Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, 2015 University of Oklahoma College of Law
Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. Mccall
Brian M McCall
Many politicians and commentators agree that credit default swaps (CDS) played a significant role in the financial crisis of 2008. Yet, few who observe this role are aware that CDS were set loose on the economy by the federal pre-emption of thousands of years of public policy. Since the time of Aristotle law, philosophy and public policy have been hostile to gambling. Viewed as a socially unproductive zero sum wealth transfer, the law has generally refused to permit parties to use the courts to enforce wagers. Courts and legislatures worked in harmony to control and in some cases punish financial ...
Inference Under Stability Of Risk Preferences, 2014 Georgetown University Law Center
Inference Under Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum
Georgetown Law Faculty Publications and Other Works
We leverage the assumption that preferences are stable across contexts to partially identify and conduct inference on the parameters of a structural model of risky choice. Working with data on households' deductible choices across three lines of insurance coverage and a model that nests expected utility theory plus a range of non-expected utility models, we perform a revealed preference analysis that yields household-specific bounds on the model parameters. We then impose stability and other structural assumptions to tighten the bounds, and we explore what we can learn about households' risk preferences from the intervals defined by the bounds. We further ...
Studying Is Dangerous? Possible Federal Remedies For Study Abroad Liability, 2014 SelectedWorks
Studying Is Dangerous? Possible Federal Remedies For Study Abroad Liability, Robert J. Aalberts, Chad G. Marzen, Darren A. Prum
Chad G. Marzen
Every year, thousands of U.S. students study abroad for academic credit. Study abroad programs have traditionally garnered strong congressional support, and proponents of the programs emphasize the educational, cultural, and diplomatic benefits from study abroad experiences.
Despite the many benefits of study abroad programs, risks are incurred overseas. In the past several years, a number of incidents have resulted in which students studying abroad have not only incurred physical harm, but in some instances have died while enrolled in a study abroad program. The current liability standards governing study abroad programs are murky. This article not only discusses the ...
The Unintended Federalism Consequences Of The Affordable Care Act’S Insurance Market Reforms, Joshua Phares Ackerman
Pace Law Review
This Article, which is the first to examine the relationship between the ACA’s insurance market reforms and state regulation of insurance, argues that states’ decisions to forego creating their own exchanges may mark the beginning of an important shift of regulatory authority from the states to the federal government. It begins by sketching the historical antecedents of the current allocation of state and federal authority over insurance regulation. The aim of this discussion is to highlight the unique role states play in the regulation of insurance as opposed to other financial products. Part III explains the pre-ACA structure of ...
Summary Of Century Sur. Co. V. Casino W., Inc., 130 Adv. Nev. Op. 42, 2014 University of Nevada, Las Vegas -- William S. Boyd School of Law
Summary Of Century Sur. Co. V. Casino W., Inc., 130 Adv. Nev. Op. 42, Michael Paretti
Nevada Supreme Court Summaries
The court determined whether two distinct provisions of an insurance policy regarding air pollution were subject to multiple reasonable interpretations.
Building A Better Laboratory: The Federal Role In Promoting Health System Experimentation, 2014 Pepperdine University
Building A Better Laboratory: The Federal Role In Promoting Health System Experimentation, Kristin Madison
Pepperdine Law Review
While expanding federal involvement in the health care system, the Patient Protection and Affordable Care Act (ACA) preserves states' roles as policy laboratories and private providers' roles as health care delivery laboratories. State-based and provider-based laboratories suffer from many shortcomings, however, as mechanisms to develop, evaluate, and facilitate diffusion of reforms within the health system. This Article argues that the federal government can take steps to address these shortcomings. It first briefly reviews ACA provisions that promote policy and delivery experimentation. It then suggests that by tying funding to policy outcomes, making use of regulatory variation and regulatory menus, and ...
Resolving The Double Liability Problem: A Critique Of California's Mechanics Lien Statute, 2014 University of Massachusetts School of Law
Resolving The Double Liability Problem: A Critique Of California's Mechanics Lien Statute, Terrence Nguyen
University of Massachusetts Law Review
California’s mechanics lien statute allows a sub-contractor to file a lien on a homeowner’s property when a direct contractor, for whom the sub-contractor worked, has failed to pay the sub-contractor. The statute compels the homeowner to pay the sub-contractor even when the homeowner has paid the direct contractor in full. This Note argues that California’s mechanics lien statute is too broad, because the statute does not provide any exception for a homeowner who has paid the direct contractor in full. Specifically, this Note argues that California’s mechanics lien statute violates public policy, as well as constitutional ...
