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Regulation of insurance and corporate security: Integrating crime and terrorism seriousness into the analysis

Dorn, Nicholas and Levi, Michael ORCID: 2006. Regulation of insurance and corporate security: Integrating crime and terrorism seriousness into the analysis. European Journal on Criminal Policy and Research 12 (3-4) , pp. 257-277. 10.1007/s10610-006-9024-1

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In an attempt to elucidate questions of seriousness in relation to crime and terrorism, this paper draws on academic and wider literature and on interviews with those in the businesses of insurance or private security. Levels of seriousness may range from petty and irritating, through truly serious, to potentially catastrophic. Critical issues are highlighted within three strategic perspectives: legislation/regulation in support of public security; market regulation (in particular European single market), fair competition and customer safeguards; and the role of the private sector in reforming and restructuring the public sector. Serious crime risks identified, some of which may be re-shaped by regulation, concern risk-pooling for terrorist risks and potential for moral hazard and laxity; insurance broker frauds and prospects for reduction (through transparency and whistle-blowing) or displacement (through regulatory arbitrage); insurance customer claim frauds (which may be orchestrated) and targeting of them by private security services (limited or over-zealous?); and redistribution of risks and benefits by an industry lobbying for regulation to restructure data protection rules and civil liability. Concepts and sources explored might be points of reference for future work, alongside important questions about social distribution of costs and benefits (‘winners’ and ‘losers’) resulting from legislative/regulatory reforms. More generally, the authors underline that crime impact assessment should be made conformant with wider EU Impact Assessments. The method should utilise a consistent analytical approach at each stage of assessment (screening, initial assessment, extended assessment). Those involved in making assessments should include officials with specialist knowledge, market participants, compliance/enforcement persons and an independent element.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Cardiff Centre for Crime, Law and Justice (CCLJ)
Social Sciences (Includes Criminology and Education)
Subjects: H Social Sciences > H Social Sciences (General)
K Law > K Law (General)
Publisher: Springer Verlag
ISSN: 0928-1371
Last Modified: 25 Oct 2022 09:19

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