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The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
China Banking Regulatory Commission (2003–2018), China Insurance Regulatory Commission (2003–2018), China Banking and Insurance Regulatory Commission (2018–2023), and Financial Stability and Development Committee (2017–2023) Hungarian Financial Supervisory Authority (2000–2013) Financial Regulator (Ireland) (2003–2010)
Virginia case in 1869, challenges to the state-based insurance regulatory system have risen from various groups, both within and without the insurance industry. The state regulatory system has been described as cumbersome, redundant, confusing and costly. [13] The United States Supreme Court found in the 1944 case of United States v.
The office of the insurance commissioner may be part of a larger regulatory agency, or an autonomous department. Insurance law and regulation is established individually by each state. In order to better coordinate insurance regulation among the states and territories, insurance commissioners are members of the National Association of Insurance ...
Specifically, concerning federal antitrust laws, it exempts the "business of insurance" as long as the state regulates in that area, with the proviso that cases of boycott, coercion, and intimidation remain prohibited regardless of state regulation. By contrast, most other federal laws will not apply to insurance whether the states regulate in ...
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Whereas most financial regulatory authorities have a national mandate, there are instances of both subnational and supranational authorities: Subnational authorities are extant most prominently in Canada and the United States, at the level of individual provinces and states respectively, and in autonomous territories such as British Overseas Territories and Crown Dependencies, Constituent ...