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The phrase refers to the lowest amount of liability car insurance coverage that drivers must carry according to state laws. You may have seen numbers listed on your policy, such as 30/60/15.
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.
Until 1956, when the New York legislature passed their compulsory insurance law, Massachusetts was the only state in the U.S. that required drivers to get insurance before registration. North Carolina followed suit in 1957 and then in the 1960s and 1970s numerous other states passed similar compulsory insurance laws.
The McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, is a United States federal law that exempts the business of insurance from most federal regulation, including federal antitrust laws to a limited extent.
Reason for fee. Amount. Failure to provide proof of insurance within three days. $500-$1,000. Lapsed insurance for 11-30 days. $125. Lapsed insurance for 31-90 days
Depending on the court’s decision, you may have to present SR-22 insurance as your proof of coverage, which is usually more expensive than a standard insurance policy. Once you’ve obtained the ...
The California Insurance Equality Act (AB 2208) [1] [2] is a state law that requires California insurance providers and managed care plans to provide coverage for registered domestic partners that is equal to spousal coverage. [3] The law complements the California Domestic Partnership Rights and Responsibilities Act of 2003 [4] (AB 205), which ...
Insurance policies must be written by an insurance company that is licensed to do business in the state of Kentucky. Drivers must carry proof of insurance: Kentucky insurance law requires drivers ...