Download or read book Optional Federal Chartering and Regulation of Insurance Companies written by Peter J. Wallison and published by American Enterprise Institute. This book was released on 2000 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to heightened competition, the larger insurance companies and various insurance industry groups have become interested in the concept of federal chartering and regulation.
Download or read book Optional Federal Chartering for Insurers written by Carolyn Cobb and published by . This book was released on 2003 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optional Federal Chartering for Insurers written by S. Roy Woodall and published by . This book was released on 2002 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optional Federal Chartering of Insurance written by Hal S. Scott and published by . This book was released on 2007 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the design of a federal regulatory structure for insurance companies in the United States, assuming some form of an optional federal charter is adopted. Any design must take account of the objectives of insurance regulation, the convergence of financial service powers among banks, securities, and insurance firms, the types of lines to be regulated at the federal level, and problems posed by the possible participation of nationally chartered insurers in state residual pools and guaranty funds.This paper argues that the creation of a new federal insurance regulator should be accompanied by more consolidation and less fragmentation in the overall federal regulatory structure, by placing the new regulator within an operationally strengthened President's Working Group on Financial Markets.Ideally, a new optional federal charter should provide a real federal option by having the federal government fully regulate the safety and soundness and product lines of all insurers choosing the federal option. However, if lines were to be split between federal and state regulation, safety and soundness regulation of all insurance companies choosing a federal option should take place exclusively at the federal level, leaving the states with responsibility for consumer protection regulation in non-federal lines. While state guaranty funds have functioned effectively overall, a national guaranty fund would have the advantage of uniting responsibility for insurance and safety and soundness regulation, as in the case of banking.
Download or read book Optional Federal Chartering for Insurers written by S. Roy Woodall (Jr) and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optional Federal Chartering for Insurers written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since passage of the Gramm-Leach-Bliley Act in 1999, Congress has focused new attention on the question of federal chartering for insurance companies. During the 107th Congress, proposals were brought forward by Senator Charles Schumer, "The National Insurance Chartering and Supervision Act"(NICSA), and Representative John LaFalce, H.R.3766, "The Insurance Industry Modernization and Consumer Protection Act" (IIMCPA). Although different in some particulars, both proposals were modeled on the dual state/federal regulation that now exists for the banking industry and would have given insurance companies the option to be chartered and regulated by a newly established federal regulator rather than by current state regulators. In the 108th Congress, Senator Ernest Hollings has introduced S. 1373, the "Insurance Consumer Protection Act," on July 8, 2003. Unlike the earlier proposals, S. 1373 would create a mandatory system of federal regulation for all interstate property/casualty and life insurers. Insurance companies doing business in the United States have been regulated at the state level for the past 150 years, and the various insurance related interest groups have been largely state oriented. As a result, there is limited familiarity on the national level with these insurance industry-related interest groups or how they differ in their positions on federal chartering legislation. This report identifies some of the major insurance groups and state-related organizations with an interest in federal chartering and regulation of the insurance industry. This report, originally written in 2002 by S. Roy Woodall Jr., will be updated as major legislative events occur.
Download or read book Optional Federal Chartering of Insurance written by Martin F. Grace and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. insurance industry is primarily regulated by the states. This is in contrast to the regulatory structure for other financial intermediaries which have a federal regulator. Banks, for example, may choose to be regulated by either the federal government or by the states. Recent legislation proposes to provide a similar optional federal chartering (OFC) system for insurers. Given the proposed legislation we make two contributions to the discussion. First, we examine the case for optional federal charters focusing on the costs and benefits of regulation at the federal versus the state level and conclude that and optional federal chartering system dominates the status quo. Second, we add to the discussion by describing what additional issues need to be addressed if we adopt an insurance OFC system. While the merits of OFC have been much debated, comparatively little consideration has been given to the matter of how such a system should function if enacted.
Download or read book A Federal Charter Option for Insurance Companies written by Lissa L. Broome and published by . This book was released on 2002 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Broome discusses the interest following the enactment of the Gramm-Leach-Bliley Act in establishing a federal charter option for insurance companies. She summarizes previous efforts to obtain a federal insurance charter. The paper attempts to draw some lessons for the insurance industry from the bank experience with dual chartering. Professor Broome cautions that the dual banking system is not the product of a carefully crafted balancing of powers between state and federal regulators, but rather an historical accident, and suggests that creating a new federal bureaucracy to mimic this system would, at this juncture, be premature.
