Insurance Reciprocity And Uniformity

Author : United States Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781976394935
Total Pages : 58 pages
Book Rating : 4.37/5 ( download)

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Download or read book Insurance Reciprocity and Uniformity written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance reciprocity and uniformity : NAIC and state regulators have made progress in producer licensing, product, approval, and market conduct regulation, but challenges remain : report to congressional requesters.

Author : United States. Congress. House. Committee on Commerce. Subcommittee on Finance and Hazardous Materials
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.12/5 ( download)

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Download or read book Improving Insurance for Consumers written by United States. Congress. House. Committee on Commerce. Subcommittee on Finance and Hazardous Materials and published by . This book was released on 2000 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Congress. House. Committee on Commerce. Subcommittee on Finance and Hazardous Materials
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.72/5 ( download)

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Download or read book Improving Insurance for Consumers written by United States. Congress. House. Committee on Commerce. Subcommittee on Finance and Hazardous Materials and published by . This book was released on 2000 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher :
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.84/5 ( download)

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Download or read book Reforming Insurance Regulation written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2003 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.11/5 ( download)

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Download or read book Examination and Oversight of the Condition and Regulation of the Insurance Industry written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2006 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 476 pages
Book Rating : 4.35/5 ( download)

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Download or read book The State of the Insurance Industry written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2010 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher :
ISBN 13 :
Total Pages : 90 pages
Book Rating : 4.06/5 ( download)

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Download or read book NARAB and Beyond written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2001 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Michael R Bromwich
Publisher :
ISBN 13 : 9780756720926
Total Pages : 107 pages
Book Rating : 4.23/5 ( download)

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Download or read book Improving Insurance for Consumers - Increasing Uniformity and Efficiency in Insurance Regulation written by Michael R Bromwich and published by . This book was released on 2002-04 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Witnesses: J. Lee Covington, Dir., Ohio Dept. of Insur.; Richard Hillman, Assoc. Dir., Financial Institutions & Markets Issues, GAO; Robert Mendelsohn, CEO, Royal & SunAlliance, on Behalf of the Amer. Insur. Assoc.; Glen Milesko, Pres. & CEO, Banc One Insur. Services Corp., on behalf of the Amer. Bankers Assoc. Insur. Assoc.; Drayton Nabers, Jr., Chmn. & CEO, Protective Life Corp., on Behalf of the Amer. Council of Life Insurers; Ronald Smith, Pres., Smith, Sawyer & Smith, Inc., on behalf of the Independent Insur. AgFinancial Services Roundtable; & Philip Urban, Pres. & CEO, Grange Insur. Cos., on Behalf of the Nat. Assoc. of Mutual Insur. Co.

Author : Baird Baird Webel
Publisher :
ISBN 13 : 9781502506276
Total Pages : 32 pages
Book Rating : 4.70/5 ( download)

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Download or read book Insurance Regulation: Issues, Background, and Legislation in the 113th Congress written by Baird Baird Webel and published by . This book was released on 2014-09-17 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The individual states have been the primary regulators of insurance since 1868. Following the 1945 McCarran-Ferguson Act, this system has operated with the explicit blessing of Congress, but has also been subject to periodic scrutiny and suggestions that the time may have come for Congress to reclaim the regulatory authority that it granted to the states. In the late 1980s and early 1990s, congressional scrutiny was largely driven by the increasing complexities of the insurance business and concern over whether the states were up to the task of ensuring consumer protections, particularly insurer solvency.Immediately prior to the recent financial crisis, congressional attention to insurance regulation focused on the inefficiencies in the state regulatory system. A major catalyst was the aftermath of the Gramm-Leach-Bliley Act of 1999 (GLBA), which overhauled the regulatory structure for banks and securities firms, but left the insurance sector largely untouched. Many larger insurers, and their trade associations, had previously defended state regulation but considered themselves at a competitive disadvantage in the post-GLBA regulatory structure. Some advocated for an optional federal charter similar to that available to banks. Various pieces of insurance regulatory reform legislation were introduced, including bills establishing a broad federal charter for insurance as well as narrower, more targeted bills.The states, particularly working through the National Association of Insurance Commissioners (NAIC), were not idle following congressional attention. They reacted quickly to GLBA requirements that related to insurance agent licensing and have since embarked on a widerranging project to modernize insurance regulation. This has included both regulatory aspects, such as streamlining the process for rate and form filing, and more basic legal aspects, such as the creation of an interstate compact to provide uniformity across states for some life insurance products. Because enactment by the state legislature is necessary before the legal changes suggested by the NAIC can take effect in that state, the process typically does not move rapidly.The recent financial crisis refocused the debate surrounding insurance regulatory reform. Unlike many financial crises in the past, insurers played a large role in this crisis. In particular, the failure of the large insurer American International Group (AIG) spotlighted sources of risk that had gone unrecognized. The need for a systemic risk regulator for the entire financial system was a common thread in many of the post-crisis financial regulatory reform proposals. The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), enacted following the crisis, gave enhanced systemic risk regulatory authority to the Federal Reserve and to a new Financial Services Oversight Council (FSOC), including some oversight authority over insurers. The Dodd- Frank Act also included measures affecting the states' oversight of surplus lines insurance and reinsurance and the creation of a new Federal Insurance Office (FIO) within the Treasury Department.

