Regulation

  • 2011 1205 - NAIC- to FIO
    • Insurance regulation can generally be described in two simple statements.
      1. Insurance regulators want insurers to have sufficient assets to make good on the promises they are selling...
      2. and they want insurers to treat their policyholders and claimants right.
    • The first part of the statement describes what is known as solvency regulation and the second part is known as market regulation.

  • Mr. SCHWARCZ. <Law Professor> So, notably, you will see that my testimony was focused on different issues than many of the other witnesses, and that is because it is true that solvency regulation is in many ways the core of insurance regulation.
    • Now, I say this to contrast it with market conduct and other forms of consumer regulation.... (p12)
  • Ms. VAUGHAN <NAIC President>. Thank you very much, Senator. The first thing I want to say, I agree with Professor Schwarcz that the level of our collaboration in market regulation is behind the level of collaboration in solvency regulation and that is something we have been working on for a number of years, to try to increase the collaboration.  (p13)

WORDS AND CONCEPTS

Standard Valuation Law, Standard Non-Forfeiture Law, Replacements, Solvency, Consumer Protection, Suitability, Market Conduct, Manipulation, Life Insurance Disclosure, Working Groups, Market Analysis, 

GOVERNMENT

1991 GOV How Insurance Laws Are Made NAIC 358p

1991 GOV Regulation of Insurance Companies and the Role of the NAIC 291p

1992 GAO The Failures of Four Large Life Insurers 21p

1992 GOV Consumer Disclosure of Insurance 323p

1993 GOV When Will Policyholders Be Given The Truth About Life Insurance 354p

2011 GOV EMERGING ISSUES IN INSURANCE REGULATION 52p

"Mr. Wright <Commissioner> reported that the NAIC had agreed to hire an actuarial consultant to assist the working group in its task."

1994-3, NAIC Proceedings

As a starting point, there is little regulation of the life insurance industry by the States.

  • The States do little with respect to life insurance regulations for many reasons, mainly because there are very few problems with complaints over claims.
  • Most of the staffs are involved with complaints relating to automobile insurance and health insurance.
  • Life insurance is sort of the stepchild of many, if not most, insurance departments.  (p1501)

--  Durkin

1973 - GOV - The Life Insurance Industry - Hart, Part 2 of 4