By Scott E. Harrington
This research outlines the compelling case for frequent deregulation of property-liability assurance charges and varieties.
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Extra resources for Insurance Deregulation and the Public Interest
Best’s Aggregates and Averages: PropertyCasualty Edition. : A. M. Best Company. Blackmon, B. , and Richard J. Zeckhauser. 1991. ” American Economic Review 81: 65–69. , and Mark V. Pauly. 1986. ” Rand Journal of Economics 17: 606–17. Breyer, Stephen G. 1982. Regulation and Its Reform. Cambridge: Harvard University Press. Consumer Federation of America, Consumers Union, National Insurance Consumer Organization, and Public Interest. 1989. Reducing Auto Insurance Rates: A Comprehensive Program. : Consumer Federation of America, Consumers Union, National Insurance Consumer Organization, and Public Interest.
At best, the McCarran Act’s antitrust exemption would favor price regulation only under the condition that uniform pricing and risk classification are somehow efficient. The story line would then be that collective pricing and risk classification are efficient and that price regulation is an efficient response to potential supracompetitive prices under collective pricing. The first premise of that story is invalid. In the unlikely event that the antitrust exemption, narrowed considerably by court decisions in recent years, was demonstrably associated with inefficient, anticompetitive behavior, the solution would be to deregulate prices and modify the exemption.
As an alternative to filing in such cases, regulators might require insurers to include provisions that are compatible with compulsory insurance requirements, or a system of partial deregulation could specify certain required and prohibited provisions. 46 INSURANCE DEREGULATION AND THE PUBLIC INTEREST 7 Conclusions P rior approval regulation of property-liability insurance rates entails direct and indirect costs and serves no useful purpose in modern, competitively structured insurance markets.