Description: By rationing health care resources, managed care organizations have raised ethical and legal issues not commonly found under previous financing structures. This session 95PD of the Palm Desert Spring Meeting addresses these issues. From the Record of the Society of Actuaries, Vol. 23, No. 1.

Description: One of the most important influences on the development of an insurance market and on the development of professions, such as the actuarial profession, is the nature of regulation. This paper looks at four main economic models of regulation: 1. Market socialism, 2. Freedom with publicity, 3. Public interest, and 4. Public choice theory. The role of profession and other sophisticated products of the market order are also analysed.