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640 Class 17_Bryan - INSURANCE REGULATION Charles Bryan 1...

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1 INSURANCE REGULATION Charles Bryan
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2 GOVERNMENT REGULATION Insurance is a regulated industry Business consideration is that insurance operates in a regulated and a competitive industry Personal lines and workers compensation are more heavily regulated than the other lines Insurance is primarily regulated by the states In Ohio, the principal regulatory agency is the Ohio Department of Insurance Rates Forms (policies) Agent licensing Complaints Financial Premium tax
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3 Reasons For Government Regulation Insurer Solvency Analysis and Evaluation of financial statements- yellow book Minimum capital required Risk based capital Compensation for inadequate consumer knowledge Buying guides Complaints Reasonable rates Not excessive Not inadequate Not unfairly discriminatory Class rating Credit rating Insurance availability
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4 History of Insurance Regulation Creation of insurance commissions in 1850s New York a pioneer Paul vs. Virginia (1868): insurance is not interstate commerce and the states rather than the federal government should regulate insurance South Eastern Underwriters (1944) : insurance is interstate commerce
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  • Winter '08
  • KREMPLEY
  • National Association of Insurance Commissioners, insurance regulation, state regulation, Ohio Department of Insurance Rates

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