Widespread adoption of robot cars could have a revolutionary impact on these figures, potentially preventing 90 percent of crashes and saving thousands of lives every year. The impact of such a robotic revolution would go beyond transportation. Robot cars may transform the automobile industry from one based on car ownership to one based on ride-share services. The auto insurance industry may wither, as the idea of personal car ownership slowly disappears. And without human drivers, or insurance policies to match, traditional approaches to liability when there are crashes may have to evolve. Such uncertainty has led some commentators to propose schemes such as no-fault insurance, or various forms of manufacturer immunity. Most of these concepts have already been tried and found flawed. They also underestimate the ability of the courts to adapt to new technology and guide society’s beliefs on what is right and wrong. The civil justice system is better placed than any other regulatory mechanism to ensure innovations develop in the safest manner possible. If there is one proposal that might fit in an eventual driverless world it is strict liability. Under a strict liability regime, the claimant need only prove the tort occurred and that the defendant is responsible. Holding vehicle makers accountable for crashes will be the only way to guarantee that humans and governments do not end up footing the bill for collisions over which they have no control. A strict liability system would ensure manufacturers have an incentive to make their vehicles as safe as possible, while giving victims meaningful access to justice.
{"title":"Driven to Safety: Robot Cars and the Future of Liability","authors":"Aaj Research","doi":"10.2139/ssrn.2913028","DOIUrl":"https://doi.org/10.2139/ssrn.2913028","url":null,"abstract":"Widespread adoption of robot cars could have a revolutionary impact on these figures, potentially preventing 90 percent of crashes and saving thousands of lives every year. The impact of such a robotic revolution would go beyond transportation. Robot cars may transform the automobile industry from one based on car ownership to one based on ride-share services. The auto insurance industry may wither, as the idea of personal car ownership slowly disappears. And without human drivers, or insurance policies to match, traditional approaches to liability when there are crashes may have to evolve. Such uncertainty has led some commentators to propose schemes such as no-fault insurance, or various forms of manufacturer immunity. Most of these concepts have already been tried and found flawed. They also underestimate the ability of the courts to adapt to new technology and guide society’s beliefs on what is right and wrong. The civil justice system is better placed than any other regulatory mechanism to ensure innovations develop in the safest manner possible. If there is one proposal that might fit in an eventual driverless world it is strict liability. Under a strict liability regime, the claimant need only prove the tort occurred and that the defendant is responsible. Holding vehicle makers accountable for crashes will be the only way to guarantee that humans and governments do not end up footing the bill for collisions over which they have no control. A strict liability system would ensure manufacturers have an incentive to make their vehicles as safe as possible, while giving victims meaningful access to justice.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84836754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Health insurances curb price insensitive behavior and moral hazard of insureds through different types of cost-sharing, such as tiered co-payments or reference pricing. This paper evaluates the effect of newly introduced price limits below which drugs are exempt from co-payments on the pricing strategies of drug manufacturers in reference price markets. We exploit quarterly data on all prescription drugs under reference pricing available in Germany from 2007 to 2010. To identify causal effects, we use instruments that proxy regulation intensity. A difference-in-differences approach exploits the fact that the exemption policy was introduced successively during this period. Our main results first show that the new policy led generic firms to decrease prices by 5 percent on average, while brand-name firms increase prices by 7 percent after the introduction. Second, sales increased for exempt products. Third, we find evidence that differentiated health insurance coverage (public versus private) explains the identifed market segmentation.
