Abstract
There are always people who are willing to gamble with other peoples money for personal and ownership of an insurance company provides a wonderful opportunity to do so. Theoretically, there should be safeguards in place to prevent this: legislative restrictions, solvency requirements, regulatory oversight, accounting and actuarial standards, rating agencies, etc. This paper looks at one case study where these safeguards were spectacularly ineffective.
Original language | English |
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Publication status | Published - 2008 |
Event | Innovation in Financial Markets - Melbourne Duration: 19 May 2008 → 20 May 2008 |
Conference
Conference | Innovation in Financial Markets |
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City | Melbourne |
Period | 19/05/08 → 20/05/08 |
Keywords
- Regulatory Failure: Guarantee Security Life Insurance Company
- Junk bonds
- Milken
- Reinsurance
- Control Fraud