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Therefore, the fundamental purpose of insurance regulatory law is to protect the public as insurance consumers and policyholders. Functionally, this involves: Licensing and regulating insurance companies and others involved in the insurance industry; Monitoring and preserving the financial solvency of insurance companies;
Captive insurance companies can be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers.
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.
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 purpose of insurance commissioners is to maintain fair pricing for insurance products, protect the solvency of insurance companies, prevent unfair practices by insurance companies, and ensure availability of insurance coverage. [3]
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.
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