Journal of Insurance Regulation
Resilient Regulatory Systems in a World of Complexity
First published: 28 November 2022 |
Abstract
The U.S. system of state-based insurance regulation has existed for over 150 years, and its state-based foundation is an anomaly in financial services regulation. The resilience of state-based regulation is due to its decentralized structure, which prioritizes experimentation, coupled with the collaboration fostered through the ÐÓ°ÉÊÓƵ, which creates the foundations for efficient intervention when necessary. This balance is well-suited to regulating insurance markets, which are best described as complex adaptive systems.
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