Insurance and price regulation in the digital era
Insurance and price regulation in the digital era
Price is where contract law places the greatest value on party autonomy, with a corresponding paucity of statutory control. Determining the point at which exchange occurs is routinely treated as an issue for contracting parties and markets to settle, with the role of the state limited in most cases to ensuring competitive markets.[1] But new forms of technology have reopened the relationship between pricing and regulation. Moreover, there is time lag between the application of these new technologies and the development of regulatory norms. This means that rules not designed for price regulation will need to be adapted or repurposed if regulators are to act. This chapter considers an issue under investigation by the Financial Conduct Authority (FCA) as an archetype: the regulation of pricing of consumer insurance products. At the heart of this is a question about the normative limits of contract: when should regulators step in when consumers overpay for goods or services?
269-294
Davey, James
6fe8c2ef-5959-4877-94a5-a55098975daa
6 August 2020
Davey, James
6fe8c2ef-5959-4877-94a5-a55098975daa
Davey, James
(2020)
Insurance and price regulation in the digital era.
In,
Arvind, T.T. and Steele, Jenny
(eds.)
Contract Law & the Legislature: Autonomy, Expectations, and the Making of Legal Doctrine.
Hart, .
(doi:10.5040/9781509926138.ch-013).
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Abstract
Price is where contract law places the greatest value on party autonomy, with a corresponding paucity of statutory control. Determining the point at which exchange occurs is routinely treated as an issue for contracting parties and markets to settle, with the role of the state limited in most cases to ensuring competitive markets.[1] But new forms of technology have reopened the relationship between pricing and regulation. Moreover, there is time lag between the application of these new technologies and the development of regulatory norms. This means that rules not designed for price regulation will need to be adapted or repurposed if regulators are to act. This chapter considers an issue under investigation by the Financial Conduct Authority (FCA) as an archetype: the regulation of pricing of consumer insurance products. At the heart of this is a question about the normative limits of contract: when should regulators step in when consumers overpay for goods or services?
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Davey Price Regulation including title page and copyright info
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In preparation date: 4 August 2019
Accepted/In Press date: 10 September 2019
Published date: 6 August 2020
Identifiers
Local EPrints ID: 433153
URI: http://eprints.soton.ac.uk/id/eprint/433153
PURE UUID: 0e6824f2-de44-42d9-a653-e8c6e0f78fec
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Date deposited: 09 Aug 2019 16:30
Last modified: 16 Mar 2024 08:05
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Author:
James Davey
Editor:
T.T. Arvind
Editor:
Jenny Steele
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