The State of Insurance Regulation: An overview of issues being addressed at the state level.
Much of the current discussion of insurance regulation is centered on the efforts of international regulators, such as the International Association of Insurance Supervisors, and U.S. federal regulators, such as the recently established Federal Insurance Office.
To be certain, the work of the IAIS, including establishing capital standards applicable to global systemically important insurers and internationally active insurance groups, and the FIO’s designation of non-bank systemically important financial institutions, are vitally important to many industry participants. At the same time, state insurance regulators, largely in conjunction with the National Association of Insurance Commissioners, haven’t slowed their efforts to address the day-to-day issues and risks affecting the insurance industry, whether driven by concerns regarding solvency or market conduct.
Here’s a summary of current issues being addressed by state insurance regulators, which demonstrates the continued relevance of the U.S. state-based insurance regulatory system.
Best’s Review: June 2015
Copyrighted A.M. Best Company, Inc. 2015
All Rights Reserved, Reprinted with Permission