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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.
An insurance commissioner (or commissioner of insurance) is a public official in the executive branch of a state or territory in the United States who, along with their office, regulate the insurance industry. The powers granted to the office of an insurance commissioner differ in each state.
NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. The NAIC is an Internal Revenue Code Section 501(c)(3) non-profit organization.
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."
An SR-22 is a form filed by your insurance company that states you hold the minimum required amount of car insurance in your state. It is also referred to as a certificate of financial responsibility.
Depending on your state’s insurance laws and the particular coverage type, deductibles can be as low as $0 or as much as $2,500 — or more. Some lending institutions may put restrictions on how ...
Pages in category "Government-owned insurance companies of the United States" The following 8 pages are in this category, out of 8 total. This list may not reflect recent changes .
Life insurance is a necessity if you have immediate family or others that count on your income. However, choosing a policy that fits your financial goals and is affordable can be challenging.