Reforming Consumer-Insurer Dispute Resolution In The Auto Insurance Industry, 2014 College of William & Mary Law School
Reforming Consumer-Insurer Dispute Resolution In The Auto Insurance Industry, Cassandra Roeder
Student Award Winning Papers
No abstract provided.
Summary Of Wingco V. Gov’T Emps. Ins. Co., 130 Nev. Adv. Op. 20, 2014 University of Nevada, Las Vegas -- William S. Boyd School of Law
Summary Of Wingco V. Gov’T Emps. Ins. Co., 130 Nev. Adv. Op. 20, Michael Paretti, Craig Friedel
Nevada Supreme Court Summaries
The Court determined whether NRS 687B.145(3), which provides that a motor vehicle insurer must offer its insured the option of purchasing medical payment coverage, requires written rejection of medical coverage by the insured to be valid.
Pro-Rata Apportionment In “Long-Tail” Contamination Cases: Will Presumed Efficiencies Undercut Environmental Cleanups?, 2014 Boston College Law School
Pro-Rata Apportionment In “Long-Tail” Contamination Cases: Will Presumed Efficiencies Undercut Environmental Cleanups?, Benjamin S. Reilly
Boston College Environmental Affairs Law Review
Environmental contamination often causes injuries that occur over long periods of time. These “long-tail” injuries, which tend to span periods during which a liable party was covered by multiple insurers, do not map neatly onto standard indemnification insurance policies. As a result, liable parties and their insurers frequently engage in protracted litigation to minimize the portion that they must contribute to environmental remediation projects. In Boston Gas Co. v. Century Indemnity, the U.S. Court of Appeals for the First Circuit upheld an application of Massachusetts’s recently announced pro rata apportionment rule, which greatly reduced the insurer’s liability ...
Are Defined Contribution Pension Plans Fit For Purpose In Retirement?, 2014 Seattle University School of Law
Are Defined Contribution Pension Plans Fit For Purpose In Retirement?, Jeremy R. Cooper
Seattle University Law Review
This Article considers the historical basis for the shift from defined benefit plans to defined contribution plans, the structural and practical shortcomings of defined contribution plans, alternate pension models, and adjustments to existing retirement plan models that may offer a degree of protection to plan contributors. Like the United States, Australia is now realizing the limitations of a defined contribution retirement system insofar as it relates the provision of reliable retirement income for a population with increasing life expectancy. Unlike defined contribution plans, defined benefit plans provide a benefit based typically on time served and a predetermined proportion of either ...
Comparative Effectiveness Research As Choice Architecture: The Behavioral Law And Economics Solution To The Health Care Cost Crisis, 2014 University of Michigan Law School
Comparative Effectiveness Research As Choice Architecture: The Behavioral Law And Economics Solution To The Health Care Cost Crisis, Russell Korobkin
Michigan Law Review
With the Patient Protection and Affordable Care Act (“ACA”) set to dramatically increase access to medical care, the problem of rising costs will move center stage in health law and policy discussions. “Consumer directed health care” proposals, which provide patients with financial incentives to equate marginal costs and benefits of care at the point of treatment, demand more decisionmaking ability from consumers than is plausible due to bounded rationality. Proposals that seek to change the incentives of health care providers threaten to create conflicts of interest between doctors and patients. New approaches are desperately needed. This Article proposes a government-facilitated ...
"Why Won't My Homeowners Insurance Cover My Loss?": Reassessing Property Insurance Concurrent Causation Coverage Disputes, Peter N. Swisher
Law Faculty Publications
Property insurance coverage disputes can be extremely complex cases when there are multiple concurrent causes in a causal chain of events and when some of these concurrent causes are covered under the policy language but other concurrent causes are excluded from coverage. To complicate matters enormously, there are no fewer than three different judicial approaches attempting to resolve this concurrent causation interpretive conundrum. Over the past two decades, a number of property insurance companies have attempted to address this interpretive problem contractually by inserting so-called anti-concurrent causation clauses into their property insurance policy language. But these anti-concurrent causation clauses have ...
