Regulation. Insurance regulation State regulation Legislative Judicial Executive (Insurance Commissioners) NAIC.

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Presentation transcript:

Regulation

Insurance regulation State regulation Legislative Judicial Executive (Insurance Commissioners) NAIC

History Is insurance interstate commerce? Federal Anti-trust law McCarran Ferguson Act Rationale for exemption

Areas regulated Formation and Licensing Financial regulation Investments, Reserves, Surplus Disclosure (Annual and quarterly reports) Insolvency funds, Liquidation, Reorganization Risk based capital and early detection

Areas (Continued) Rate regulation Policy forms Sales practices

Risk Based Capital Asset Risk Insurance Risk Interest Rate Risk Business Risk

Life Insurance Rate Regulation Rate regulation is indirect Laws may specify mortality tables and interest rate assumptions for reserving Disclosure requirement regarding standardized cost indexes and dividends

Property-Liability Rate Regulation Prior approval File and use Use and file Flex rating (price range established) Open competition

Sales Practices Regulation Licensing of agents Rebating Twisting Unfair trade practices

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