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Insurance is characterized as a business vested or affected with the public interest. [2] Thus, the business of insurance, although primarily a matter of private contract, is nevertheless of such concern to the public as a whole that it is subject to governmental regulation to protect the public’s interests. [1]
Regulatory principles for corporate financial disclosure and transparency [11] Regulatory principles regarding conflicts of interest for financial analysts [12] A code of conduct for credit rating agencies [13] A set of "core principles" for securities regulation designed to outline for IOSCO members what makes up "good" securities regulation [14]
The CPFED was created by the Financial Services Law and aims to protect and educate consumers of financial products and services. [9] It also aims to fight financial fraud. [ 9 ] The CPFED pursues civil and criminal investigations of activities that may constitute violations of the Financial Services Law, Banking Law, Insurance Law, or other ...
Governor John Engler created the Office of Financial and Insurance Regulation as a Type I agency within the Michigan Department of Consumer and Industry Services to be headed up by a commissioner appointed to a four-year term. The Corporations, Securities and Land Development Bureau's security functions and all functions of the Insurance Bureau ...
Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas of financial services, particularly those that ...
It was founded in the year 2001 under the Financial Services Commission Act of 2001. The FSC has the responsibility of regulating and supervising any of the country's institutions that engage in non-deposit-taking financial services in relation to insurance, acquisition or disposal of securities and units under a registered unit trust. [1] [2]
The NAIC is not a regulator; while its members are the insurance commissioners (i.e., the chief insurance regulators) of each U.S. state and six territories, [1] the NAIC is a non-governmental organization that concerns itself with insurance regulatory matters but does not actually regulate. The states have not delegated their regulatory ...
Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency). [1]