The notion of insurance as a regulatory device has become a prominent trop in recent years. In the US, a leading article by insurance law Professors at the University of Chicago and the University of Michigan, entitled ‘Outsourcing Regulation: How Insurance Reduces Moral Hazard’ makes the claim that ‘in a variety of areas private insurance companies can, and already do, replace or augment the standard setting and safety monitoring currently performed by government’...
Citation
Kenneth S. Abraham, Regulation by Insurance, 137 British Insurance Law Journal (2025).