In the 1980s and 1990s the demutualization of building societies, life insurers and general insurers was a re-occurring theme in many countries. In Australia, the demutualisation of major life insurers was linked to the deregulation of the financial sector. The experience of Australian life insurers represents an interesting case study on the impact of regulatory transition. The lifting of restrictions changed the institutional environment within which life insurers operated. In doing so it precipitated changes in the strategies and organizational structures of these financial intermediaries and the disappearance of the industry’s long established mutual tradition.
Australasian Insurance and Banking Record (AIBR), (1900-60), Melbourne: McCarron Bird.
11.
Blainey, G. ( 1999), A History of the AMP, St. Leonards : Allen & Unwin.
12.
Business Review Weekly (1990), 26 January, pp.30-3.
13.
Cagle, J.A.B., Lippert, R.L. and Moore, W.T. ( 1996), Demutualization in the Property-Liability Insurance Industry , Journal of Insurance Regulation, Vol.14, No.3 pp.343-69.
14.
Casson, M. ( 1997a), "Institutional Economics and Business History: A Way Forward?", Business History, Vol.39, No.4, pp.151-71.
15.
Casson, M. ( 1997b), Information and Organization: A New Perspective on the Theory of the Firm, Oxford: Oxford University Press.
16.
Chaddad, F. and Cook, M. ( 2004), "The Economics of Organization Structure Changes: A U.S. Perspective on Demutualisation", Annuals of Public and Cooperative Economics, Vol.75, No.4, pp.575-94.
17.
Chandler, A.D. ( 2001), Inventing the Electronic Century: The Epic Story of Consumer Electronics and Computer Industries, Cambridge, MA: Harvard University Press.
18.
Chandar, N. and Miranti, P.J. ( 2005), "Information, Institutions and Agency: The Crisis of Railroad Finance in the 1890s and the Evolution of Corporate Oversight Capabilities ", Accounting History, Vol.10, No.2, pp.7-33.
19.
Chugh L.C. and Meador, J.W. ( 2006), "Demutualization in the Life Insurance Industry: A Study of Effectiveness", Review of Business, Vol.27, No.1, pp.10-17.
Cummins, D.J., Tennyson, S. and Weiss, M.A. ( 1998), Consolidation and Efficiency in the U.S. Life Insurance Industry, Financial Institutions Center, The Wharton School, University of Pennsylvania Working Paper 98-08-B.
23.
Davis, K. ( 1997), "Financial Restructuring in Australia", Economic Papers, Vol.16, No.2, pp.1-18.
De Souza, T. ( 1995), "The Bancassurance Allfinanz Phenomenon", Insurance Record of Australia and New Zealand, April, pp.21-3.
29.
Esho, N. and Sharpe, I. ( 1996), "X-efficiency of Australian Permanent Building Societies, 1974-1990", Economic Record, Vol.72, No.218, pp.246-59.
30.
Fama, E.F. and Jensen, M.C. ( 1983), "Agency Problems and Residual Claims", Journal of Law and Economics, Vol.26, No.2, pp.327-49.
31.
Garber, H.D. ( 1986), "Demutualisation: Wave of the Future", Journal of the American Society of CLU and CHFC, Vol.40, pp.58-63.
32.
Gizycki, M. and Lowe. P. ( 2000), The Australian Financial System in the 1990s, RBA Conference 2000: The Australian Economy in the 1990s, 24-5 , Canberra, July 2000.
33.
Gray, A.C. ( 1977), Life Insurance in Australia, Melbourne : McCarron Bird.
34.
Hansmann, H. ( 1996), The Ownership of Enterprise , Cambridge, MA: Harvard University Press.
35.
Hogan, W. ( 1991), "New Banks: Impact and Response", Economic Papers, Vol.10, No.1, pp.11-33.
36.
Hoschka, T.C. ( 1994), Bancassurance in Europe, London : Macmillan.
37.
Insurance and Superannuation Commission (ISC) ( 1990-1995), Half Yearly Financial Bulletin on Life Insurance, Canberra: AGPS.
38.
Jeng, V., Lai, G.C. and McNamara, M.J. ( 2007), "Efficiency and Demutualization: Evidence from the U.S. Life Insurance Industry in the 1980s and 1990s", Journal of Risk & Insurance, Vol.74, No.3, pp.683-711.
39.
Keller, M. ( 1963), The Life Insurance Enterprise, 1885-1910: A Study in the Limits of Corporate Power, Massachusetts: Harvard University Press.
40.
Keneley, M.J. ( 2008), "The Curious Case of the Occidental and Regal: The Evolution of Solvency and Disclosure Standards in the Australian Life Insurance Industry ", Accounting History, Vol.13, No.3, pp.313-32.
41.
Kohler, A. ( 1996), "AMP’s pot of gold" Business Review Weekly , October7, pp.38-42.
Martin, R. and Turner, D. ( 2000), "Demutualisation and the Remapping of Financial Landscapes ", Transactions of the Institute of Geographers , New Series, Vol.25, No.2, pp.221-41.
44.
McNamara, M.J. and Rhee G.S. ( 1992), "Ownership Structure and Performance: The Demutualisation of Life Insurers", Journal of Risk and Insurance, Vol.59, No.2, pp.221-39.
45.
McGing, S. and Polic, J. ( 1997), "Friendly Societies - Where To From Now?" Institute of Actuaries Sessional Meeting, June/July.
46.
Merrett, D.T. ( 2002), "The State and the Finance Sector: The Evolution of Regulatory Apparatus", Australian Economic History Review , Vol.42, No.3, pp.267-83.
47.
National Mutual Holdings (1995), Annual Report, Melbourne National Mutual Ltd.
48.
National Mutual Holdings (1997), Annual Report, Melbourne National Mutual Ltd.
49.
Otchere, I. and Chan, J. ( 2003), "Intra-industry Effects of Bank Privatisation: A Clinical Analysis of the Privatisation of the Commonwealth Bank of Australia ", Journal of Banking and Finance, 27, pp.949-75.
50.
Reserve Bank of Australia (RBA) (1996), Reserve Bank Bulletin, April.
51.
Reserve Bank of Australia (RBA) (1999), "Demutualisation in Australia", Reserve Bank Bulletin , January, pp.1-10.
52.
Royal Commission to Inquire into the Monetary and Banking Systems: Minutes of Evidence (1938), Vol.1, pp.778-827, Canberra: AGPS.
53.
Supple, B. ( 1971), "Corporate Growth and Structural Change in a Service Industry: Insurance, 1870-1914", in B. Supple (ed.), Essays in British Business History, Oxford: Oxford University Press, pp.70-87.
54.
" The Millennium Will See Many Fewer Mutuals" (1999), National Underwriter, Vol.103, No.37, pp.38-9.
