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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.
Some insurance markets effectively function as regulation, due to insurance companies encouraging or requiring certain actions in order to gain coverage.Although many economists argue that insurers can reduce moral hazard to some degree, it is debated the extent to which insurers can effectively substitute for government regulations to reduce risk.
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.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
An insurance company is different from other businesses because it has a financial obligation to customers. Ratings for insurance companies matter because they highlight the financial stability of ...
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 insurance crisis that California seemed to be digging itself out of is inflamed once again. The post California's Insurance Regulation Fixes Came Too Little, Too Late appeared first on Reason.com.
Several insurance companies have stopped offering policies in California or are refusing to renew existing ones in an ... including passing the Net Cost of Reinsurance in Ratemaking Regulation ...