Solvency Regulation vs Market Conduct Regulation
- Public interest in various aspects of insurance regulation has risen and fallen over its history, but one area that has remained obscured is market conduct regulation.
2001 - JIR / NAIC - An Assessment of Insurance Market Conduct Surveillance, Robert W. Klein, James W. Schacht - Journal of Insurance Regulation Vol. 20, No.1 - 44p
- Daniel 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)
- Terri Vaughan (NAIC-CEO / IA). 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)
- In guarding the public against insolvent insurance companies state supervision has been eminently successful.
- In protecting the people against frauds, impositions and abuses by solvent companies it has been only partially successful. (p215-228)
"Deceptive Insurance Methods --The Cure", By Mr. E. E. Rittenhouse (Colorado, Insurance Commissioner of Colorado)
1907-0, NAIC Proceedings