Download or read book Consumer ramifications of an optional Federal charter for life insurers written by Sheila Bair and published by . This book was released on 2004 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effects of an Optional Federal Charter on Competition in the Life Insurance Industry written by Martin F. Grace and published by . This book was released on 2007 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this report we examine the likely effects of an Optional Federal Charter (OFC) regulatory system on competition in the life insurance and annuities industry and related markets. Increasingly, many US insurers advocate the creation of an OFC and the associated regulatory framework for several reasons. Primarily, they believe that the adoption of an OFC would reduce the costs and impediments imposed by the current state-based regulatory system. Further, they believe that the adoption of an OFC structure will facilitate interstate operations and enhance the industry's competitiveness relative to other financial service providers and international insurers. The proposal of an OFC system has generated an intensive debate on a number of issues, including its implications for market competition and the associated effects on consumers. Based on our analysis, we conclude that the life insurance industry is structurally competitive based on its inherent characteristics but that many insurers have not fully achieved maximum efficiency due, at least in part, to the barriers and costs caused by state regulation. Our analysis further leads us to the opinion that the creation of an OFC, properly structured and implemented, would likely increase competition in the US life insurance industry, the broader market for financial services, and international insurance markets.
Download or read book The Future of Insurance Regulation in the United States written by Martin F. Grace and published by Rowman & Littlefield. This book was released on 2009-12-01 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Georgia State University publication Important changes have buffeted the insurance industry over the past decade. The 1999 repeal of key provisions of the Glass-Steagall Act unleashed a wave of conglomeration in financial services, as bank holding companies acquired insurance and securities businesses and, to a much lesser degree, insurance companies acquired securities firms and banks. Rivalry within the sector has intensified: insurance companies have developed products that compete directly with the offerings of banks and securities firms and vice versa. In addition, the industry has become increasingly global. Against this backdrop, pressure has been building for fundamental changes to the structure of insurance regulation in the United States. Despite several court challenges over the years, insurance continues to be regulated by the states. Many insurance companies view state regulation as an increasing drag on their efficiency and competitiveness and support a federal regulatory system. However, powerful stakeholders, including state officials, state and regional insurance companies, and many insurance agents, oppose federal regulation. As a result, proposals to establish an optional federal charter (OFC) for insurance companies and agents remain mired in fierce debate. The Future of Insurance Regulation in the United States gathers some of the country's leading experts on financial regulation to assess the case for an enhanced federal role in the insurance sector. They pay particular attention to the merits of an OFC and how it might be designed. They also consider the principles that should guide insurance regulatory policies, regardless of the institutional framework, and examine the implications of financial convergence and the internationalization of insurance markets for an optimal regulatory structure. The debate over insurance regulation has only grown in complexity and intensity since the financial crisis began in the fall of 2008. This book will both inform and help to shape those critical discussions. Contributors: John A. Cooke (International Financial Services London), Robert Detlefsen (National Association of Mutual Insurance Companies), Martin F. Grace (Georgia State University), Robert W. Klein (Georgia State University), Robert E. Litan (Ewing Marion Kauffman Foundation and Brookings Institution), Phil O’Connor (PROactive Strategies), Hal S. Scott (Harvard Law School), Harold D. Skipper (Georgia State University), Peter J. Wallison (American Enterprise Institute).
Download or read book A Single License Approach to Regulating Insurance written by Henry N. Butler and published by . This book was released on 2008 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: State regulation of insurance companies has been criticized for many years because of the burden imposed on insurers by having to comply with the laws of many jurisdictions. These higher costs are passed on to consumers. The problems with the current regulatory structure are prompting calls for increased federal regulation of insurance. However, all proposals to federalize insurance regulation create opportunities for abuse at the hands of the federal government and fail to utilize the benefits of a federal system. This article shows how many of the problems of the current system can be addressed without resorting to a large scale intrusion of federal regulators into insurance markets. The proposed solution calls for minimal federal intervention to provide for jurisdictional competition between states that would be allowed to charter insurers that could operate nationally with only the single license granted by the charter. This single-license approach addresses the most salient concerns of proponents of federal optional chartering. It also has the potential for triggering competition and innovation in insurance products and rates while preserving a meaningful role for state regulation.
Download or read book Regulatory Modernization 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 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Regulating the Business of Insurance in a Federal System written by Joseph F. Zimmerman and published by State University of New York Press. This book was released on 2010-12-09 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Regulating the Business of Insurance in a Federal System, Joseph F. Zimmerman provides an up-to-date historical description and analysis of the regulation of the business of insurance in the United States. He focuses on the controversial issue of whether Congress should authorize optional federal charters for insurance companies, thereby establishing a dual charter system superficially similar to the dual banking system. Reviewing the evidence between federal and state level regulation of the financial securities industry, Zimmerman finds that federal regulation falls woefully short of its state counterpart. He concludes that the current system, rather than the proposed dual insurance regulatory system, is the most efficient and effective.
Download or read book How Should the Federal Government Oversee Insurance 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 2009 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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:
Download or read book Perspectives on Insurance Regulation written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