{"title":"Cost-Sharing and Drug Pricing Strategies: Introducing Tiered Co-Payments in Reference Price Markets","authors":"A. Herr, Moritz Suppliet","doi":"10.2139/ssrn.2845293","DOIUrl":"https://doi.org/10.2139/ssrn.2845293","url":null,"abstract":"Health insurances curb price insensitive behavior and moral hazard of insureds through different types of cost-sharing, such as tiered co-payments or reference pricing. This paper evaluates the effect of newly introduced price limits below which drugs are exempt from co-payments on the pricing strategies of drug manufacturers in reference price markets. We exploit quarterly data on all prescription drugs under reference pricing available in Germany from 2007 to 2010. To identify causal effects, we use instruments that proxy regulation intensity. A difference-in-differences approach exploits the fact that the exemption policy was introduced successively during this period. Our main results first show that the new policy led generic firms to decrease prices by 5 percent on average, while brand-name firms increase prices by 7 percent after the introduction. Second, sales increased for exempt products. Third, we find evidence that differentiated health insurance coverage (public versus private) explains the identifed market segmentation.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83742682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Under Maryland’s common law, courts interpret ambiguous insurance contracts using traditional contract law principles. In February 2015, Maryland’s highest court faced the question of whether to change its method of interpreting insurance contracts to a more pro-policyholder method, contra proferentem. Contra proferentem interprets policy terms strictly against the insurers without reviewing extrinsic evidence. This Comment contends that Maryland courts should continue applying contract law when interpreting ambiguous insurance contracts. This Comment explores cases showing the court’s long-standing reliance on contract law principles when interpreting insurance contracts and insurance contract exclusion clauses. Contract law principles best reinforce the court’s primary purpose of ascertaining the parties’ intent while ensuring adequate protection for insurance consumers. Many courts and commentators also favor contract law principles by noting the benefits to consumers from standardized insurance contracts. From an economic perspective, while jurisdictions that interpret insurance contracts using contract law principles appear preferable over contra proferentem jurisdictions, the argument that contra proferentem significantly increases consumer insurance costs seems unsupported. Maryland courts should continue applying contract law to interpret insurance contracts and permit the state legislature to determine whether contract law or another method of interpretation best advances broader public policy considerations.
{"title":"Revisiting Maryland's Common Law Interpretation of Insurance Contracts","authors":"Randy Henry","doi":"10.2139/ssrn.2829276","DOIUrl":"https://doi.org/10.2139/ssrn.2829276","url":null,"abstract":"Under Maryland’s common law, courts interpret ambiguous insurance contracts using traditional contract law principles. In February 2015, Maryland’s highest court faced the question of whether to change its method of interpreting insurance contracts to a more pro-policyholder method, contra proferentem. Contra proferentem interprets policy terms strictly against the insurers without reviewing extrinsic evidence. This Comment contends that Maryland courts should continue applying contract law when interpreting ambiguous insurance contracts. This Comment explores cases showing the court’s long-standing reliance on contract law principles when interpreting insurance contracts and insurance contract exclusion clauses. Contract law principles best reinforce the court’s primary purpose of ascertaining the parties’ intent while ensuring adequate protection for insurance consumers. Many courts and commentators also favor contract law principles by noting the benefits to consumers from standardized insurance contracts. From an economic perspective, while jurisdictions that interpret insurance contracts using contract law principles appear preferable over contra proferentem jurisdictions, the argument that contra proferentem significantly increases consumer insurance costs seems unsupported. Maryland courts should continue applying contract law to interpret insurance contracts and permit the state legislature to determine whether contract law or another method of interpretation best advances broader public policy considerations.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73059351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Reinsurance offers coverage for primary insurers and is available to back them up. Insurers have an increasing demand for more financial capacity when underwriting catastrophic risks. With respect to catastrophic risks, reinsurance’s role takes several forms. Reinsurance can take a significant portion of the insured losses from primary insurers, diversify catastrophe risks globally, supply underwriting assistance, and regulate insurers’ behavior to promote risk mitigation. These roles often go beyond risk transfer and risk financing and expand to risk regulation to primary insurers. The former role has been discussed at length in the law and economics literature, but regulation by reinsurance has not been widely discussed and has even qualified as problematic. Government-sponsored reinsurance, which marries the merits of both the government and private reinsurance, has gained increasing attention in the law and economics literature, and these programs have increased substantially in practice. Many countries use government-sponsored reinsurance to address catastrophe risks, including France (Caisse Centrale de Reassurance), Australia (Australian Reinsurance Pool Corporation), Japan (Japan Earthquake Reinsurance Co., Ltd.).This paper will mainly argue why government should adopt government-sponsored reinsurance and how to expand regulation by reinsurance to achieve optimal catastrophe risk management in China. The chapter begins by introducing basic principles of reinsurance. Next, the main regulatory techniques of reinsurance which offer primary insurers incentives to underwrite appropriately and mitigate risk are explored. Then, the reasons why the private reinsurance market cannot provide adequate coverage for catastrophe risks and the arguments for government-sponsored reinsurance are discussed. Next, several typical government-sponsored reinsurance programs are examined and compared, including programs in France (Caisse Centrale de Reassurance; CCR), Japan (Japanese Earthquake Reinsurance Scheme; JERS), and Turkey (Turkish Catastrophe Insurance Pool; TCIP), in which primary insurers are regulated by reinsurance. Finally, it is argued that China should adopt government-sponsored reinsurance to address catastrophe risks, and the possibility and feasibility of regulation by government-sponsored reinsurance in China is addressed.
