studies
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2008, SAGE Publications
Persistent URL http://hdl.handle.net/10536/DRO/DU:30017143

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