According to previous research, the insurance market accounted for a key role in the welfare policies in post war, corporatist Sweden. It became the norm that 16 insurance should be distributed in a similar way to all public utilities. However, since the industry was considered to be too decentralised and too market oriented to meet the requirements of serving the public, new regulations were introduced. Shortly thereafter, the new legislation developed oligopolistic features, which are commonly associated with inefficiency problems. Was the regulation successful in light of its purpose? By quantifying the asset flows, we examine the impact of the regulation on the market structure, the market efficiency, and the market profitability of the Swedish insurance industry.