再保险为主要保险公司提供保险，并为它们提供支持。在承保灾难性风险时，保险公司对更多财务能力的需求日益增加。就灾难性风险而言，再保险的作用有几种形式。再保险可以从原保险人那里承担很大一部分保险损失，分散全球巨灾风险，提供承保协助，并规范保险公司的行为以促进风险缓解。这些角色通常超越风险转移和风险融资，并扩展到对初级保险公司的风险监管。前一种作用已在法律和经济学文献中进行了详细讨论，但再保险监管尚未得到广泛讨论，甚至被认为存在问题。政府赞助的再保险结合了政府和私人再保险的优点，在法律和经济学文献中越来越受到关注，这些项目在实践中得到了实质性的增加。许多国家采用政府资助的再保险来应对巨灾风险，包括法国(Caisse Centrale de Reassurance)、澳大利亚(澳大利亚再保险公司)、日本(日本地震再保险公司)。本文将主要讨论政府为什么应该采用政府赞助的再保险，以及如何通过再保险扩大监管来实现中国最优的巨灾风险管理。本章首先介绍了再保险的基本原则。其次，本文探讨了再保险的主要监管技术，这些技术为原保险人提供了适当承保和降低风险的激励。然后，讨论了私营再保险市场无法提供足够的巨灾风险覆盖的原因以及政府赞助再保险的论点。接下来，对几个典型的政府资助的再保险项目进行了审查和比较，包括法国的项目(Caisse Centrale de Reassurance;日本(日本地震再保险计划);JERS)和土耳其(土耳其巨灾保险池;(TCIP)，其中原保险公司受再保险监管。最后，本文认为中国应该采用政府赞助再保险来应对巨灾风险，并探讨了政府赞助再保险在中国监管的可能性和可行性。
{"title":"Regulation by Government-Sponsored Reinsurance in Catastrophe Management","authors":"Qihao He","doi":"10.2139/SSRN.2796973","DOIUrl":"https://doi.org/10.2139/SSRN.2796973","url":null,"abstract":"Reinsurance offers coverage for primary insurers and is available to back them up. Insurers have an increasing demand for more financial capacity when underwriting catastrophic risks. With respect to catastrophic risks, reinsurance’s role takes several forms. Reinsurance can take a significant portion of the insured losses from primary insurers, diversify catastrophe risks globally, supply underwriting assistance, and regulate insurers’ behavior to promote risk mitigation. These roles often go beyond risk transfer and risk financing and expand to risk regulation to primary insurers. The former role has been discussed at length in the law and economics literature, but regulation by reinsurance has not been widely discussed and has even qualified as problematic. Government-sponsored reinsurance, which marries the merits of both the government and private reinsurance, has gained increasing attention in the law and economics literature, and these programs have increased substantially in practice. Many countries use government-sponsored reinsurance to address catastrophe risks, including France (Caisse Centrale de Reassurance), Australia (Australian Reinsurance Pool Corporation), Japan (Japan Earthquake Reinsurance Co., Ltd.).This paper will mainly argue why government should adopt government-sponsored reinsurance and how to expand regulation by reinsurance to achieve optimal catastrophe risk management in China. The chapter begins by introducing basic principles of reinsurance. Next, the main regulatory techniques of reinsurance which offer primary insurers incentives to underwrite appropriately and mitigate risk are explored. Then, the reasons why the private reinsurance market cannot provide adequate coverage for catastrophe risks and the arguments for government-sponsored reinsurance are discussed. Next, several typical government-sponsored reinsurance programs are examined and compared, including programs in France (Caisse Centrale de Reassurance; CCR), Japan (Japanese Earthquake Reinsurance Scheme; JERS), and Turkey (Turkish Catastrophe Insurance Pool; TCIP), in which primary insurers are regulated by reinsurance. Finally, it is argued that China should adopt government-sponsored reinsurance to address catastrophe risks, and the possibility and feasibility of regulation by government-sponsored reinsurance in China is addressed.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86973436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This Article examines claims, issues and remedies concerning the home warranty industry with a focus on the state of Florida. Florida’s unique example provides insight nationally into varied questions faced by many jurisdictions regarding regulation of home warranty contracts, such as whether a home warranty contract is considered insurance, the effect of arbitral agreements in home warranty contracts and the question of whether a home warranty company can be held liable for bad faith.For the benefit of consumers who choose to obtain a home warranty, this Article concludes that states should recognize bad faith liability for home warranty companies and provide increased protections for consumers from discriminatory, reckless, intentional, and/or malicious denials of valid home warranty claims.
