Download or read book The Reform of the Regulatory Regime for Insurance written by City & Financial Conferences 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 Modernizing Insurance Regulation written by John H. Biggs and published by John Wiley & Sons. This book was released on 2014-03-25 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The future of the insurance regulation begins now For those involved with the insurance industry, from investmentprofessionals to policy makers, and regulators to legislators,tremendous change is coming. With insurance premiums constitutingan ever-growing portion of annual U.S. GDP and provisions of theDodd-Frank Act specifically calling for modernization of insuranceregulations, the issues at hand are pervasive. In ModernizingInsurance Regulation, these issues are described against abackdrop of the political and industry discussions that surroundinsurance, regulation, and systemic risk. Experts Viral V. Acharyaand Matthew Richardson discuss a variety of issues with topthinkers in the fields of finance, derivatives, credit risk, andbanking to bring to light the most germane elements of this ongoingdiscussion. In Modernizing Insurance Regulation, Acharya andRichardson call on the expertise of all the relevant stakeholderswithin government, academia, and industry to offer a well-roundedand independent view of insurance regulation and how the evolutionof this key industry affects the U.S. economy now and in thefuture. Provides an overview of the feasibility of maintaining astate-level regulatory structure Offers a view of the issues from top academics, industryleaders, and state regulators Explores the debate surrounding the insurance industry andsystemic risk Provides an in-depth look at upcoming changes under theDodd-Frank Act Modernizing Insurance Regulation provides a look into thecrucial changes coming to insurance regulation and an overview ofhow those changes will affect almost everyone.
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 Additional Perspectives on the Need for Insurance Regulatory Reform 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 2008 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Examining Proposals on Insurance Regulatory Reform 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 2008 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Need for Insurance Regulatory Reform 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 2008 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Health Care Reform written by David P. Bernstein and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many policy makers and economists support changes to the U.S. tax code to stimulate decreased reliance on employer sponsored insurance. However, the tax code is not the only law impacting the availability and price of group and non-group health insurance. Outcomes from a health care reform designed to expand coverage by replacing group insurance with non-group insurance depend on two closely related policy choices - the regulation of the non-group health care market and the amount of risk sharing. The replacement of the current system by a non-group market with minimal regulation and minimal or no cost sharing would benefit younger healthier insurance applicants over sicker or older applicants. A reform with an unlimited guarantee-issue requirement and community rating would simply mimic the current system. Younger adults who tend to be uninsured because of cost considerations or lack of access to employer sponsored insurance would likely remain uninsured. A reform expanding non-group health insurance markets is likely to include guaranteed-issue regulations, some restrictions on underwriting designed to balance the interest of sick versus healthy insurance applicants and cost sharing either among insurance firms or between the insurance industry and the government. There is, however, no consensus about the desired level of regulation in the new expanded non-group market. Cost sharing between the government and the insurance industry or with the insurance applicants is necessary to make guarantee-issue rules and rate regulations economically and politically viable. Proposals to fund tax credits for the non-group market through cuts in Medicaid will increase the risk pool of applicants for private insurance and complicate the twin objectives of providing health care to both sick and healthy individuals.
Download or read book Insurance Regulation Reform 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 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Health Care Reform Consumer issues regulation of health plans Private insurance industry Serial no 103 89 written by United States. Congress. House. Committee on Energy and Commerce and published by . This book was released on 1994 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Research Handbook on International Insurance Law and Regulation written by Julian Burling and published by Edward Elgar Publishing. This book was released on 2012 with total page 883 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Global insurance and its rapidly evolving law and regulation demands international research. To this aim, the Handbook offers a truly international collection of essays. Highly renowned experts analyze the key topics currently under international discussion and development. While representing a diversity of national jurisdictions, the focus lies on the largest insurance jurisdictions (USA, UK and Germany) but newly important jurisdictions like Brazil and China are considered as well a most valuable and important contribution to international insurance law literature.' Manfred Wandt, Director of the Insurance Law Institute, Goethe-University Frankfurt, Germany 'This Research Handbook is published at an opportune time. A global review of insurance law and regulation is underway. Much reform happens locally with little reference to developments elsewhere and this Research Handbook brings the strands together. It is a comprehensive review by distinguished authors from different backgrounds including both leading academics and practitioners. They consider the definitions of insurance, its economic underpinnings, comparative law and regulations, actual and proposed reforms, the effects on underwriting and claims and how insurance is studied and taught. Good laws and regulation benefit the market and its customers. Bad laws and regulation do the opposite. This book is required reading for all involved in the reform process.' David Hertzell, Law Commissioner 'Globalisation has had no greater impact in the commercial world than on insurance, the law which governs it and the risks it seeks to address. Those who inspired this publication and the contributing authors, are to be thanked for providing such a necessary and useful reference source. It covers so much of what insurance professionals need to be aware of in the insurance/law world of the twenty first century.' Michael Gill, President of the International Insurance Law Association Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context. Produced in association with Lloyd's, it draws on the expertise both of academics and practising lawyers. Containing 30 comprehensive chapters, it provides in-depth studies on key areas, such as the role of international organisations, the judicial interpretation of insurance contract clauses and transnational regulatory recognition. It also provides thorough introductions to important jurisdictions, including the EU, US and Japan as well as focusing on newly emerging economies such as China and Brazil. Specialist topics covered include regulation by and of Lloyd's, the tort of bad faith in the US, microinsurance and takaful insurance. This well-documented resource will appeal to academics and students in insurance law and regulation, policymakers and private practice lawyers. The book also aims to stretch the imagination of anyone with an interest in insurance law and regulation, providing detailed analysis and avenues for further investigation.
Download or read book Insurance regulation and competition for the 21st century 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 2002 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Insurance Regulation written by Baird Webel and published by Nova Science Publishers. This book was released on 2013 with total page 0 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 have been introduced, including bills establishing a broad federal charter for insurance as well as narrower, more targeted bills. This book provides an overview of the background and issues relating to insurance regulation, with a focus on insurance agent licensing; federal charter legislation; the Liability Risk Retention Act; the Dodd-Frank Wall Street Reform and Consumer Protection Act; and surplus lines insurance.
Download or read book Health Insurance written by Leslie G. Aronovitz and published by . This book was released on 1993 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Smart Insurance Reform 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 2006 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Political Economy of Regulation written by Kenneth J. Meier and published by SUNY Press. This book was released on 1988-01-01 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study of the history, politics, and economics of the insurance industry in the United States. It is designed as a theoretical challenge to the conventional wisdom in political economy which says that regulation benefits the regulated. In fact, Meier shows that because the insurance industry is far too divided to impose its will on the regulatory system, the political economy of regulation is actually the product of a complex interaction of industry interests, consumer groups, insurance regulations, and political elites. Using both historical and quantitative approaches, the author examines a variety of insurance issues including the development of insurance regulation; the impact of regulation on the availability and price of insurance; the stringency of state regulation; and the product liability insurance crisis of 1985-86. The book concludes with a series of recommendations for reforming the regulation of insurance.
