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Regulation (five regulatory regimes (statutory (more easily enforceable,…

- - - - false sense of security
      - reduced sense of responsibility
- - - - monitoring that institutions hold sufficient capital to meet liabs
      - financial professionals are competent and act with integrity
      - industry compensation schemes
  - - - range of products complex and confusing
    - - full disclosure of info in understandable form
      - educating consumers
      - price controls
      - regulating selling practices
      - cooling off periods
      - restricting knowledge to that which is publicly available
      - insider-trading regulation
      - Chinese walls
- - - - options taken up by those with most to gain (e.g. option to renew without further underwriting)
        
        worse than expected claims experience
        
        inequity between policyholders, and between policyholder and insurer