Providing an explanation of the complex state-based regulatory system that governs the insurance industry in the United States, this book presents the applicable statutes, regulations, and judicial decisions, as well as information about the industry’s products, procedures, and performance.

For ease of reference, each of the 13 chapters in Fundamentals of Insurance Regulation begins with an introduction or overview that previews the material covered in the chapter. The authors examine and explain these overarching aspects of insurance regulation:

• The three major components of the insurance business: the property/ casualty industry, the life insurance and annuity industry, and the increasingly important health insurance industry
• An overview of the U.S. insurance regulatory system, outlining its objectives, what products it covers, how and by whom regulatory policy is formulated, and a synopsis of the major subject areas of insurance regulation.The rules that govern a specific area of state insurance regulation, including: the organization and licensing of insurance companies; rate-setting; solvency regulations and the mechanisms involved when the regulations don’t work; reinsurance; surplus lines; residual and alternative markets; insurance agents and other intermediaries; and devices to protect the consumer
• Federal rules and the interaction between federal and state insurance law and regulation, including the McCarron-Ferguson Act, Dodd-Frank, and Gramm-Leach-Bliley