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Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed by statutory law enacted by the state legislatures. However, federal law, court decisions and administrative adjudications also play an important role.
State laws, too, often require insurance agents to provide clear and comprehensive disclosures about annuity terms. Nearly all states also provide for a “free look period.” During this period ...
The McCarran–Ferguson Act does not itself regulate insurance, nor does it mandate that states regulate insurance. It provides that "Acts of Congress" which do not expressly purport to regulate the "business of insurance" will not preempt state laws or regulations that regulate the "business of insurance."
Each state decides whether to pass each NAIC model law or regulation, and each state may make changes in the enactment process, but the models are widely, albeit somewhat irregularly, adopted. The NAIC also acts at the national level to advance laws and policies supported by state insurance regulators.
The claim will be handled according to the state’s fault laws. Currently, 12 states follow no-fault insurance laws, with the remaining states and Washington, D.C. being considered at-fault ...
Many states allow drivers to satisfy minimum requirements in several ways, including through a bond, deposits, evidence of self-insurance or by carrying an auto insurance policy.
The first insurance company in the United States underwrote fire insurance and was formed in Charleston, South Carolina, in 1735. [4] In 1752, Benjamin Franklin helped form a mutual insurance company called the Philadelphia Contributionship, which is the nation's oldest insurance carrier still in operation.
The state intervenes. Insurance is regulated at the state level, so federal laws like bankruptcy statutes typically don’t apply to insurance companies. Instead, when an insurer becomes insolvent ...