Author : Congressional Research Service
Publisher : CreateSpace
ISBN 13 : 9781507543320
Total Pages : 34 pages
Book Rating : 4.28/5 ( download)

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Download or read book Insurance Regulation written by Congressional Research Service and published by CreateSpace. This book was released on 2015-01-02 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The individual states have been the primary regulators of insurance since 1868. Following the 1945 McCarran-Ferguson Act, this system has operated with the explicit blessing of Congress, but has also been subject to periodic scrutiny and suggestions that the time may have come for Congress to reclaim the regulatory authority it granted to the states. In the late 1980s and early 1990s, congressional scrutiny was largely driven by the increasing complexities of the insurance business and concern over whether the states were up to the task of ensuring consumer protections, particularly insurer solvency. Immediately prior to the recent financial crisis, congressional attention to insurance regulation focused on the inefficiencies in the state regulatory system. A major catalyst was the aftermath of the Gramm-Leach-Bliley Act of 1999 (GLBA), which overhauled the regulatory structure for banks and securities firms, but left the insurance sector largely untouched. Many larger insurers, and their trade associations, had previously defended state regulation but considered themselves at a competitive disadvantage in the post-GLBA regulatory structure. Some advocated for an optional federal charter similar to that available to banks. Various pieces of insurance regulatory reform legislation were introduced, including bills establishing a broad federal charter for insurance as well as narrower, more targeted bills. The states, particularly working through the National Association of Insurance Commissioners (NAIC), were not idle following congressional attention. They reacted quickly to GLBA requirements that related to insurance agent licensing and have since embarked on a wider-ranging project to modernize insurance regulation. This has included both regulatory aspects, such as streamlining the process for rate and form filing, and more basic legal aspects, such as the creation of an interstate compact to provide uniformity across states for some life insurance products. Because enactment by the state legislature is necessary before the legal changes suggested by the NAIC can take effect in that state, the process typically does not move rapidly. The recent financial crisis refocused the debate surrounding insurance regulatory reform. Unlike many financial crises in the past, insurers played a large role in this crisis. In particular, the failure of the large insurer American International Group (AIG) spotlighted sources of risk that had gone unrecognized. The need for a systemic risk regulator for the entire financial system was a common thread in many of the post-crisis financial regulatory reform proposals. The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), enacted following the crisis, gave enhanced systemic risk regulatory authority to the Federal Reserve and to a new Financial Services Oversight Council (FSOC), including some oversight authority over insurers. The Dodd-Frank Act also included measures affecting the states' oversight of surplus lines insurance and reinsurance and the creation of a new Federal Insurance Office (FIO) within the Treasury Department. Among the insurance regulatory issues addressed by legislation in the 113th Congress are the application of federal orderly liquidation authority to insurers (addressed in H.R. 605); the supervision of some insurers by the Federal Reserve (addressed in H.R. 2140, H.R. 4510, H.R. 5461, S. 2102, and S. 2270/P.L. 113-279); and the licensing of insurance agents and brokers (addressed in S. 534, S. 1926, S. 2244, H.R. 1155/H.R. 1064, and H.R. 4871). In addition, various international issues may be of concern to Congress, such as the European Union's Solvency II project to overhaul the European insurance regulatory system and general international standards for insurance regulation.