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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 ...
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.
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.
Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions promulgated by a government authority, contractual obligations (for example, contracts between insurers and their insureds [1]), self-regulation in psychology, social regulation (e.g. norms), co-regulation, third-party regulation, certification, accreditation or market regulation.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
Insurance and Pensions Authority; Insurance Development and Regulatory Authority of Bangladesh; Insurance Regulatory and Development Authority; Insurance Regulatory Authority (Kenya) Insurance Regulatory Authority of Uganda; Insurance regulatory law; Interstate Insurance Product Regulation Commission
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A regulatory agency (regulatory body, regulator) or independent agency (independent regulatory agency) is a government authority that is responsible for exercising autonomous jurisdiction over some area of human activity in a licensing and regulating capacity.