{"title":"Home Warranty Regulation Through the Lens of Florida's Home Warranty Statute: Claims, Issues and Remedies","authors":"Chad G. Marzen","doi":"10.2139/ssrn.2794752","DOIUrl":"https://doi.org/10.2139/ssrn.2794752","url":null,"abstract":"This Article examines claims, issues and remedies concerning the home warranty industry with a focus on the state of Florida. Florida’s unique example provides insight nationally into varied questions faced by many jurisdictions regarding regulation of home warranty contracts, such as whether a home warranty contract is considered insurance, the effect of arbitral agreements in home warranty contracts and the question of whether a home warranty company can be held liable for bad faith.For the benefit of consumers who choose to obtain a home warranty, this Article concludes that states should recognize bad faith liability for home warranty companies and provide increased protections for consumers from discriminatory, reckless, intentional, and/or malicious denials of valid home warranty claims.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80613358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The greying of society has become a significant problem in Singapore and many parts of Asia, putting great financial pressure on various aspects of the economy, including the insurance and pension markets. In this article, we generally examine certain key aspect of legal infrastructure in Singapore to see if insurance law and financial regulations in Singapore is well equipped to cope with potential problems from an aging society in the near future. In addition to conventional insurance products, we also explore other ways to hedge the so-called ‘longevity risk’ by alternative risk management products in both the wholesale and retail markets. In short, we suggest that Singapore has offered a solid framework to allow the market to develop new insurance or derivative products to address longevity risk. However, there remains some legal uncertainties to new financial products and Singapore’s insurance contract law could be more consumer-friendly to help customers to claim money in the future.
{"title":"Hedging the Aging Society: Challenges to the Insurance Market and Law in Singapore","authors":"Christopher C. Chen","doi":"10.2139/SSRN.2826231","DOIUrl":"https://doi.org/10.2139/SSRN.2826231","url":null,"abstract":"The greying of society has become a significant problem in Singapore and many parts of Asia, putting great financial pressure on various aspects of the economy, including the insurance and pension markets. In this article, we generally examine certain key aspect of legal infrastructure in Singapore to see if insurance law and financial regulations in Singapore is well equipped to cope with potential problems from an aging society in the near future. In addition to conventional insurance products, we also explore other ways to hedge the so-called ‘longevity risk’ by alternative risk management products in both the wholesale and retail markets. In short, we suggest that Singapore has offered a solid framework to allow the market to develop new insurance or derivative products to address longevity risk. However, there remains some legal uncertainties to new financial products and Singapore’s insurance contract law could be more consumer-friendly to help customers to claim money in the future.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75119393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper deals with the legal notions of cession, novation, subrogation and assignation in comparative perspective and especially with regard to their understanding and treatment in the roman law. At the outset the paper presents some general legal problems connected with the legal definition of the abovementioned legal terms in order to clarify their exact legal meaning.Paper especially deals with the definitions of cessio and novatio in roman legal system according to Gaius and Justinianus and with the notion of the doctrine of res judicata.In conclusion the author proposes further analysis and reconsideration of the domestic regulation of mentioned legal institutes and avoidance of duplication in domestic legal laws and regulations with acceptance of different legal solutions from different legal systems which are not consistent with basic legal structure of the domestic legal system.
