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Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
South-Eastern Underwriters Association that the federal government could regulate insurance companies under the authority of the Commerce Clause in the U.S. Constitution and that the federal antitrust laws applied to the insurance industry. The Act was sponsored by Senators Pat McCarran (D-Nev.) and Homer Ferguson (R-Mich.
State laws require that all licensed property and casualty insurance companies belong to the guaranty funds in every state where the companies are licensed to do business. A guaranty fund system also exists for the life, health, and annuity insurance industries, but operates independently from the property and casualty system.
The NRRA defines "nonadmitted insurance" as "any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a nonadmitted insurer eligible to accept such insurance." [3] A nonadmitted insurer is an insurer not licensed or authorized to engage in the business of insurance in a state. [4]
A key question that was before Hawaii Supreme Court was whether state laws controlling health care insurance reimbursement also apply to casualty and property insurance in limiting companies’ ability to pursue independent legal action against those held liable. The justices answered yes.
A common typology of insurance in the United States is to divide the industry into life and health insurers, on the one hand, and property and casualty insurers on the other: Life, Health Health (dental, vision, medications, others) Life (long-term care, accidental death and dismemberment, hospital indemnity) Annuities (securities) Life and ...
By Manya Saini (Reuters) -U.S. property and casualty insurance stocks slid in premarket trading on Friday on worries over the billions of dollars in potential catastrophe-related claims from the ...
Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.