Policy-Only Liability Insurance As Alternative to Prudential Regulation in the New Zealand Life Assurance Industry

by Dr. Andrew D. Schmulow

Waikato Law Review, Vol. 16, no. 1, 2008, pp: 252-263.

This paper will argue that even recent history is littered with examples of failures by the financial regulators to prevent bank and insurer failures in the UK, the US, Australia and elsewhere. This paper argues that regulators are inherently incapable of performing the task. The theoretical basis for which is investigated below. Evidence will be drawn from the collapse of HIH and the role of the Australian Prudential Regulator (APRA) in that collapse.

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