Abstract
THE INFLUENCE of the life insurance companies on the security markets may best be understood in the light of the background factors that determine life insurance investment policy. The more important of these factors will be discussed briefly. The life insurance industry is just about the most regulated industry there is. Such regulation is on the state level and is co-ordinated by a National Association of Insurance Commissioners. A further factor tending toward conformity of regulation is that an insurance company domiciled, say in Iowa, and wishing to conduct business in another state, must conform substantially to the regulation standards of that state. New York State insurance law has had wide influence in this respect, since companies doing business in New York hold well over 80% of all U. S. companies assets. As far as investment policy is concerned, regulation affects it in three ways.
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