{"title":"About Legal Notions: Cession, Novation, Subrogation and Assignation","authors":"Dimitar P. Gelev","doi":"10.2139/ssrn.2633104","DOIUrl":"https://doi.org/10.2139/ssrn.2633104","url":null,"abstract":"This paper deals with the legal notions of cession, novation, subrogation and assignation in comparative perspective and especially with regard to their understanding and treatment in the roman law. At the outset the paper presents some general legal problems connected with the legal definition of the abovementioned legal terms in order to clarify their exact legal meaning.Paper especially deals with the definitions of cessio and novatio in roman legal system according to Gaius and Justinianus and with the notion of the doctrine of res judicata.In conclusion the author proposes further analysis and reconsideration of the domestic regulation of mentioned legal institutes and avoidance of duplication in domestic legal laws and regulations with acceptance of different legal solutions from different legal systems which are not consistent with basic legal structure of the domestic legal system.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2015-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79756943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-06-16DOI: 10.1504/ijbd.2015.073788
Qihao He
Climate change represents one of the epic issues of our time and it is likely to cause catastrophic damages. How to efficiently manage climate change catastrophe risk is a universal challenge. Private insurance generally produces optimal outcomes in which consumers maximise utility and insurers maximise profits, but it faces market failure in both supply and demand of catastrophe exposures. Insurance-linked securities (ILS) is a good tool to increase insurers' supply of catastrophe insurance by enhancing insurers' capability, although its market is still in infancy. It implies that private market merits with insurance-linked securities will enhance to accomplish the goal of increasing catastrophe coverage.
{"title":"Climate Change and Effective Catastrophe Risk Management Mechanisms: A Law and Economics Analysis of Insurance and Insurance-Linked Securities","authors":"Qihao He","doi":"10.1504/ijbd.2015.073788","DOIUrl":"https://doi.org/10.1504/ijbd.2015.073788","url":null,"abstract":"Climate change represents one of the epic issues of our time and it is likely to cause catastrophic damages. How to efficiently manage climate change catastrophe risk is a universal challenge. Private insurance generally produces optimal outcomes in which consumers maximise utility and insurers maximise profits, but it faces market failure in both supply and demand of catastrophe exposures. Insurance-linked securities (ILS) is a good tool to increase insurers' supply of catastrophe insurance by enhancing insurers' capability, although its market is still in infancy. It implies that private market merits with insurance-linked securities will enhance to accomplish the goal of increasing catastrophe coverage.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2015-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74529972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study evaluates the practice and extant legal framework for insurance in Nigeria. The objective of the study was to determine how the development of insurance practice has impacted on the economic growth and development of Nigeria. The provisions of every legislation affecting insurance practice in Nigeria between 1960 and 2015 were critically examined. In order to justify the place of law in the development of insurance practice in Nigeria, references were made to relevant legal frameworks of advanced jurisdictions such as the United Kingdom and the United States of America.
The study adopted a qualitative research methodology that ensures a critical appraisal of primary and secondary sources of data which, for the purpose of this study, are the provisions of all legislations affecting insurance practice in Nigeria, including relevant literature and jurisprudence. The data obtained from these sources was critically analyzed in order to determine the state of insurance practice in Nigeria and make appropriate recommendations.
From the study’s findings, legal framework for insurance practice is essential to economic growth and development of every nation. Nigeria has recognized this fact hence the efforts at enacting various insurance legislations since formal insurance practice was introduced into the country at the beginning of the twentieth century. Also, the extant legal framework for insurance practice in Nigeria protects policy-holders to a large extent and ensured professionalism and international best practices in the insurance industry. Accordingly, insurance practice in Nigeria has improved over the decades and has made positive contributions to economic growth and development of the country.
However, the extant legal framework for insurance practice in Nigeria also suffers from some inadequacies which can impede its capacity to drive economic growth and development of the country. Therefore, the study made recommendations towards a more effective legal framework that can foster rapid economic growth and development of Nigeria. The recommendations made include: effective enforcement of the provisions of the extant legal framework for insurance practice in Nigeria; amendment of some key provisions of the extant legal framework; statutory incorporation of all common law principles of insurance contract; addressing the undue statutory interference of the National Insurance Commission, and; stripping insurance practitioners of regulatory powers in the practice of insurance in Nigeria.
