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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.
The Government of Kenya enacted the Insurance Act Kenya CAP 487 in 1985 [1] with the aim of localizing regulation of the insurance business. The newly-enacted legislation established the Department of Insurance within the Ministry of the National Treasury and Planning, headed by a Commissioner of Insurance, to supervise the insurance sector.
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.
We also need an Insurance Commissioner who will stop insurance companies from using “consent to rate” (CTR) notices to charge so many North Carolina home and auto policyholders up to 2.5 times ...
The letter I received indicates the company is canceling 3,300 policies to maintain “the financial ability of the company.” In my opinion, an insurance company should not be allowed to ...
The Model Audit Rule 205, Model Audit Rule, or MAR 205 are the commonly applied terms for the Annual Financial Reporting Model Regulation. [1] Model Audit Rule is a financial reporting regulation applicable to insurance companies, and borrows significantly from the Sarbanes Oxley Act of 2002 (see ‘key sections’ below).
The state’s insurance commissioner also used to hold the role of state fire marshal, but that was changed by lawmakers last year — a move current commissioner Causey strongly opposed.
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 ...