Identification and Evaluation of Regulatory Efficiency Components in the Iranian Insurance Industry

Abstract

This study aimed to identify, evaluate, and validate the key components of regulatory efficiency in the Iranian insurance industry and to develop a comprehensive model for enhancing regulatory effectiveness. This applied study employed a sequential exploratory mixed-methods design. In the qualitative phase, a meta-synthesis of 18 selected national and international studies was conducted, followed by a Delphi process involving 19 theoretical and practical experts. In the quantitative phase, 219 senior financial managers from insurance companies were selected through proportional stratified random sampling. Data were collected through systematic literature review, semi-structured Delphi questionnaires, and a researcher-developed questionnaire. Qualitative data were analyzed using thematic analysis, while quantitative data were examined through confirmatory factor analysis and one-sample t-tests. The findings revealed that regulatory efficiency in the Iranian insurance industry consists of four major dimensions: customer rights protection, market regulation, financial stability, and accountability. Confirmatory factor analysis supported the proposed structure, with factor loadings ranging from 0.727 to 0.749 and all coefficients reaching statistical significance. The coefficients of determination ranged from 0.528 to 0.561, while the overall goodness-of-fit index (GOF) was 0.540 and the predictive relevance index was 0.243, indicating satisfactory model fit. Furthermore, one-sample t-test results confirmed both the internal and external validity of the proposed model, with mean scores exceeding 4.0 and significance levels below 0.001. The results indicate that improving regulatory efficiency in the Iranian insurance industry requires an integrated focus on protecting customer rights, ensuring effective market regulation, maintaining financial stability, and strengthening accountability mechanisms. The proposed model provides a valid framework for regulators, policymakers, and insurance executives seeking to enhance industry performance, public trust, and regulatory effectiveness.