{"title":"A Qualitative Study of Insurance Law and Practice in Nigeria (1960 – 2015)","authors":"Destiny Aisekhaghe","doi":"10.2139/ssrn.3577718","DOIUrl":"https://doi.org/10.2139/ssrn.3577718","url":null,"abstract":"This study evaluates the practice and extant legal framework for insurance in Nigeria. The objective of the study was to determine how the development of insurance practice has impacted on the economic growth and development of Nigeria. The provisions of every legislation affecting insurance practice in Nigeria between 1960 and 2015 were critically examined. In order to justify the place of law in the development of insurance practice in Nigeria, references were made to relevant legal frameworks of advanced jurisdictions such as the United Kingdom and the United States of America. <br><br>The study adopted a qualitative research methodology that ensures a critical appraisal of primary and secondary sources of data which, for the purpose of this study, are the provisions of all legislations affecting insurance practice in Nigeria, including relevant literature and jurisprudence. The data obtained from these sources was critically analyzed in order to determine the state of insurance practice in Nigeria and make appropriate recommendations. <br><br>From the study’s findings, legal framework for insurance practice is essential to economic growth and development of every nation. Nigeria has recognized this fact hence the efforts at enacting various insurance legislations since formal insurance practice was introduced into the country at the beginning of the twentieth century. Also, the extant legal framework for insurance practice in Nigeria protects policy-holders to a large extent and ensured professionalism and international best practices in the insurance industry. Accordingly, insurance practice in Nigeria has improved over the decades and has made positive contributions to economic growth and development of the country. <br><br>However, the extant legal framework for insurance practice in Nigeria also suffers from some inadequacies which can impede its capacity to drive economic growth and development of the country. Therefore, the study made recommendations towards a more effective legal framework that can foster rapid economic growth and development of Nigeria. The recommendations made include: effective enforcement of the provisions of the extant legal framework for insurance practice in Nigeria; amendment of some key provisions of the extant legal framework; statutory incorporation of all common law principles of insurance contract; addressing the undue statutory interference of the National Insurance Commission, and; stripping insurance practitioners of regulatory powers in the practice of insurance in Nigeria.<br>","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2015-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84591282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Traditional cost sharing for health care is stymied by limited patient wealth. The “split benefit” is a new way to reduce consumption of high-cost, low-value treatments for which the risk/benefit ratio is uncertain. When a physician prescribes a costly unproven procedure, the insurer could pay a portion of the benefit directly to the patient, creating a decision opportunity for the patient. The insurer saves the remainder, unless the patient consumes. In this paper, a vignette-based randomized controlled experiment with 1,800 respondents sought to test the potential efficacy of the split benefit. The intervention reduced the odds of consumption by about half. It did so regardless of scenario (cancer or cardiac stent), type of split (rebate, prepay, or health savings account), or amount of split (US$5,000 or US$15,000). Respondents viewed the insurer that paid a split as behaving fairly, as it preserved access and choice. Three-quarters of respondents supported such use in Medicare, which did not depend on political party affiliation. The reform is promising for further testing since it has the potential to decrease spending on low-value interventions, and thereby increase the value of the health care dollar.
{"title":"A Randomized Experiment of the Split Benefit Health Insurance Reform to Reduce High-Cost, Low-Value Consumption","authors":"C. Robertson, D. Yokum, Nimish Sheth, K. Joiner","doi":"10.2147/IEH.S61798","DOIUrl":"https://doi.org/10.2147/IEH.S61798","url":null,"abstract":"Traditional cost sharing for health care is stymied by limited patient wealth. The “split benefit” is a new way to reduce consumption of high-cost, low-value treatments for which the risk/benefit ratio is uncertain. When a physician prescribes a costly unproven procedure, the insurer could pay a portion of the benefit directly to the patient, creating a decision opportunity for the patient. The insurer saves the remainder, unless the patient consumes. In this paper, a vignette-based randomized controlled experiment with 1,800 respondents sought to test the potential efficacy of the split benefit. The intervention reduced the odds of consumption by about half. It did so regardless of scenario (cancer or cardiac stent), type of split (rebate, prepay, or health savings account), or amount of split (US$5,000 or US$15,000). Respondents viewed the insurer that paid a split as behaving fairly, as it preserved access and choice. Three-quarters of respondents supported such use in Medicare, which did not depend on political party affiliation. The reform is promising for further testing since it has the potential to decrease spending on low-value interventions, and thereby increase the value of the health care dollar.","PeriodicalId":29865,"journal":{"name":"Connecticut Insurance Law Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2014-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2147/IEH.S61798","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72509829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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