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‘Freedom with Publicity’ — The Actuarial Profession and United Kingdom Insurance Regulation from 1844 to 1945

Published online by Cambridge University Press:  10 May 2011

P. M. Booth
P. M. Booth
Affiliation:
Professor of Insurance and Risk Management, Cass Business School, City University, 106 Bunhill Row, London EC1Y 8TZ, U.K., Email: p.booth@city.ac.uk
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Abstract

From 1870, in the United Kingdom, a generally liberal legal framework for life insurance existed which commanded wide support, particularly from the actuarial profession. Despite its apparent liberalism, however, it is likely that the regulatory framework impeded market entry, particularly of mutual companies. The liberal framework broke down in a number of incremental steps from 1946. This paper traces the development of U.K. life assurance regulation for 101 years from the mid-Victorian period, analyses contemporary reflections on the legal framework within the actuarial profession, and examines the appropriateness of the legal framework for achieving specific economic objectives for long-term insurance regulation.

Keywords

Insurance RegulationActuarial ProfessionActuarial History
Type
Papers
Information
Annals of Actuarial Science , Volume 2 , Issue 1 , March 2007 , pp. 115 - 145
Copyright
Copyright © Institute and Faculty of Actuaries 2007

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