Regulating Systemic Risk In Insurance, 2014 Duke Law
Regulating Systemic Risk In Insurance, Daniel Schwarcz, Steven L. Schwarcz
As exemplified by the dramatic failure of American International Group (AIG), insurance companies and their affiliates played a central role in the 2008 Global Financial Crisis. It is therefore not surprising that the Dodd-Frank Act – the United States’ primary legislative response to the crisis – contained an entire title dedicated to insurance regulation, which has traditionally been the responsibility of individual states. The most important of these insurance-focused reforms in Dodd-Frank empowered the Federal Reserve Bank to impose an additional layer of regulatory scrutiny on top of state insurance regulation for a small number of “systemically important” insurers, such as AIG ...
Fiscal Federalism As Risk-Sharing: The Insurance Role Of Redistributive Taxation, 2014 Georgetown University Law Center
Fiscal Federalism As Risk-Sharing: The Insurance Role Of Redistributive Taxation, John R. Brooks
Georgetown Law Faculty Publications and Other Works
In addition to funding government and redistributing income, a redistributive tax-and-transfer system, and a progressive income tax in particular, provides insurance against the risk of uncertain future income. By providing for high taxes for high incomes, and low taxes, exemptions, and transfers for low incomes, a progressive income tax lowers the volatility of potential after-tax income relative to a lump-sum tax. This insurance function is distinct from the redistributive function of the system, since it provides a direct risk-mitigation benefit to the taxpayer himself, rather than simply redistributing income from one taxpayer to another.
This article analyzes the question of ...
Measuring The Transplantation Of English Commercial Law In A Small Jurisdiction: An Empirical Study Of Singapore’S Insurance Judgments Between 1965 And 2012, Chao-Hung Chen
Research Collection School Of Law
This article seeks to measure the development of law after transplanting common law and statutes from another country by conducting an empirical study of the citation of precedents and demography of disputes of insurance cases in Singapore. This article recognizes that there are justifications for Singapore to transplant English insurance law. However, this research shows that the transplantation of English commercial law into a small jurisdiction, even within the common law family, may cause the law to be in a static state if courts do not have enough cases to maintain the development of law or to consider new development ...
From Contract To Legislation: The Logic Of Modern International Lawmaking, 2014 University of Georgia School of Law
From Contract To Legislation: The Logic Of Modern International Lawmaking, Timothy L. Meyer
The future of international lawmaking is in peril. Both trade and climate negotiations have failed to produce a multilateral agreement since the mid-1990s, while the U.N. Security Council has been unable to comprehensively respond to the humanitarian crisis in Syria. In response to multilateralism’s retreat, many prominent commentators have called for international institutions to be given the power to bind holdout states — often rising or reluctant powers such as China and the United States — without their consent. In short, these proposals envision international law traveling the road taken by federal systems such as the United States and the ...
A Preliminary Look At State Structures For Regulating Financial Services, 2014 SelectedWorks
A Preliminary Look At State Structures For Regulating Financial Services, Elizabeth F. Brown
Elizabeth F Brown
Within the past thirty-five years approximately fifty nations have consolidated their financial regulatory agencies into either a single integrated agency or into two semi-integrated agencies. The United States has resisted this trend, due in part to a concern that the costs of such significant consolidation would exceed its benefits. The existing studies that compare the costs of the consolidated regulators around the world with the United States regime have often been discounted because they have been unable to control for differences in culture and regulatory intensity between those other countries and the United States. This article attempts to address this ...
Mandatory Rules And Default Rules In Insurance Contracts, 2013 University of Pennsylvania Law School
Mandatory Rules And Default Rules In Insurance Contracts, Tom Baker, Kyle D. Logue
The economic analysis of contract law can be organized around two general questions: (1) what are the efficient or welfare-maximizing substantive rules of contract law; and (2) once those rules have been identified, when if ever should they be made mandatory and when should they be merely “default rules” that the parties can contract around if they wish? Much of contract theory over the past twenty years has been devoted to developing answers to those two questions. The same two questions can be posed with respect to the rules of insurance law. Although previous scholars have examined particular substantive doctrines ...
Mandatory Rules And Default Rules In Insurance Contracts, 2013 University of Michigan Law School
Mandatory Rules And Default Rules In Insurance Contracts, Kyle D. Logue, Tom Baker
Law & Economics Working Papers
The economic analysis of contract law can organized around two general questions: (1) what are the efficient or welfare-maximizing substantive rules of contract law; and (2) once those rules have been identified, when if ever should they be made mandatory and when should they be merely “default rules” that the parties can contract around if they wish? Much of contract theory over the past twenty years has been devoted to developing answers to those two questions. The same two questions can be posed with respect to the rules of insurance law. Although previous scholars have examined particular substantive doctrines of ...